Others are also loosening after the National Bank hammer
There are no negative interest rates on this bank
After the National Bank’s interest rate hammer on Thursday, the first banks announced that they would lower negative interest rates for private individuals. A bank stops the penalty interest regime altogether.
Published: 06/17/2022 at 18:06
The turnaround in interest rates is here! The Swiss National Bank (SNB) is unpacking the hammer, announced on Thursday turning away from the record-low key interest rate. “Several banks confirm that they are now reducing negative interest rates,” says Benjamin Manz (41), head of the online comparison service Moneyland, to Blick.
The Zurich-based private bank Vontobel puts an end to annoying penalty interest on savings. “After the SNB decision, we will completely eliminate (negative interest) on Swiss franc deposits from our private customers,” confirms spokesman Urs Fehr finance portal «Inside Paradeplatz». It says that the family bank is going further than all the other financial institutions that spoke out after the SNB interest rate coup.
Other banks are also relaxing penalty interest regimes
Vontobel boss Zeno Staub (53) once again demonstrates a good knack for timing and, above all, PR. Clip on: Next Monday, Staub is sure to have an appearance on Swiss television’s “Eco Talk”. According to Eco-Talk moderator Reto Lipp (61), it is about savings interest, as he announces on Twitter.
have on Thursday already announced by several banksthat they will adjust negative interest and credit fees as a result of the decision. These include the Berner Kantonalbank (BEKB), UBS and Postfinance. With immediate effect, the Zürcher Kantonalbank (ZKB) will adjust the rate to -0.25 percent from the previous -0.75 percent, says a ZKB spokesman.
Raiffeisen Switzerland also recommends that its cooperatives set credit fees and negative interest at -0.25 percent instead of -0.75 percent as of July 1, 2022.
“We will also pass on the reduction in negative interest rates to our customers as of July 1, 2022,” says Vontobel spokesman Fehr.
As a reminder, negative interest rates have been good business for banks so far. the Consulting firm Orbit36 puts the penalty interest income of UBS and Credit Suisse (CS), Raiffeisen and the cantonal banks at a total of one billion francs a year.
Manz from Moneyland is looking to the future: “The banks’ responses show that even if the fees are not yet history, customers affected by negative interest rates will be asked to pay significantly less in the future.” After a long time, this is once again good news for inflation-plagued consumers.