Do you have any questions about frankly?

This is where you will find answers to our customers' most frequently asked questions.

It’s so easy to get started

How do I open a frankly pillar 3a account?

Download our frankly app here simply and free of charge. You can then open a frankly pillar 3a account in just a few minutes. All you need is a smartphone and an identity card (Swiss ID, Swiss driving licence, Swiss passport, residence permit B or C), which you can scan for a one-time verification. 

Who can open a pillar 3a pension plan with frankly?

You can use pillar 3a with frankly if you are over 18 years old, live in Switzerland and have a Swiss telephone number.

You can pay in to the fund if
- you are affiliated to a pension fund (e.g. employees with AHV income or self-employed persons affiliated with a pension fund) -> maximum CHF 6,826 per year
- you are self-employed (not affiliated with a pension fund) -> maximum 20% of net income or max. CHF 34,128 per year

Do I have to deposit a minimum amount on a regular basis? And what is the maximum amount?

No.

Every year you are free to choose whether and how much you want to deposit. You can start from as little as 1 CHF.

For 2020, the maximum deposit limit is CHF 6,826 if you are affiliated with a pension fund. If you are not affiliated with a pension fund, this is 20% of your earned income up to a maximum of CHF 34,128 per year.

Am I committed to a minimum term?

No, you can close your frankly pillar 3a account at any time without notice. You can also sell your securities daily and at no cost.

I can't scan my ID. What do I do now?

How to scan your ID properly: Scanning tips

If it still doesn't work, change the lighting conditions in the room. Make sure you're in a bright place or use your driver's licence instead of your ID card, for example. We also recommend that you close the app completely and try again.

If you continue to have problems, please contact our support service with details of your device and the operating system it uses.

Deposits and transfers

What is the maximum amount I can pay into pillar 3a in 2020? 

In order to benefit from the tax advantages of pillar 3a, you can pay the following maximum amount into frankly for the year 2020:
- As an employee with a pension fund – max. CHF 6,826
– As a self-employed person (without a pension fund) – a maximum of 20% of your net income, but no more than CHF 34,128

What is the maximum amount I can pay into pillar 3a in 2021? 

In order to benefit from the tax advantages of pillar 3a, you can pay the following maximum amount into frankly for the year 2021:
- As an employee with a pension fund – max. CHF 6,883
– As a self-employed person (without a pension fund) – a maximum of 20% of your net income, but no more than CHF 34,416

How do I add funds to the frankly app?

In your frankly app select “+” and then “Pay in”. All your pillar 3a accounts will then appear. Select the 3a pillar you want to pay into. All the information you need for the deposit will then appear, including the IBAN you can pay into.

Do I have to deposit a minimum amount on a regular basis? And what is the maximum amount?

No.

Every year you are free to choose whether and how much you want to deposit. You can start from as little as 1 CHF.

For 2020, the maximum deposit limit is CHF 6,826 if you are affiliated with a pension fund. If you are not affiliated with a pension fund, this is 20% of your earned income up to a maximum of CHF 34,128 per year.

Can I set up a standing order for my frankly pillar 3a?

Yes, that’s a good idea if you want to make regular deposits. You will receive an IBAN for each of your frankly pillar 3a accounts. You can find the payment details in the frankly app by clicking on “+” and then “Pay in”. 

What deadlines do I have to bear in mind for the year 2020? 

Please take the following steps by the deadlines below so that they can be completed by the end of 2020:

• The final payment deadline for frankly pillar 3a accounts for the 2020 tax year is 4.30 p.m. on 31 December 2020. We recommend that you make the transfers as early as mid-December.

