Hardly any interest earned on savings accounts in Switzerland
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Hardly any interest earned on savings accounts in Switzerland
Interest rates on savings accounts in Switzerland have fallen significantly. The brief high in savings interest rates is over, according to a study by online comparison service Moneyland.
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On average, savers currently receive an interest rate of 0.18% on their savings account balances, Moneyland said on Tuesday. The conditions of around 150 savings accounts from Swiss banks were included in the analysis.
This means that the short, almost three-year phase of slightly higher interest rates is over, it said. The average interest rate on savings accounts last peaked in spring 2024 at 0.82%, after falling to 0.05% in autumn 2022. At that time, one received only CHF0.50 ($0.60) interest per year for a balance of CHF1,000.
With rising inflation and the corresponding increase in key interest rates by the Swiss National Bank (SNB), interest rates subsequently rose again.
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In its current analysis, Moneyland points to the major differences between the individual banks. The yield on the best interest-bearing accounts is at least twice as high as the average.
It is therefore up to people to invest their savings with other banks, it said. However, it is also important to consider the possible disadvantages of certain offers. This is because higher interest rates are often associated with restrictions on the availability of the money.
Translated from German by DeepL/ts
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