One in four people want to change banks

class=”sc-3778e872-0 gWjAEa”>

After a few dismal years for small savers, there is finally something for bad savings! Swiss banks repay interest on savings accounts. Competition between banks is at play. This has consequences: large interest rate differences in savings accounts drive Switzerland towards other banks. Specifically: One in four people want to move their money to another bank. One in three people under the age of 36 are already planning change.

This is demonstrated by a representative survey made by Comparis and available to Blick. “The interest rates in favor of the economists are adjusted very hesitantly. Many people find this annoying, especially when inflation is high,” explains Comparator Dirk Renkert (58). Therefore, it seems that most banks are ready to replace it.

big differences

Because although the Swiss National Bank (SNB) has increased the key interest rate, not every bank has increased its customers’ savings rate at the same rate. Differences in savings interest range from 2 percent to 0.25 percent and less. That’s why one in four people with savings accounts want to change banks this year.

“The survey shows dissatisfaction with the current account interest rate,” continues Renkert. Exciting: The study shows a clear generational gap: 33 percent of 18- to 35-year-olds plan to deposit their money in another bank. It is 26 percent in the 36-55 age category.

What is striking is that both generations are significantly more willing to change jobs than people aged 56 and over (17 percent). Expert Renkert classifies: “For older people, aspects such as a long-term business relationship and regular customer service are more important than attention.”

Banks react instantly

Shortly after the Swiss National Bank raised the key interest rate by 0.5 percentage points to 1.5 percent on Thursday, the first banks announced they were raising interest rates on their accounts. For example, Postfinance will raise interest rates on savings and retirement accounts from May 1. Specifically, savings accounts currently have from 0.7 percent to 50,000 francs. It went from 0.4 percent to 25,000 francs before.

As of April 1, 2023, Valiant will also increase interest rates on all savings and retirement accounts. The savings account has 0.5 percent interest up to CHF 25,000 and 0.1 percent interest up to CHF 25,000. Interest rates are also rising at the Graubündner Kantonalbank (GKB). From April 2023, interest rates for long-term savings are now at 1 percent.

Source :Blick