Additionally, the following cut-off times apply at the turn of the year: 
• 9 a.m. on 14 December 2020: deadline for instructions on a change of strategy. 
• 5.00 p.m. on 15 December 2020: deadline for transferring a pillar 3a account with securities from Zürcher Kantonalbank’s Savings 3 Pension Foundation to frankly. Unfortunately, we have no influence on transfer orders from other institutions to frankly.
• 9 a.m. on 18 December 2020: deadline for instructions on investments and sales for index-linked products.
• 9 a.m. on 21 December 2020: deadline for instructions on investments and sales for actively managed products.
• 23 December 2020: deadline for transferring a pillar 3a account without securities from Zürcher Kantonalbank’s Savings 3 Pension Foundation to frankly. Unfortunately, we have no influence on transfer orders from other institutions to frankly.
• 7 p.m. on 30 December 2020: deadline for opening a new frankly Savings 3 account for deposits for the tax year 2020.
• Please note: If the amount you wish to pay in is greater than the remaining permitted deposit, your deposit will be rejected and will not be taken into account for 2020 unless this is corrected in time.

How do I switch my current 3rd pillar to frankly?

This is easy to do in the frankly app and takes less than a minute. Under Actions «+» you will find the button «Transfer 3a to frankly». We guide you through the most important points in a few clicks and do the rest for you.

> All key information on how to transfer your pillar 3a to frankly.

When you transfer, please note that your securities will be sold and then reinvested. This means that, for a few days, you won’t have any investments. If you have index-linked funds, you will also be required to pay issuing and redemption fees to the funds. However, the transaction fee will be waived in full if you transfer your account to frankly. The frankly support service will be happy to answer any questions you may have.

frankly tip:
If you’d like to transfer several accounts to frankly, we recommend that you open several pillar 3a accounts with frankly and issue transfer instructions for each frankly pillar 3a.

 

Does frankly cover my costs for the transfer to frankly from my bank?  

Yes, we pay any transaction costs or account closing fees. However, no further costs are covered. This applies to all pillar 3 accounts at banking foundations, but not to transfers from insurance companies.

How do I request a refund for the transfer costs?

Send the statement of costs from your bank to [email protected]

We will give you a discount on the all-in fee for this amount. We will inform you as soon as we have processed your statement.

My current pillar 3a is pledged for my mortgage. Can I still transfer it to the frankly app?

Yes, this is possible. Simply do the same as for a normal transfer order. 

Simply open your frankly pillar 3a account and click on «Transfer 3a to frankly» in the app. We'll take care of the rest.

Can the securities of an existing ZKB pillar 3 solution be transferred to frankly? 

Unfortunately, this is not possible.

But you can still switch from ZKB Savings 3 Securities to frankly by placing a transfer order in the frankly app. Simply click on the “+” sign in the app and select “Transfer 3a to frankly”. You’ll benefit from many frankly advantages.

When you transfer, please note that your securities will be sold and then reinvested.  In the case of indexed funds, issuing and redemption fees are also payable to the fund, which are now settled using the crossing method. This means that the values on the fact sheets are maximum values and may be lower if purchases and sales are made on the same day.

However, the transaction fee will be waived in full if you transfer your account to frankly. The frankly support service will be happy to answer any questions you may have.

Investments & products

What return can I achieve with frankly pillar 3a?

You can enter your details into our pension calculator to get a forecast of how much money you could have available when you retire. 

> Why should I invest my pillar 3a in securities?
> To the pension calculateur

What investment strategies and products can I choose?

You can choose between five strategies and eight investment products. A detailed list of all strategies and products can be found under investment products.

You select an investment strategy for each pillar 3a. Don’t worry: if you open a 3a pillar with your app, we’ll help you choose.

By the way, did you know?
frankly investment products are rated “very good”
The frankly investment products Light 10 Active, Gentle 25 Active and Moderate 45 Active were the test winners in a comparison carried out by the School of Management Fribourg. The study evaluated both costs and performance. (Article in Handelszeitung from 28.5.2020)
 

What does the investment mode mean, and where can I change it?

frankly is set up so that you automatically invest in securities as soon as you make a deposit.
But you can also set the mode to “Autonomous”. You can then decide yourself when to invest and how much to sell.

