Tellco 3a Review 2026 – Pros & Cons

Name: Tellco 3a
Brand: Tellco

Baptiste Wicht | Updated: 14 April 2026 |

(Disclosure: Some of the links below may be affiliate links)

Tellco is a Swiss bank with a major pension fund that has been operating for more than 20 years in Switzerland. In addition to their pension fund, they also offer a third pillar account. In the past, we have reviewed their vested benefits account, and people were eager to learn about their Tellco 3a account.

So, we will review Tellco 3a in detail. In this article, I look at many things about Tellco 3a: its fees, its investment strategy, and its security. Finally, I compare it against other third pillar providers.

About Tellco 3a
Total Fee	0.65% to 1.00%
Maximum portfolios	5
Stock allocation	98%
Maximum foreign exposure	60%
Maximum investment in cash	100%
Investment Strategy	Funds and ETFs
Fund providers	Tellco and third-party providers
Languages	English, French, German, and Italian
Sustainable option	Yes, with custom strategies
Mobile Application	No
Web Application	Yes
Custodian Bank	Tellco
Customers	Unknown
Established	2002
Foundation’s domicile	Schwyz

Tellco 3a

Tellco is a relatively quiet bank in Switzerland, but they are not new. The bank was founded more than 20 years ago, in 2002. The bank already manages more than 9 billion CHF in assets. They are mostly known for their large Tellco pension fund, but they are also providing services for vested benefits and third pillars.

I have previously reviewed their Tellco vested benefits service. In this article, I focus on the Tellco 3a offer for third pillars. We do not know how many users they have in this service only, only that they have about 100,000 customers across all services.

In contrast to many recent solutions, Tellco 3a is not available as a mobile app. Instead, it is available as a web application (ePlix). This application also works on mobile, but you will use it from your browser. The onboarding can be done entirely online.

Tellco3a uses its own foundation: Tellco Pension Solutions 3a. This foundation was established in June 2018 and is based in Schwyz. This is good because it is a great canton for people withdrawing their 3a while abroad.

So, we can now review Tellco 3a in detail.

Investment strategy

Most third pillar providers use a single strategy for their investment. Tellco 3a is a bit more complex because it has three distinct strategies:

Tellco classic funds
Thematic funds
Third-party funds with Swiss approvals

We will need to cover each of these strategies in detail. One common theme is that each of these strategies has a minimum of 2% in cash. So, this gives us a maximum investment of up to 98% in stocks or bonds.

Tellco classic funds

The standard option is to use funds from Tellco. They are using their own funds, which include bonds, real estate, and money markets. There are currently only four different funds:

Tellco Classic Strategy 10
Tellco Classic Strategy 25
Tellco Classic Strategy 45
Tellco Classic Strategy 100

The number in each strategy is the allocation to stocks.

Each of these funds is a fund of funds. It means that they are not composed of stocks directly, but instead of other funds. And these funds themselves contain the stocks or bonds or other assets. It is worth noting that not all the sub-funds are from Tellco. They have some funds from SPDR and Vanguard as well.

The composition of these funds is decent. They have a strong bias towards Switzerland. It is also worth noting that there is no hedging in these funds, which makes about 60% in foreign currency exposure. Unfortunately, none of these funds are retirement-grade funds, meaning they are not efficient for dividends.

Tellco 3a shares few details about the sub-funds. It means we do not know exactly which funds are used. This is a bit disappointing for transparency.

Tellco thematic funds

Additionally, you can also choose to invest in thematic funds. Currently, all thematic funds are ETFs from iShares. Here are the six current thematic funds:

Aging population (iShares Aging Population UCITS ETF)
Automation & Robotics (iShares Automation & Robotics UCITS ETF)
Healthcare innovation (iShares Healthcare Innovation UCITS ETF)
Digitalization (iShares Digitalization UCITS ETF)
Clean energy (iShares Global Clean Energy Transition UCITS ETF)
Blockchain (Invesco CoinShares Global Blockchain UCITS ETF)

There is a disadvantage to using ETFs in a 3a account. Indeed, it means we will have to pay stamp duty on each transaction. Additionally, compared to a retirement-grade fund, we lose on dividends.

