Key interest rate is to blame Bad news for savers - interest rates at banks are now falling
Interest rates on savings accounts in Switzerland have fallen, according to a recent analysis, due to the Swiss National Bank's key interest rate cuts.
12.11.2024, 07:34
12.11.2024, 07:58
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- The days of higher interest rates for savers in Switzerland appear to be over for the time being.
- A recent analysis by the Moneyland comparison service shows that the average interest rate on savings accounts for adults has fallen to 0.52%.
The days of higher interest rates for savers in Switzerland appear to be over for the time being. A recent analysis by the Moneyland comparison service shows that the interest rate on savings accounts for adults has fallen to 0.52% on average, compared to 0.80% at the end of 2023. This development is a consequence of the key interest rate cuts by the Swiss National Bank (SNB), which has responded to lower inflation.
Despite the general decline, the spread between the different banks remains considerable. While the best interest-bearing savings account offers 1.50 percent, there are also offers with an interest rate of 0.00 percent. The higher interest rates are often linked to certain conditions or only apply up to a certain maximum amount.
There has also been a decline in interest rates for youth savings accounts. Nevertheless, at an average of 0.88 percent, young people still receive more interest than adults.
Interestingly, interest rates were even lower recently. At the beginning of 2023, they averaged 0.19 percent, with a range of 0.00 percent to a maximum of 0.80 percent. The subsequent key interest rate hikes led to a rise in savings interest rates.
Moneyland predicts that savings interest rates could fall further in the coming months, as the SNB is expected to cut interest rates again this year and next. It therefore remains advisable to compare savings interest rates in order to find the best offer.