To make changes to each frankly 3a account on the frankly start page, go to “Investment mode” at the very bottom.

What's the difference between active and index-linked investment strategies?

Active investment strategies are designed to «beat the market» – that is, to achieve better investment success (performance) than the market average. This is done through the targeted selection of particularly promising securities and buying or selling at the best time.

An index-linked investment strategy is an investment strategy that limits itself to replicating the performance of a market one-to-one as far as possible. It does not seek to outperform the market average, but aims not to underperform it either.

I don't want to invest my assets in securities. I would like to keep the account format. Is that possible with frankly?

frankly is only suitable for people who wish to invest at least part of their pension assets in securities, as the all-in fee also applies to the account balance. Therefore, the account format is not attractive with frankly.

To keep your assets in account format, set the investment mode in the app to «self». If you have already invested in securities, you can immediately sell your units in the app.

frankly note:
In the long term, securities investments offer higher return opportunities than interest on account balances.

How long will it take for my securities order to be processed?

It takes one to two working days for actively managed investment products, depending on the order, and two to three working days for index-linked investment products, depending on the order. You cannot place an order while an another one is being processed.

The securities in frankly’s investment products have forward pricing. This means that orders are collected and then traded at stock exchange closing prices. frankly transmits securities orders to the bank at around 9.00 a.m. on working days.

If an order is placed before 9.00 a.m. on a working day, the actively managed investment products will be traded on the same day at the end-of-day price. The processing of the order is completed on the following working day. You can then see the executed transaction in your app in the late afternoon. If an order is placed on a non-working day or on a working day after 9.00 a.m., it will take one working day longer in total.

For index-linked investment products, this process takes one working day longer in each case. If an order is placed before 9.00 a.m. on a working day, it will be traded at the closing price of the following working day. This is because these investment products contain target funds from the Asia/Pacific region whose prices are not available until the following business day. The processing of the order is completed on the following working day. You’ll see this in the app around late afternoon.

How can I adapt my strategy?

You can easily do this at any time in the app. Select the frankly 3a account whose strategy you want to change and go to “Investment product”. Choose “Change investment product” and follow the instructions.

If you make a strategy change and you have already invested in securities, those securities will be sold and the money will be invested in your new investment product as soon as the processing of the sale is completed.

If you change your strategy while a securities order is being processed, these securities will be automatically resold after processing and the money will be reinvested in your new investment product.

Important note:
If your investment mode is set to “autonomous” during this time, only the amount generated by the sale will be invested in your new investment product. If it is set to “automatic”, the amount generated by the sale and your entire account balance will be invested in the new investment product.

Can I have more than one frankly pillar 3a account?

A maximum of five pillar 3a accounts can be opened in the app. You can invest in one of the eight frankly investment products in each pillar 3a account. To open another frankly pillar 3a account, go to “Open another Savings 3”.

Existing pillar 3a solutions cannot be split into two or more frankly pillar 3a solutions for regulatory reasons and must be transferred in their entirety.

Can I make staggered investments in securities? 

Yes, this is possible.

frankly distinguishes between a manual and an automatic investment mode. In manual mode, you enter each investment or sales order in the app yourself.In automatic mode, frankly invests your entire account balance in the desired investment product as soon as your account balance is above CHF 5.00.

Staggered investments need to be made in manual mode. This allows you to decide yourself when and how much to invest.

Staggering is also possible by combining the automatic investment mode with a standing order to frankly. Funds added to your pension balance are then invested straight away

How is performance calculated in frankly?

Performance is calculated in frankly using the Modified Dietz method, which is based on the MWR (money-weighted return) approach. Among other things, this takes into account the fact that payments were made at different points in time.

At frankly, updates of prices and the number of units in the investment products and the corresponding recalculation of the performance do not take place simultaneously. This means that returns may be temporarily presented incorrectly in the evening.

What products do frankly investment products invest in?

frankly’s investment products invest in target funds, which in turn invest in other funds. Investments are made in one to three target funds per asset class. In total, the investment products comprise between 1,300 and 15,000 individual securities.

