Zürcher Kantonalbank launched Frankly in spring 2020 as a digital solution for pillar 3a and vested-benefits accounts. Six years later, the app still does not offer a general investing service for money outside Switzerland’s retirement-savings limits.
That matters because Swiss retail investors increasingly want a single app for both pension savings and discretionary investing.
Viac already offers pillar 3a and Viac Invest, while Neon offers a savings plan for stocks, ETFs and crypto ETPs.
A report by a local financial blog says Neon already has 20,000 savings plans in free investing.
Frankly lets users invest pillar 3a money in Swisscanto funds and manage retirement savings digitally. But once a user has contributed the maximum annual pillar 3a amount, the app offers no route to invest additional savings.
The report argues that self-directed investors will move that surplus money elsewhere rather than buy Swisscanto funds through ZKB at “catalogue price” or pay custody fees.
ZKB’s published fee schedule shows a 0.30% annual custody fee for Swisscanto securities in a pillar 3a account, plus transaction fees of 0.65% per purchase or redemption, capped at CHF 1,000 per security. Those charges apply within the pension product, not necessarily to a future retail investing offer.
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Viac Invest allows users to invest from CHF 1 and automate contributions through a standing order. It positions free investing as a complement to pillar 3a, allowing users to invest money above the annual retirement contribution limit.
Neon’s savings plan lets users choose up to six stocks, ETFs or crypto ETPs and invest automatically each month. It advertises no custody fees and says selected assets carry no purchase fees, with fees reimbursed within two working days.
The competitive issue is not simply price. It is product breadth. A customer who wants to save for retirement and invest independently may prefer a provider that handles both in one interface rather than maintaining separate accounts.
Speculation within the industry is that ZKB is preparing to launch “Frankly Invest.” It points to recent visual changes aligning Frankly more closely with ZKB’s branding and a new Swisscanto advertising campaign.
When asked, ZKB did not deny the report but said, “The bank informs customers about new functions or products through its official channels.”
That is not a confirmation, and no launch date, product scope, fee schedule, or regulatory approval has been announced.
Frankly remains a credible pillar 3a product. Independent comparison site Mon Pilier 3 describes its fund costs as competitive with traditional bank and insurance-based 3a solutions, with total expense ratios of roughly 0.44% to 0.53% depending on the strategy.
But the market has shifted. The growth opportunity is no longer only in tax-advantaged retirement accounts. It is in giving investors a simple way to deploy money beyond the 3a ceiling, automate contributions, and avoid high custody costs. Viac and Neon have already built that proposition.
If ZKB does launch Frankly Invest, it will be entering a market where competitors have a head start. If it does not, it risks turning Frankly into something akin to a digital pension app that fails to capture the broader investing relationship.
