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Swiss bank customers are giving away billions of dollars! Online comparison service Moneyland concludes this in a recent analysis.
On the one hand, customers are lazy to change. That’s why they are very hesitant about moving their money to another bank. Moreover, customers rarely compare offers from different institutions in order to get the best deal in the end.
According to Moneyland’s estimates, customers are leaving 13.4 billion francs on the table this way. Blick gives an overview of where the savings potential lies.
Mortgages
Anyone with a mortgage can save an average of 3,080 francs a year. To do this, customers will need to switch to a bank with a better mortgage rate. If everyone did this, the savings potential would total 4.8 billion francs. This high savings potential is due to the fact that many mortgage borrowers still choose their bank’s first offer, often without comparison. Additionally, property owners forget that mortgage interest rates are often negotiable.
It is possible to cancel a fixed rate mortgage. Sometimes there are even notice periods for fixed-rate mortgages. They can last up to six months. Only if a mortgage is terminated at maturity can it be amortized without additional charges.
savings accounts
Although the willingness of Swiss bank customers to switch is increasing, this rate is still low. If all savers turn to banks with the highest savings interest, interest income could increase by 2.5 billion francs. This means at least 450 francs per saver per year. This is due to large differences in interest rates between providers. Since the end of the negative interest phase, some providers have increased their interest rates very slightly, while others have increased them very significantly.
Asset Management
Clients also leave a lot of money on the table when it comes to wealth management, according to Moneyland. In years when the stock market is good, it is not very noticeable in the investment account. However, some providers charge high fees. Customers can now save 2.43 billion francs if they choose the cheapest investment products, mostly from digital asset managers. This corresponds to a huge figure of 14,100 francs per customer.
Private customers and bank cards
There are also big differences between private account costs and debit card fees. Adults can save an average of 306 francs a year, while for young people it is at least 116 francs. Overall, this results in savings potential of 2.03 billion francs. In addition to fees, this is also due to the different interest rates offered by providers.
credit cards
If customers had switched to the cheapest credit card providers, they would have saved a total of 570 million francs. The savings potential per customer is 94 francs; This excludes prepaid and expensive platinum cards.
online trading
Fees for private investors at traditional banks have changed only slightly over the years. But an increasing number of online brokers often come up with much cheaper offers. According to Moneyland, the average savings potential per trader is 491 francs per year. As estimated, this results in savings of 410 million francs.
Column 3a
For 3a savings accounts, providers offer an average interest rate of 1 percent. The top providers, on the other hand, draw 1.7 percent. If customers switch, they will be able to receive a total of 410 million francs in additional interest. This means 152 francs per customer per year.
The savings potential in the pension fund lies primarily in wages. Customers will be able to save an average of 208 francs per year by switching to the cheapest provider. According to estimates, the savings potential reaches 210 million francs.
Losses may occur when changing providers.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
