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Credit Suisse set to challenge the challengers with its own digital bank

The Swiss bank is introducing two digital banks, CSX and CSX Young, the later for young people between the ages of 12 and 25.

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CSX/Credit Suisse

Credit Suisse looks set to throw its hat into the challenger banking ring, launching its own digital bank CSX at the end of October.

CSX will only be available in its native Switzerland to people over the age of 26 and will allow users to open a bank account and order a Mastercard-backed debit card all from the app. 

Users of the new bank will be able to do everything from within the app, just like all other digital banks, but, interestingly, CSX customers will also be able to access services in Credit Suisse branches too. 

Alongside CSX, Credit Suisse is also launching CSX Young, a digital account aimed at people aged between 12 and 25. 

Anke Bridge Haux, head of digital banking at Credit Suisse, said: “CSX combines Credit Suisse offering and quality in an app.” 

“CSX is intended for all private clients in Switzerland who want to complete their banking business swiftly and easily and who value digital, professional financial advice.” 

Customers of the new digital offering will have to pay a fee to use the service, although it is yet unknown how much, and will have to pay 3.95CHF (£3.35) every time they want to withdraw cash from an ATM, unless they sign up to a premium package where withdrawing from Credit Suisse ATMs is free. 

Credit Suisse will also make users pay 20 francs (£17) to replace a lost card and an incredibly steep 55 francs (£47) to block and unblock a card via the bank’s helpline. 

The Swiss bank follows in the footsteps of other incumbent banks that have launched a digital banking offering. 

British bank NatWest currently has one digital banking arm, SME-focused Mettle after shuttering its other digital-only bank Bó after less than six months in the crowded UK digital banking market. 

Similarly, US banking giant Goldman Sachs has its own digital arm, Marcus, which has over 500,000 customers that have deposited more than £21bn in its saving accounts. 

Fellow American investment bank JP Morgan is also rumoured to be bringing its own digital bank Finn to the UK market as early as Spring 2021.

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