EQUA and CITIBANK provide the best current accounts


Bank account fees vary by several thousand per year

The fourth wave of MindBridge FEE MONITOR firstly brings Equa bank and Citibank as the most advantageous current account providers. It results from objective comparison of the costs of current accounts conducted at the begining of October among fifteen banks in the Czech Republic.

Research RETAIL BANKING FEE MONITOR realized by MindBridge Consulting company has showed how much clients spend for banking costs. It is already the fourth wave of this project which was made in October 2013 among 15 banks.

MindBridge MONITOR FEES compared advantageous offer of current accounts for a young man (Young Single) with lower income and less banking activity and client middle-aged (** Daddy**) with higher income and higher banking activity. In both cases, the survey included account management, which in some cases amounted to more than CZK 100 per month and withdrawals from ATMs, mostly charged.


In the model case for Young Sinlge most advantageous bank is Equa bank which does not charge for its service any fee. Account management, ATM withdrawals, outgoing or incoming payments are free of charge. Thanks that and thanks positive interest rate at savings Equa bank pays to client Young Single CZK 8 per year.
(for all banks see FEE MONITOR YOUNG)

In the case of model situations Daddy Citibank satisfies tested need the best (for lowest charging). Client receives in fact CZK 65 per year thanks to interest rate 0.05% p.a. and the fact all services are free of charge.
(for all banks see FEE MONITOR DADDY)

About measuring
Fifteen banks involved in the test:

  • Airbank
  • Citibank
  • Česká spořitelna
  • ČSOB
  • Equa bank
  • Fio
  • GE Money Bank
  • Komerční banka
  • LBBW
  • mBank
  • Poštovní spořitelna
  • Raiffeisen Bank
  • Sberbank
  • UniCredit Bank
  • ZUNO

Many banks offer product package which contains various services for the monthly fee. Some banks also provide bonuses to attract clients. These benefits differ from bank to bank. There were defined concrete requirements to eliminate different banking offers.

**Young Single: net monthly income is 18,000 CZK, the account balance is CZK 80,000 and the monthly volume of cashless transactions 2,000 CZK. He requires a current account with embossed debet card, internet banking to operate the account, card is also used for ATM withdrawals, with a defined number of incoming and outgoing payments (standing orders / single payment order / direct debit) .

Daddy is married, has two children, he is 40 years old, with income of CZK 45,000 monthly, account balance CZK 130,000 and a monthly volume of cashless transactions 3,000 CZK. He requires a current account with embossed debet card, another card for his wife, internet banking to control the account, card used for non-cash payments as well as the occasional ATM cash withdrawals, with a defined number of incoming and outgoing payments (standing orders / single payment order / direct debit).

Mystery shopping was taking place in bank branches in Prague and others methods used were mystery mailing and searching data via internet. The objective of this project is to find the optimal current account thus such which meets all requirements with the lowest costs.

Jana Hotmarová
MindBridge Consulting a.s.
Geologická 2
152 00 Praha 5
T: +420 604 840 604