Third-party funds

Finally, you can also choose your own portfolio with ETFs. There are about 40 ETFs and funds in many categories available for your choosing. You can also use classic Tellco funds.

This is a very interesting option because it is extremely flexible. It helps to create custom portfolios.

Ideally, we would avoid ETFs and standard funds and prefer retirement-grade funds, but it is good to be able to do something really custom.

This strategy is very flexible; there are very few limits to investments. It is also worth noting that this is the only strategy that allows sustainable investing.

Tellco 3a fees

When we compare two different providers, the most important criterion is the fee that we are going to pay. This is something we can plan for. For me, this is more important than historical returns since we do not know whether they will last in the future.

Again, we must look at the fees of each strategy properly.

Tellco classic funds fees

When using the Tellco classic funds, there is no custody fee. This makes sense since the fee is inside the funds themselves.

Here are the fees of each fund as of April 2026:

0.60% TER for Tellco Classic – Strategy 10
0.65% TER for Tellco Classic – Strategy 25
0.60% TER for Tellco Classic – Strategy 45
0.70% TER for Tellco Classic – Strategy 100

Unfortunately, Tellco does not release exactly which sub-funds they are using. Therefore, we do not know exactly the TER of the sub-funds. Given the type of funds that are used, we can expect at least a 0.10% fee. In practice, it is likely higher, but 0.10% serves as a conservative baseline.

The third component will be the inefficient dividend withholding. As a reminder, the US dividends are taxed at the source. And since the US represents a major part of the world stock market, losing on US dividends can be computed as a fee on your assets. Several third pillar accounts use retirement-grade institutional funds to avoid this. But ETFs and non-retirement-grade funds will suffer from this issue.

Again, since we do not know the exact sub-funds, we have to guess. Since they are not US funds and not retirement funds, the best they can do is a 15% dividend withholding, which is lost. That is if the funds are in Ireland. If they were in Switzerland, it would be worse. With an average 60% international allocation, a 1.5% dividend yield, and 15% dividend lost, we get an extra 0.135% fee.

With these three components together, we get a 0.935% fee for the most aggressive strategy. This is not a great fee.

Tellco thematic funds fees

When you use the thematic funds, you get a 0.20% custody fee. Additionally, each of the ETFs has a TER as well:

0.40% for aging population
0.40% for automation & robotics
0.40% for healthcare innovation
0.40% for digitalization
0.65% for clean energy
0.65% for Blockchain

So, we have a fee between 0.40% and 0.65%. Additionally, each transaction will incur Swiss stamp duty since they are ETFs and not funds. Finally, we also lose some money to dividend withholding. Given the higher international allocation, this boils down to about 0.15%.

In total, we get a fee between 0.75% and 1.0%, depending on the ETF you choose. It is good that this is cheaper than the classic option, but it still remains relatively expensive.

Third-party funds fees

Finally, when you use the thematic funds, you get a 0.35% custody fee.

The second component is the TER of the funds. There are many ETFs available. The best ETFs have a TER of about 0.10%. We can imagine a diversified portfolio with a 0.15% total fee.

The final component is once again the dividend withholding. This will depend on your asset allocation, but we can imagine a 0.15% fee if you invest in a really diversified way.

There are also some other costs when doing transactions. Each ETF transaction will incur Swiss stamp duty. And each transaction has a 1% brokerage fee (maximum of 35 CHF and minimum of 10 CHF). If you are just starting with a small portfolio, these fees can be a significant drag. You should really only invest once a year in these funds, not once a month. If you invest once a month, you can easily imagine losing more than 1% of the money you invest.

