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Old 10.09.2012, 15:10
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Re: High interest savings account

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I guess the answer to my question is just NO, there is no bank in Switzerland that competes with the Interest I could get in the UK or the rest of Europe,

Thanks for your replies, as of trading I have done that before but to busy to be on top of it at the moment and the only time I trusted a broker I lost allot of money.

NOW, this might be a little complicated, I found that UBS will give me 1.25% interest on a certain account up to 20k, now lets say for arguments sake, that if I had 60k I would hardly make any money at the end of the year since I only get 1.25% on 20k and 0.2% on the rest 40k minus 35% verrechnungssteuer.

BUT, the big but, if I opened 5 of these accounts in UBS which only take 5 min once you already have one, I could put 15k in each get the max. interest (1.25%) on the whole 60k and would not get charged Verrechnungs steuer since it would be less then 200 CHf per account...

And since its considered Kapital gains, I would not have to pay tax on the approx 800 Chf at the one of the year.

Now were is my mistake ???

Thanks guys
Verrechnungssteur ist not actually a tax unto itself but just a pre-payment of tax that gets deducted from the amount finally owned. In your final tax declaration it is taken into account so it doesn't matter whether you pay Verrechnungsteuer or not. And you do have to declare all accounts on your tax form, no matter how small the amount you have in that account. So your net gain after it all balances out is nil. So unless you are planning to not declare accounts (which is an offence if you do it intentionally), you are looking at a zero game. Do you want to risk a criminal record over a couple of 100 CHFs?
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  #22  
Old 10.09.2012, 15:18
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Re: High interest savings account

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Now were is my mistake ???

Thanks guys

5 x 15k = 75k and you only got 60k
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  #23  
Old 10.09.2012, 15:24
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Re: High interest savings account

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I guess the answer to my question is just NO, there is no bank in Switzerland that competes with the Interest I could get in the UK or the rest of Europe,

Thanks for your replies, as of trading I have done that before but to busy to be on top of it at the moment and the only time I trusted a broker I lost allot of money.

NOW, this might be a little complicated, I found that UBS will give me 1.25% interest on a certain account up to 20k, now lets say for arguments sake, that if I had 60k I would hardly make any money at the end of the year since I only get 1.25% on 20k and 0.2% on the rest 40k minus 35% verrechnungssteuer.

BUT, the big but, if I opened 5 of these accounts in UBS which only take 5 min once you already have one, I could put 15k in each get the max. interest (1.25%) on the whole 60k and would not get charged Verrechnungs steuer since it would be less then 200 CHf per account...

And since its considered Kapital gains, I would not have to pay tax on the approx 800 Chf at the one of the year.

Now were is my mistake ???

Thanks guys
In thinking that 1.25% is high interest for the complexity you are going to for such a small return.
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