Does frankly offer sustainable investment products? 

Yes, active products at frankly switched to being sustainable in October 2020. For direct investments in indexed products the asset manager decides on exclusions in respect of business activities which are subject to particular criticism. In the case of direct investments in active and passive investment products, the asset manager excludes instruments based on business activities with particularly critical assessments.

Find out more about the sustainability of Swisscanto Invest by Zürcher Kantonalbank.

Download brochure
 

Fees

What is included in the all-in-fee, what is not included?

 

The all-in fee is the price that includes the following fees for using frankly:

Opening an account
Account administration
Closing an account
Additions / disposals
Custody of the securities portfolio
Advance withdrawal for home ownership assistance programme
Pledging for home ownership assistance programme
All-in fee for the investment product

The all-in fee does not include any issue and redemption charges for indexed investment products or any fees and additional costs charged directly to the investment product (for example: bid-ask spreads, commissions, taxes, duties and the total expense ratio (TER) for exchange-traded real estate funds).

Moreover, fees are charged for re-ordering documents and for address enquiries and investigations for dormant pillar 3 assets.

In the case of special expenses incurred by the Foundation (such as time-consuming correction postings caused by the client or a disproportionate number of transactions on the part of the client), fees may be charged at standard bank rates.

When ist the all-in-fee charged?

The current all-in-fee is 0.47% per annum and is charged on a quarterly basis pro rata to the total assets.

What is the community discount and how can I benefit from it?

The community discount is a discount for all frankly customers. The greater the number of people saving with frankly, the cheaper the all-in fee for everyone. You can track how far away you are from the next discount tier in the app.

Recommend us to a friend now, so that we get there even faster.

I have a voucher, how can I redeem it?

If you have a voucher, there are several ways to redeem it:

1.     If you register with frankly, during the opening process you will be taken to the page: “Everything OK”. Here there is a section “Redeem voucher”. Simply click on it and enter the voucher code.

2.     If you have already opened a pillar 3a with frankly:
Go to your profile in the app > Vouchers & Discounts or From Dashboard > Current all-in Fee > Vouchers

How do I receive the discount / credit using a voucher? 

Once you have redeemed the voucher, it will be listed under “active discounts” in your profile > Vouchers & Discounts. The voucher is automatically offset against your fees during the specified discount period until it is completely used up or expires. 

Of course, you can also find an overview of how much was charged for each voucher in the statement of fees under Profile > Fees.

Is the administrative fee and the TER (Total Expense Ratio) of the funds available in frankly 0.0%?

The flat-rate administrative fee is included in the all-in fee and is therefore always 0.0%. The total expense ratio is a key indicator that contains all fees charged to an investment product. Whenever possible, frankly investment products invest in investment products with a TER of 0.0%. For reasons relating to returns, however, investments may also be made in exchange-traded third-party funds, for example real estate funds. This means that the investment products available in frankly may have a TER between 0.01% and 0.03%.

Please note: The TER of an investment product is a generally recognised key indicator and encompasses all fees.
However, if securities transactions are carried out in the investment product in order to maintain the specified strategy, for example, additional transaction costs (e.g. bid/ask spreads, commissions, taxes or duties) may arise that are not stated in the TER. These transaction costs are charged directly to the investment product.

What are issue and redemption charges, how high are they and why are they not included in the all-in fee for indexed investment products? 

For issues and redemptions in an indexed investment product, securities are traded in the corresponding amount. The associated issue and redemption charges (i.e. standard brokerage fees, commissions, taxes and duties) are charged to the assets of the investment product and billed transparently. In particular, the charges are intended to protect existing investors (dilution protection) and are always credited to the assets of the investment product.

Issue and redemption charges serve only to cover the transaction fees caused by the issue and redemption of shares in the investment product and the associated securities transactions. These charges have to be assumed by the individual investor in order to protect the remaining investors and cannot be included in the all-in fee in advance.