When we put everything together, we get a 0.65% fee for the entire portfolio, not counting any transaction fees. This is starting to become an interesting price. But it also means that you need to do your portfolio yourself as a tradeoff.

Summary of fees

We can summarize all these fees together in a table (as of April 2026).

Tellco 3a — Fees by choice
Choice	Custody	TER	Dividend withholding	Total recurring fees	Transaction fees
Tellco Classic funds	0%	0.61% – 0.70%	0.135%	0.845% – 0.935%	None
Thematic ETFs	0.20%	0.40% – 0.65%	0.15%	0.75% – 1%	Stamp duty
Third-party ETFs	0.35%	0.15% average	0.15%	0.65%	Brokerage fee, stamp duty
Cash	0%	0%	0%	0%	None

Extra fees

There are also some other fees we need to look at. These fees are withdrawal fees on some exceptional events. While they rarely apply, it is important to know about them.

Here are the extra fees for Telco 3a:

400 CHF for withdrawing in Switzerland to buy a house
600 CHF for withdrawing abroad to buy a house
200 CHF to pledge your 3a
600 CHF if you move away from Switzerland

It is interesting to note that Tellco 3a boasts a great tax domicile for people moving abroad and yet charges 600 CHF for people moving abroad.

These fees are not great, but they are also not terrible. Multiple third pillar accounts in Switzerland have similar fees. One good thing to note is that there is no fee for early withdrawal, so you can use this account temporarily and move to something else without penalty.

3a in cash

While many people invest, there are some people who prefer to keep their 3a in cash.

Currently, it is possible to keep 100% of the Tellco 3a in cash. There is an interest rate of 0.45% (as of April 2026). This is a high interest rate on the current 3a market. So, Tellco 3a may be a good option to hold cash.

Nevertheless, I should remind people that unless they have little time to retirement or a very low risk capacity, the third pillar is an ideal place to invest. Indeed, people generally keep money for a long time in their third pillars, and stocks do really well in the long term.

Security

It is essential to look at the security of service before we trust it with our money.

The Tellco 3a foundation is fully registered as a third pillar foundation. The bank itself (its own custody) is regulated by FINMA. Both are separated, and in the event of a Tellco (the bank) bankruptcy, the foundation would find another custody bank to handle its assets.

It is important to note that if Tellco were to go bankrupt, it would be slightly more complicated because they have their own funds. So, the foundation would also need to find new managers for the funds. So, the bankruptcy could take longer to process.

Tellco itself is more than 20 years old; this is a good sign. However, we should note that in April 2026, the board of trustees of the Tellco pension fund was dismantled and put under administration by the regulatory offices. This does not directly impact the third pillar accounts but should still be considered as a bad sign for Tellco itself.

Overall, the structure of Tellco 3a is safe, and the assets should be as safe as with other providers. However, it may not be the greatest time for Tellco.

Alternatives

When you are looking for a service, it is essential to compare it with alternatives to see whether it is a good fit or not.

Tellco 3a vs Finpension 3a

Best Third Pillar!

Finpension 3a

5.0

Very low fees

Finpension 3a is the best third pillar in Switzerland.

Use the FEYKV5 code to get a fee credit of 25 CHF!

Pros:

Invest 99% in stocks

Grow your 3a with FEYKV5 code Read my review

If you use the FEYKV5 code, you will receive 25 CHF in fee credit. Only for Swiss residents.

Finpension 3a is my favorite third pillar currently. So, we should compare Finpension 3a and Tellco 3a.

Finpension only invests in retirement-grade funds, while Tellco invests in ETFs and funds of funds. This gives an advantage to Finpension since these funds are cheaper and more tax efficient.

With Finpension 3a, we can invest up to 99% in stocks, compared to 98% in stocks with Tellco. Both are great at customization, with a slight advantage for Tellco 3a.

The main difference between these two solutions is the price. Finpension 3a will charge a 0.39% total fee, while Tellco 3a will cost from 0.65% to 1.00%. This makes a significant difference in the long term, and this makes Finpension 3a a better option than Tellco 3a.

