Savings interest rates at Swiss banks fall sharply
Published: Tuesday, Nov 12th 2024, 08:20
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The phase of higher interest rates is over: according to an analysis by the Moneyland comparison service, savers are once again receiving significantly less interest on their savings.
According to the analysis published on Tuesday, the average interest rate on savings accounts for adults in Switzerland is currently 0.52%, down from 0.80% at the end of 2023. This is due to the key interest rate cuts by the Swiss National Bank (SNB) in light of lower inflation.
However, the spread between the banks is still wide. While the best interest-bearing savings account offers 1.50 percent, the interest rate for the worst offer is 0.00 percent. According to the comparison service, higher interest rates are often linked to special conditions or only apply up to a certain maximum amount.
Interest rates for youth savings accounts have also fallen in recent months. However, at an average of 0.88 percent, young people still receive more interest than adults.
However, it should be noted that interest rates were even lower recently. At the beginning of 2023, for example, they were still at 0.19 percent, with a range of 0.00 percent to a maximum of 0.80 percent. They then rose as a result of the key interest rate hikes.
Moneyland expects savings interest rates to fall further in the coming months. This is because the SNB is likely to cut interest rates again this year and next. "It is therefore still worth comparing savings interest rates," says Moneyland.
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