GLKB Service Private Account (Glarner Set Standard)
Cantonal Bank of Glarus
Overall Rating
Account Mgmt
CHF 48
Interest Rate
0.00%
Currency
CHF
Our Take on GLKB Service Private Account (Glarner Set Standard)
Free SEPA payments and a free debit card from a cantonal bank. The fees hide elsewhere.
The GLKB Service Private Account ranks #22 among Switzerland's 46 private accounts. Offered by the Cantonal Bank of Glarus, it bundles free SEPA payments and a no-cost debit card into a package costing CHF 48 per year. It's a solid mid-range option for the right user.
Are the Fees Worth It?
At CHF 48 per year for account management, you get a free Mastercard Debit card, free domestic payments, and free SEPA transfers. That's a straightforward deal. Many Swiss banks charge CHF 30-50 for the debit card alone, so GLKB's approach of rolling everything into one fee simplifies the math.
Where it gets expensive is international payments outside the SEPA zone: CHF 10 per transaction. That's 2-3x what most competitors charge. If you regularly send money outside Europe, those costs accumulate quickly. For someone who banks mainly within Switzerland and the EU, it's a non-issue.
What Actually Stands Out
Free SEPA payments bundled into the account fee is the standout. You're not paying per-transfer charges on EU payments, which matters if you have recurring cross-border expenses. The account management is also available in EUR, useful if you earn or spend in euros regularly.
The Cantonal Bank of Glarus provides a cantonal state guarantee on deposits. It's a small, traditional bank in central Switzerland with a Mastercard Debit card that covers standard in-store and online payments alongside full mobile banking support.
What Most Reviews Miss
Cash withdrawal fees abroad aren't clearly specified. The data doesn't list a defined fee, which could mean it's handled through Mastercard's network rates or simply not offered. Confirm this with the bank before signing up if international ATM access matters to you.
There's no contactless payment listed, and the age requirement is 25 and over. The 0% interest rate means your balance earns nothing. The account naming (Glarner Set Standard vs. Private Service) can get confusing, so make sure you're signing up for the right tier.
The Bottom Line
If you bank mostly in Switzerland and the EU and want predictable costs with free SEPA payments, GLKB delivers at CHF 48 per year. Avoid it if you need frequent non-European transfers. Compare it with alternatives in our compare Swiss bank accounts side by side tool.
Verdict: Good value for domestic and EU banking. Too expensive for anyone sending money globally.
Pros
- No minimum deposit required
- Modern mobile and online banking
- Free SEPA payments
Cons
- Annual management fee (CHF 48)
- No contactless payment
- Age restriction: From age 25
Account Details
At a Glance
Account Mgmt
CHF 48/year
Interest Rate
0.00%
Debit Card Fee
No fee
Currency
CHF
Fees & Costs
Fees & Costs
Account Opening Fee
No fee
Account Mgmt
CHF 48/year
Debit Card Fee
No fee
Cash Withdrawal (Switzerland)
Own ATMs free, others CHF 2.00
Cash Withdrawal (Abroad)
CHF 5
Outgoing Payment (CH)
No fee
SEPA Payment
No fee
Non-SEPA Payment Abroad
CHF 10
Banking Features
Banking Features
Mobile Banking
Available
Online Banking
Available
Debit Card Options
Key Features
- No annual fee for debit card
- Mobile banking available
- Online banking available
- Debit Mastercard included
- Free cash withdrawals at own ATMs
- Low minimum deposit requirement
Age Requirement
From age 25
Withdrawal Terms
Withdrawal Terms
Account Closure
Free of charge
Calculate Your Annual Cost
Annual cost breakdown:
Total Annual Cost
CHF 48
Rating by Category
Compare to Similar Accounts
Frequently Asked Questions
- How much does GLKB charge for non-SEPA international payments?
- CHF 10 per non-SEPA payment, double the typical CHF 4-5 charged by most peers in our database. If you regularly send money to the US, UK or Asia, that's a meaningful drag. Run those transfers through Wise, Yuh or a Swissquote multi-currency account for one-tenth the cost.
- Service or Service Easy on GLKB Private?
- Service runs CHF 2 per month for an individual account, CHF 5 for the Glarner Set (couple). Service Easy drops to CHF 1 per month individual or CHF 4 per month Set with a slimmer feature scope. Pick Easy if you want the cheapest GLKB option and don't need the Service extras; Service if your advisor flags benefits relevant to you.
- What does the GLKB Visa Debit charge on foreign-currency purchases?
- 1.75% of the amount, capped at CHF 1.50 per transaction, one of the better caps in our database for big-ticket foreign purchases. A CHF 500 hotel booking abroad costs you CHF 1.50 in surcharge. The cap doesn't extend to ATM cash, where the standard fees still apply.
How We Rated This Account
Wondering why GLKB Service Private Account (Glarner Set Standard) got its score? We rate Private Accounts accounts using a weighted formula. Here's what counts.
Same formula for every account in this category. No exceptions.
Ready to Open?
Open the GLKB Service Private Account (Glarner Set Standard) today and start enjoying its benefits.