Tellco 3a vs Neon 3a

Great App to Pay, Save and Invest

Neon

4.5

All the services you need to pay, save and invest, in a neat package, with extremely good prices!

Use code poorswiss to get your debit card for free!

Pros:

Invest with great fees

Use code poorswiss Read my review

Neon is a digital bank that introduced a 3a account in 2025. It is quite different from Tellco 3a, so it is interesting to compare.

Neon 3a uses funds from Swisscanto. These funds do not have any TER but have dividend withholding of 0.15%. This is to compare to Tellco 3a using either ETFs or funds of funds.

Tellco 3a offers up to 98% in stocks, and Neon 3a up to 99% in stocks. Neon 3a is very limited for customization, while Tellco allows very high customization.

Neon 3a costs a total of 0.54% to 0.60% (custody fee plus dividend withholding), depending on the wealth in your 3a. Tellco 3a costs anywhere from 0.65% to 1.00%. So, in the best case, Tellco is quite comparable to Neon 3a, but in the worst case, it is quite a bit more expensive.

If you want customization, Tellco 3a is better than Neon 3a. If you want something more efficient, Neon 3a is better.

Tellco 3a vs Selma 3a

Finally, we can also take Selma 3a, a robo-advisor third pillar, for comparison.

Selma 3a invests in ETFs directly, while Tellco 3a invests in funds and ETFs. Neither of them is efficient for dividend withholding.

Selma 3a has very little customization, while Tellco 3a has very good customization. Selma 3a offers 97% in stocks, and Tellco 3a offers 98% in stocks.

Selma 3a has a 1.05% total fee (custody fee plus dividend withholding). Tellco 3a has a 0.65% to 1.00% fee. So, Tellco 3a is cheaper than Selma 3a. If you have more than 150k CHF in your 3a, you can get Selma 3a down to 0.84%, which can be slightly cheaper than Tellco 3a, depending on the strategy you are using.

Overall, it feels like Tellco 3a is better than Selma 3a. They offer higher customization and generally lower fees. The only case where Selma 3a is better is if you do not want a custom portfolio and have more than 150k CHF in your 3a.

For more information, you can read our review of Selma 3a.

Tellco 3a FAQ

How many Tellco 3a accounts can I have?

You can have up to five Tellco 3a accounts.

Do you get insurance with Tellco 3a?

Yes, you get life insurance with Tellco, 3a covering death and disability. You will get coverage based on your assets and age.

Who is Tellco 3a good for?

Tellco 3a is good for people who want to highly customize their portfolio.

Who is Tellco 3a not good for?

Tellco 3a is not best for people who want the cheapest and most optimized third pillar account.

Tellco 3a Summary

4/5

Is Tellco 3a the best choice for your pension? Read our review of Tellco 3a fees, investment strategies, and why it's not the most tax-efficient.

Product Brand: Tellco

Editor's Rating:
4

Tellco 3a Pros

Let's summarize the main advantages of Tellco 3a:

Up to 98% in stocks!
Average fees
Good customization of portfolios
Life insurance for death and disability

Tellco 3a Cons

Let's summarize the main disadvantages of Tellco 3a:

Default funds are rather expensive
Not tax-efficient for dividends
No mobile application

Conclusion

Tellco 3a is a decent offer. They offer very high customization with average fees. It is good that Tellco offers so many options.

Unfortunately, the market is very competitive, and there are better offers available, like Finpension 3a. If Tellco 3a were using retirement funds, it would already have become significantly more efficient. But given the higher fees and the lower tax efficiency, it is difficult to opt for Tellco 3a.

For now, I would stick with Finpension 3a as the best third pillar account in Switzerland. If you are not yet using a third pillar, you should read on about our guide on whether you should contribute to your third pillar.

What do you think of this Tellco 3a account?