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The Swiss National Bank (SNB) has lowered its key interest rate by 0.5 percentage points, prompting several banks to anticipate significant cuts in savings rates. While Raiffeisen and Bank Cler have temporarily maintained their rates, others like Zuger Kantonalbank and Yuh are set to reduce theirs starting January 1, 2025. The outlook for savers remains grim, with many banks already tightening rates since October, and only a few institutions, such as the Cantonal Banks of Geneva and Thurgau, still offering higher rates.
Savers are facing further reductions in interest rates as the Swiss National Bank (SNB) has lowered its key interest rate by 0.5 percentage points to 0.5 percent. This decision, made by new President Martin Schlegel, is expected to prompt banks like Yuh and Zuger Kantonalbank to cut their savings interest rates significantly. Experts predict that savers will receive even less on their account assets in the near future.
Savings interest rates in Switzerland have dropped to an average of 0.52%, down from 0.8% at the end of 2023, as banks respond to falling prime rates. With a further cut expected in December, banks are quickly lowering rates, taking advantage of customer inertia. Despite low averages, some accounts still offer competitive rates, highlighting the importance of comparing options.
Interest rates for fixed deposit accounts and cash bonds currently exceed those of standard savings accounts, with average rates at 0.73% for one-year terms and 0.84% for ten-year terms. However, significant discrepancies exist among banks, with one-year rates ranging from 0.25% to 0.9%. Short-term investments of one to two years are particularly appealing alternatives to savings accounts, despite potential account management fees that could affect returns.
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