Tue, May 7th 2024
Following a recent reduction in key interest rates by the Swiss National Bank, Swiss banks have begun to revise their savings account rates, showing a mixed response across the sector.
Swiss financial institutions are recalibrating their interest rates on savings accounts in response to the Swiss National Bank’s (SNB) decision to lower key interest rates. According to a recent analysis by the Moneyland comparison service, this adjustment has already led some banks to reduce their savings account rates.
As of Tuesday’s report, the average interest rate on adult savings accounts in Switzerland has slightly decreased to 0.79% from 0.80% in March 2024. The rates for medium-term notes and fixed-term deposits have seen more significant declines.
Despite this general downward trend, some banks have raised interest rates on specialised accounts such as 3a savings accounts and vested benefits accounts in April and May 2024.
The variation in interest rates offered by different banks remains broad. The highest yielding savings account currently offers an interest rate of 2%, while the lowest sits at 0.00%.
The future landscape of savings account interest rates remains uncertain and heavily dependent on several factors, including potential further rate cuts by the SNB. While many banks are anticipated to maintain their current savings interest rates in the near term, Moneyland suggests that adjustments are likely if the SNB alters its policy again.
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