Partners Banka is a relatively new player on the banking market in the Czech Republic, but it has already managed to gain attention not only thanks to its modern and user-friendly service offer, but also thanks to the strong market position it has gained within the Partners Group. So what are its main strengths, what does it offer its clients and how does it compare to traditional banks? In this review, we look at all the aspects worth considering when choosing a bank, including services, fees, application and customer support.
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Partners Bank’s history and philosophy
Partners Bank was founded in 2019 as a subsidiary of Partners Financial Group, a financial advisory firm. This strong foundation in financial advisory translates into the bank’s approach, which strives to offer personalized service to its clients with an emphasis on long-term financial growth. Although the bank is new, the background of the Partners Group has quickly established it as a solid alternative for individuals looking for a different approach to banking than the traditional one.
Services and Products Partners Bank
Partners Bank focuses primarily on banking products for ordinary citizens as well as businesses. The range of products on offer includes a wide range of products including:
– Current accounts: For current accounts, the focus is on low fees and high transparency. The accounts come with a card and internet banking which is very intuitive.
– Savings accounts: savings accounts are one of the most interesting products of the bank. Partners Bank focuses on favorable interest rates that are competitive even with larger and established banks. It is possible to achieve very attractive interest rates on some accounts, which makes this offer very convenient for those who want to appreciate their savings without having to take the risk of investing.
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– Loans and Lending: Partners Bank also focuses on lending. Whether it is mortgages, consumer loans or business loans, the bank offers flexible terms and transparent fees. With a fast approval process, clients can be assured that their financial needs will be taken care of as quickly and efficiently as possible.
– Partners Bank is part of the Partners Group, which is known for its approach to investment advice. So, even within the bank, you will find products focused on long-term investments that allow clients to spread risk and potentially earn higher returns. The bank works with investment specialists and offers products such as mutual funds and equity investments.
– Mobile apps and online banking: Its mobile app is intuitive and allows convenient control of all products and services from a mobile phone. Online banking is stable, fast and offers all the necessary features for managing finances.
Fees and price transparency
One of the big attractions of Partners Bank is its price transparency. The bank avoids complex and obscure fees that are common at many traditional banks. This means that clients are clear about exactly what and how much they will pay for services.
– Current accounts: account maintenance is free if the client meets the conditions for a free account, which usually means a minimum monthly income or active use of the account.
– ATM Withdrawals: Partners Bank does not charge fees for withdrawals from the bank’s ATMs, a benefit for those who prefer cashless payments. Withdrawals from foreign ATMs may incur a fee, but it is still very reasonable compared to competitors.
– Transfers and payments: payments to other banks within the country are free, which is advantageous for regular transfers between accounts or when paying invoices.
– Loans: Partners Bank has clear and competitive pricing for loans and credit. Interest rates are attractive, especially on mortgages, and the bank avoids hidden fees that are sometimes common at other financial institutions.
Children’s account at Partners Bank and children’s mobile app
Partners Bank offers special products aimed at children, including the Children’s Account and the Children’s Mobile App. These products are designed to help children develop financial literacy while making it easier for parents to manage their children’s finances.
Kids Account
The Children’s Account at Partners Bank is designed for children aged 6 years and older. It is a regular account that offers parents full control over transactions, while the child can get his or her own credit card. This account is free of charge if the basic conditions are met (e.g. regular deposit). The main advantage of the children’s account is simplicity and security – parents can set limits and control the movements in the account, which ensures the safety of the funds. In addition, the account includes savings features that allow children to learn about saving and appreciating money.
Children’s mobile app
Along with the Kids Account, the bank offers a Kids Mobile App, which is tailored to the age of the child and promotes an interactive way to learn about personal finance. The app is simple, easy to use and includes features to track balances, enter payments or, for example, purchase small items within a preset limit. With this app, children can learn basic financial skills in a fun and safe way.
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Customer support
Partners Bank focuses on high quality customer support. The bank offers various channels to get in touch, including phone, email and online chat. In most cases, the response is prompt and highly professional. Being new, the bank approaches with a young, dynamic team that is willing to help even in unusual situations.
Mobile apps and modern technology
Partners Bank’s mobile app is one of its strengths. It is modern, clear and allows easy management of accounts and products. It also allows quick access to transaction histories, card management and transfers between accounts. The app is designed to easily adapt to the user’s daily needs.
Online banking is another area where Partners Bank excels. With its help, clients can conveniently manage all products, make payments, set up standing orders and check balances.
Conclusion
Partners Bank offers a number of strengths, but like any bank, it has its limits. Here’s an overview of the main advantages and disadvantages you should consider when deciding whether to choose this bank:
Advantages:
Low and transparent fees
Partners Bank avoids complex and hidden fees, which is a big advantage for those looking for clarity and transparency in their finances. Account maintenance, payment and transfer fees are competitive.
High interest rates on savings accounts
Partners Bank savings accounts offer very attractive interest rates, making this bank a good choice for those looking to grow their savings.
Modern online banking and mobile apps
The mobile apps and online banking are clear and user-friendly. They allow easy management of accounts and products, which is ideal for users who prefer digital banking.
Fast and efficient loan approvals
The bank focuses on fast loan approvals, which is beneficial for clients who need funds as soon as possible.
Strong Partners Group background
Partners Bank benefits from the expertise and experience of its parent financial group, ensuring quality advice and solid financial products.
Disadvantages:
Limited product offering for advanced users
Partners Bank primarily focuses on basic and intermediate banking products. If you’re looking for a wide range of specialized products, such as complex investment vehicles or advanced lending services for businesses, the bank may not offer as many options as larger and more established players in the market.
Limited number of branches and physical contacts
Partners Bank’s focus on digital banking is ideal for tech-savvy clients who prefer online services. However, for those who prefer face-to-face contact and a branch network, the limited number of branches can be a disadvantage.
