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Finally there is something to save again. Several banks have increased interest rates on their savings accounts in recent weeks after the Swiss National Bank (SNB) raised interest rates. For which savers is this good news? Blick shows which banks are raising interest rates and what the new rates are.
bank average
Effective April 1, 2023, Bank Avera is raising interest rates on various account types. Customers receive an interest rate of 0.4 percent on the regular savings account, and 1.15% on the upper savings account. The interest rate for the investment savings account is 0.6 percent for investment volumes up to CHF 250,000 and 0.4 percent for assets larger.
WE Bank
Bank WIR is launching a new savings account that offers an interest rate of 1.8 percent. At the same time, interest on all other savings and pension products of Basler Genossenschaftsbank will be gradually increased by at least 0.3 percent from April.
CreditSuisse
Shortly before UBS’ bailout, Credit Suisse also adjusted interest rates. For example, to 1.5 percent with a CSX Platinum savings account. The interest rate is valid for amounts up to CHF 250,000. Contributions above this receive an interest rate of 0.5 percent.
Neon
The online bank “Neon” raises the interest rate on deposits up to 25,000 francs to 0.40 percent per year.
migros bank
From 1 May 2023, interest rates on various savings accounts will increase. The interest rate will be increased to 0.40 percent for savings accounts up to CHF 100,000, and to 0.70 percent for investment savings accounts up to CHF 100,000. Free25 savings account, junior savings account and gift savings account up to CHF 25,000 receive an interest rate of 0.7 percent.
Postfinance
Postfinance will raise interest rates for savings accounts and retirement accounts from April 1. Savers now receive an interest rate of 0.7 percent for amounts up to CHF 50,000. Previously, the interest rate was 0.4 percent for amounts up to CHF 25,000.
Raiffeisen
Even before the SNB interest rate hike, Raiffeisen Group has decided to increase its interest rate recommendations for savings accounts from 1 April 2023. The head office recommends 0.5 percent interest up to CHF 100,000 on member savings accounts, and 0.25 percent on member and other savings accounts on CHF 100,000 and above. However, individual Raiffeisen banks are free to set their own terms.
valiant
Bank Valiant also responded to the SNB’s rate hike, raising interest rates on its savings offer. Customers who transfer new money to Savings Account Plus now receive an interest rate of 1.5%.
UBS
UBS also raises interest rates. The 3a retirement account earns 0.6 percent interest, the savings account 0.5 percent, and then 0.25 percent up to 50,000 francs. New customers of the “UBS key4banking” digital solution receive an interest bonus of 0.5 percent. The bank also gives a 1.0 percent interest bonus on new money in the UBS investment plan. From April 6, UBS will launch a savings account that will be valid until the end of June 2024 and will earn 1.0 percent interest up to CHF 100,000.
Hoot
Online bank “Yuh” will increase deposit interest rates by 0.75 percent per annum from April 1, up to CHF 25,000.
cantonal banks
Various cantonal banks are also raising interest rates for savers. Luzerner Kantonalbank is raising interest rates on various accounts from May 1. For example, an interest rate of 0.8 percent is now charged on a savings account up to CHF 100,000.
st. Interest rates are also rising at the Cantonalbank of Wales. Customers receive approximately 0.5 percent interest on their savings account. Graubündner Kantonalbank raised interest rates to 1 percent for long-term savings. 0.75% interest is now applied to the youth savings account and gift savings account. Zürcher Kantonalbank, Switzerland’s largest cantonal bank, has not yet reacted to the interest rate hike. The interest rate for private accounts is 0.00 percent.
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.
