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See Naples…and choose your bank well

26/05/2011

There are the lowest costs involved in bank accounts of LBBW and mBank

Research RETAIL BANKING FEE MONITOR realized by MindBridge Consulting company has showed how much clients spend for banking costs. It is already the third wave of this project which was made in April 2011 among 12 banks. Compared to previous wave, some banks are more expensive others cheaper but top three are still the same. The winner is LBBW with its account 5 for 50 where you even earn a little money every month. The second best is mBank. If you have enough extent of transactions, you will have mKonto quite free of charge. Raiffeisen Bank gained the third place. Clients with monthly total of account higher than 25 000 CZK gain profitable account – eKonto Prémium. You do not pay for account maintenance and get bonus of 20 CZK thus the total costs are only 16 CZK per month. In contrast the worst one was Citibank with monthly costs 328 CZK. On the other side this bank is not focused on common clients. There is an order of all banks in a table below.

About measuring
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. Client demanded current account with an embossed debit card, next there was given a number of monthly domestic payments, collecting transactions and withdrawals from ATM (both own and other banks). Regular monthly income of 35 000 CZK is credited an account and balance is maximum 100 000 CZK.

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.

Ladislav Klika a Tereza Benešová
MindBridge Consulting a.s.
Geologická 2
152 00 Praha 5
W: www.mindbridge.cz
E: info@mindbridge.cz
T: +420 604 840 604