2023-07-04 13:42:27
Commercial banks active in French-speaking Switzerland are currently cautious about raising interest rates on savings and provident accounts.
However, the Swiss National Bank (SNB) raised its key rate on June 22 to 1.75%. Here is an overview of the main establishments:
– With effect from July 1, Migros Bank has increased the interest rate on the bonus savings account to 1.3%, while the establishment of the orange giant plans adjustments for other accounts from August 1. For savings accounts, the rate will drop from 0.4% to 0.55%, provided that the assets do not exceed 100,000 francs. For investment savings accounts, up to the same amount, it will reach 0.85%, compared to 0.7% for the time being. 3a pension accounts will earn 0.7% interest (currently 0.6%).
– UBS adapted in July the level of remuneration applied to the savings and provident accounts in francs of its clients. Savings accounts will then benefit from a rate of 0.75%, compared to 0.5% currently on assets up to 50,000 francs, then 0.30% compared to 0.25% for assets exceeding this brand. The establishment with the three keys will also offer a coupon of 1.5% for any transfer of up to 250,000 francs of new money, against 1.0% for contributions capped at 100,000 francs. 3a pension accounts will be rewarded with 0.8% interest, compared to 0.6% for the time being. Those of free passage will be remunerated at 0.3%, against 0.2%.
– Raiffeisen Switzerland will raise interest rates on savings accounts from August 1. The cooperative establishment stressed that its subsidiaries were autonomous and free in the development of their conditions. The level of the increase “will be decided in the coming days”.
– Postfinance indicated that it had “taken note of the increase in the key rate by the SNB and is evaluating a possible adjustment of the rates”.
– The Banque cantonale de Genève (BCGE) states that it evaluates, at least once a month, and adapts, if necessary, the rates on its accounts according to the situation. Interest on savings accounts has been raised since the start of the year.
– The Banque cantonale du Valais (BCVs) indicated that it had “taken into consideration” the recent monetary policy decision of the SNB. “Any update to our conditions is the subject of a communication from our establishment,” she added. The BCVs had last raised the interest rates for savings and pensions on 1 June.
– The Bernese Cantonal Bank (BCBE) had declared that it will decide and communicate soon on the increase in interest rates.
– The Cantonal Bank of Friborg is assessing the issue and “new decisions on the impact of the increase in the SNB’s key rate on the BCF’s rates will be taken soon with effect from August 1 next”.
– As for the Banque cantonale neuchâteloise (BCN), it plans to pass on the decision of the SNB from August 1 on savings accounts, the remuneration of the Epargne 3 account, for example, having to increase to 0.70%, against 0.30% currently.
This article has been published automatically. Source: ats/awp
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