Suddenly he got up quickly
These banks now offer more interest on savings
Shortly after the SNB’s decision to raise key interest rates, the first banks made public statements. They want to increase interest on savings. If there is a fight for the savers again, that’s a good sign.
No more saving money within your own four walls: it is gradually becoming more beneficial to put money back into a savings account.
A rate hike by the Swiss National Bank this week was expected. that banks less. But they also feel savers return their money to financial institutions once the era of negative interest rates is over. And you want to see interest back on the savings.
“I’m not worried about it.” This is how the Swiss think about the interest rate decision(01:12)
Cantonese banks are moving forward
For example, the Zürcher Kantonalbank (ZKB) is increasing interest rates on savings and pension accounts from the beginning of 2023. As for savings accounts, customers will now receive an interest rate of 0.50% on assets of up to 25,000 francs and 0.25% on Assets of up to 250,000 francs. So far, only 0.01 percent of the budget of 250,000 francs has been made.
The Zuger Kantonalbank also raised interest rates shortly after the SNB’s decision this week. But only from February 2023: after that, customers will receive up to 0.75 percent interest. Customers now earn 0.65 percent interest on the Savings Plus account (up to a CHF 100,000 balance) and 0.60 percent interest on the pension account.
From December 29, Luzerner Kantonalbank will pay 0.6% instead of the previous 0.3% interest on savings of up to 100,000 francs. Interest on 3a accounts rose to 0.4 percent from the previous 0.2 percent.
There’s also more with Raiffeisen’s 3a savings. Interest rates rose to 0.3 from 0.25 percent so far.
The big banks have been coming for a long time
From the new year, Bank Valiant will pay 0.55 percent to savings account holders for assets of up to CHF20,000. Bank Clear wants to attract new money with an interest rate reward. Anyone who opens a new account from January 1st will earn an additional 1 percent in the first year at a base interest rate of 0.3 percent.
WIR Bank is also dramatically raising interest rates again. With a Classic Savings account, the interest rate goes up to 0.35 percent. This is more than double what it was before. For retirement accounts, the interest rate rises to 0.7 percent from the previous 0.4 percent. This means that WIR Bank has one of the highest interest rates.
It is likely that major banks and Postfinance will step in and raise interest rates with a delay. It depends on the competition for bank customers and whether they are in dire need of new customer money. After all, a bank that pays handsomely for what it saves naturally gains more support from its customers. Even if interest rates are still well below current inflation. (in euros)
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