These banks now offer more interest on savings

The Swiss National Bank’s rate hike this week was predictable. Banks less. But they too feel that when the era of negative interest rates is over, savers are taking their money back to financial institutions. And I want to see interest again for savings.

Cantonal banks advance

For example, Zürcher Kantonalbank (ZKB) is raising interest rates for savings and retirement accounts from the beginning of 2023. Customers will now receive 0.50 percent and 0.25 percent interest rates on assets up to 25,000 francs in their savings accounts. Assets up to 250,000 francs. Until now, there was only 0.01 percent up to a budget of 250,000 francs.

Zuger Kantonalbank also raised interest rates this week right after the SNB decision. But only from February 2023: Then customers will receive up to 0.75 percent interest. Customers now receive 0.65 percent plus (up to 100,000 CHF balance) on their savings account and 0.60 percent interest on their retirement account.

From 29 December, Luzerner Kantonalbank will pay 0.6 percent interest for savings up to 100,000 francs, instead of the previous 0.3 percent. The interest on 3a accounts increases to 0.4 percent from the previous 0.2 percent.

There’s also more in Raiffeisen with savings of 3a. Interest rates have risen from 0.25 percent to 0.3 percent so far.

Big banks have been coming for a long time

Bank Valiant will pay 0.55 percent for assets up to CHF 20,000 to savings account holders starting the new year. Bank Cler wants to withdraw new money with the interest rate bonus. Starting January 1, anyone opening a new account will receive an additional 1 percent from the base interest rate of 0.3 percent in the first year.

WIR Bank is also raising interest rates significantly again. With the classical savings account, the interest rate rises to 0,35 percent. This is twice as much as before. The interest rate on retirement accounts rises from 0.4 percent to 0.7 percent. This means that WIR Bank has one of the highest interest rates.

Big banks and Postfinance will likely respond to interest rate hikes with a delay. It depends on the competition for bank customers and whether they urgently need new client funds. After all, a bank that generously pays off what it saves naturally gains more favors from its customers. Even if interest rates are still well below current inflation. (euro)