The expenses are now calculated using the crossing method. This means that the values on the fact sheets are maximum values and may be lower if purchases and sales are made on the same day.

What is the current interest rate of my frankly pillar 3a, and where can I find it? 

The current interest rate is 0.05%. To find it in the app, select one of your frankly 3a accounts in the overview, scroll down and then click on “Current all-in fee”.

Save on taxes

What is the maximum amount I can deposit in my pillar 3a account in 2020? 

The following maximum amounts apply for pillar 3a in 2020:
- As an employee with a pension fund – max. CHF 6,826
– As a self-employed person (without a pension fund) – maximum 20% of net income but no more than CHF 34,128

The maximum amount for your pillar 3a for 2021 will probably also be published in autumn 2020.

Where can I find documents for my tax return?

You can find most documents – including your tax certificate – directly in the app. Go to “Mailbox” in your profile.

How can I save on taxes with pillar 3a?

You can find all our tips on saving taxes with your pillar 3a on our tax savings page.

Withdrawals

How can I withdraw money from my pillar 3a account?

All withdrawal options are stored in the app. Select “Profile” and then “More documents”. The forms include all the application forms for withdrawals and advance withdrawals.

Ordinary withdrawal:
-        When you reach AHV age (at the earliest five years before ordinary AHV retirement age)

Early withdrawal:
-        If you wish to finance your own home
-        If you wish to become self-employed
-        If you wish to buy into a pension fund
-        If you receive a full IV pension
-        If you leave Switzerland permanently
-        If you dissolve your current matrimonial property regime, in particular following divorce

Can I keep my securities after I retire?

You can transfer all your securities to a Zürcher Kantonalbank investment solution when you retire, if you so wish. However, units in frankly investment products must be sold because these asset classes cannot be held in a normal custody account, but are exclusively for frankly clients. It is possible to invest in similar investment products with the same investment strategy. Please contact us if you are planning a transfer of this kind.

Technical problems/ Security

What should I do if I have forgotten my password?

Please contact our Support ([email protected]  or phone 0800 320 000).

What should I do if I have changed / lost my mobile phone?

Install the frankly app on your new device. You will then need to register again. If you enter your phone number during registration, you will be automatically redirected to the login screen, where you can log in with your usual details. 

I can't scan my ID. What do I do now?

How to scan your ID properly: Scanning tips

If it still doesn't work, change the lighting conditions in the room. Make sure you're in a bright place or use your driver's licence instead of your ID card, for example. We also recommend that you close the app completely and try again.

If you continue to have problems, please contact our support service with details of your device and the operating system it uses.

I have a technical problem that I can’t find here. What should I do?

Please contact our support service at [email protected] or phone 0800 320 000: 
If an error message appears, it would be very helpful if you could take a screenshot of it and send it to us.

How secure is the frankly app?

The frankly app follows common security standards. For example, you will need to verify your email address and phone number. You must log in with your password each time before using the app.

If you submit a request to withdraw a lump sum, we apply the same due diligence rules as for a traditional pillar 3 solution.

Where is my money?

Zürcher Kantonalbank's Sparen 3 pension foundation invests your money in the investment product of your choice. The portion of your assets that you do not invest in securities and therefore keep in account form is deposited by the foundation with Zürcher Kantonalbank. Further information can be found in About frankly.

About frankly

What advantages does the frankly app offer?

You can find all the advantages of frankly on our “Why frankly”  info page.

Who is behind frankly?

frankly was developed by the Zürcher Kantonalbank, which has earned the trust of more than one million customers since it was founded 150 years ago. We do our utmost to serve you, with Zürcher Kantonalbank’s Savings 3 Pension Foundation and the award-winning products of Swisscanto Invest by Zürcher Kantonalbank. 

Contact

> Contact [email protected] or phone: 0800 320 000.

Sparen 3 pension foundation of Zürcher Kantonalbank
Bahnhofstrasse 9
8001 Zürich

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