Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #21  
Old 28.06.2021, 20:59
Senior Member
 
Join Date: Nov 2020
Location: Basel
Posts: 410
Groaned at 24 Times in 13 Posts
Thanked 661 Times in 265 Posts
Polymath has a reputation beyond reputePolymath has a reputation beyond reputePolymath has a reputation beyond reputePolymath has a reputation beyond reputePolymath has a reputation beyond repute
Re: Avoiding Negative Interest Rate: Which Bank?

Quote:
View Post
I bank with Migros. 3 CHF a month. But I'm a basic, no-frills customer with nowhere near the amount to get charged negative interest. So they're fine for me.
It's 3 CHF per month account fees if the balance is less than 7'500 CHF. Anything above that and the account fees are waived.
Reply With Quote
The following 3 users would like to thank Polymath for this useful post:
  #22  
Old 28.06.2021, 21:04
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Avoiding Negative Interest Rate: Which Bank?

Quote:
View Post
Price, Quality of App?

Pretty shocking to have to pay to just have a current account and a debit card to be honest, and that applies to every traditional bank, except Migros IIRC.
In the UK no bank charges was unusual up to the mid 1970's, I remembering advertisements for free banking if average balance above 100. Average Uk earnings in 1971 was 26 a week, 1 hours wages would buy 7.5 pints of beer! Then working people got paid their wages in cash.
Reply With Quote
  #23  
Old 28.06.2021, 21:25
Forum Legend
 
Join Date: Jul 2020
Location: Frick, Aargau
Posts: 2,876
Groaned at 62 Times in 50 Posts
Thanked 4,070 Times in 1,901 Posts
HickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond reputeHickvonFrick has a reputation beyond repute
Re: Avoiding Negative Interest Rate: Which Bank?

Quote:
View Post
In the UK no bank charges was unusual up to the mid 1970's, I remembering advertisements for free banking if average balance above 100. Average Uk earnings in 1971 was 26 a week, 1 hours wages would buy 7.5 pints of beer! Then working people got paid their wages in cash.
My UK account is costing me 12 a month, but for that I get 1500 avios a month (worth at least 12 to me), and a ba economy to business flight upgrade (which i'd value at about 30 - basically for the food on the plane and lounge access).
Reply With Quote
  #24  
Old 29.06.2021, 10:08
Member
 
Join Date: Apr 2013
Location: Zug
Posts: 177
Groaned at 51 Times in 27 Posts
Thanked 206 Times in 99 Posts
jamon8 has become a little unpopular
Re: Avoiding Negative Interest Rate: Which Bank?

Quote:
View Post
And UBS will fleece you (jamon8) using the exchange rate.
Me not but maybe you if you dont know how to properly convert currency 🙂. Of course there is a question if you want to bet on USD or not but this is different question. .
Reply With Quote
  #25  
Old 29.06.2021, 10:33
Forum Veteran
 
Join Date: May 2011
Location: Dbi
Posts: 605
Groaned at 13 Times in 10 Posts
Thanked 484 Times in 272 Posts
Jaceq has earned the respect of manyJaceq has earned the respect of manyJaceq has earned the respect of many
Re: Avoiding Negative Interest Rate: Which Bank?

I know 2 free current accounts in traditional banks (if level of assets is above something) with free Maestro card , it's already mentioned before ca-nextbank ,and BCV. In both of them you can open accounts remotely.


There there is ZAK, neon-free.ch which are mobile only banks.


There are also other banks with free accounts but card other than 'ATM' card isn't free (so Maestro) these are BLKB and AVERA (and possible others) - but here also you need to have some minimum balance for the to be free.
Reply With Quote
This user would like to thank Jaceq for this useful post:
  #26  
Old 26.09.2021, 11:00
Junior Member
 
Join Date: Sep 2018
Location: Vevey
Posts: 59
Groaned at 22 Times in 14 Posts
Thanked 37 Times in 23 Posts
JoshWilliams has annoyed a few people around hereJoshWilliams has annoyed a few people around here
Negative Interest Rates

Since mid 2021 UBS applies a 0.75% negative interest rate on deposits above 250,000 CHF, which is appalling. What are safe banks in Switzerland not hitting their consumer base yet and not having that in their future prospects?
Will this stay also after Fed will raise interest rates later this year?

- Josh
Reply With Quote
The following 2 users would like to thank JoshWilliams for this useful post:
  #27  
Old 26.09.2021, 11:07
Member
 
Join Date: Apr 2013
Location: Zug
Posts: 177
Groaned at 51 Times in 27 Posts
Thanked 206 Times in 99 Posts
jamon8 has become a little unpopular
Re: Negative Interest Rates

Look this thread and there were couple more, just search.

https://www.englishforum.ch/finance-...rate-bank.html
Reply With Quote
This user would like to thank jamon8 for this useful post:
  #28  
Old 26.09.2021, 12:20
Junior Member
 
Join Date: Jun 2019
Location: Vaud
Posts: 81
Groaned at 3 Times in 3 Posts
Thanked 47 Times in 29 Posts
Uaby has no particular reputation at present
Re: Negative Interest Rates

Why keep all 250k with UBS then. Open a free bank account with CLER and avoid hitting the 250k threshold for negative interest application.
Reply With Quote
  #29  
Old 26.09.2021, 12:25
Junior Member
 
Join Date: Jun 2019
Location: Vaud
Posts: 81
Groaned at 3 Times in 3 Posts
Thanked 47 Times in 29 Posts
Uaby has no particular reputation at present
Re: Negative Interest Rates

PS. Fed is trapped between the rock and the hard place. Raise interest rates and see the capital market valuation plummet or don't raise them and see the inflation monster get bigger.

So raising them will not be a straight forward play (IMO).

Quote:
View Post
Why keep all 250k with UBS then. Open a free bank account with CLER and avoid hitting the 250k threshold for negative interest application.
Reply With Quote
The following 3 users would like to thank Uaby for this useful post:
  #30  
Old 26.09.2021, 12:32
olygirl's Avatar
Forum Legend
 
Join Date: Oct 2007
Location: d' Innerschwiiz
Posts: 7,779
Groaned at 418 Times in 282 Posts
Thanked 18,329 Times in 5,676 Posts
olygirl has a reputation beyond reputeolygirl has a reputation beyond reputeolygirl has a reputation beyond reputeolygirl has a reputation beyond reputeolygirl has a reputation beyond reputeolygirl has a reputation beyond repute
Re: Negative Interest Rates

Kantonalbank Schwyz isn't charging negative interest rates yet but has made it clear to us that if we invest with them (Obligation), they won't charge any negative interest rates in the future.

Money management has become far more complex.
Reply With Quote
  #31  
Old 26.09.2021, 13:32
Junior Member
 
Join Date: Sep 2018
Location: Vevey
Posts: 59
Groaned at 22 Times in 14 Posts
Thanked 37 Times in 23 Posts
JoshWilliams has annoyed a few people around hereJoshWilliams has annoyed a few people around here
Re: Negative Interest Rates

Quote:
View Post
Why keep all 250k with UBS then. Open a free bank account with CLER and avoid hitting the 250k threshold for negative interest application.
Is CLER a good bank? And they don't apply negative rates?
Reply With Quote
  #32  
Old 26.09.2021, 13:38
Junior Member
 
Join Date: Jun 2019
Location: Vaud
Posts: 81
Groaned at 3 Times in 3 Posts
Thanked 47 Times in 29 Posts
Uaby has no particular reputation at present
Re: Negative Interest Rates

Personally, it has been quite a nice alternative to traditional banks such as UBS or BCV (in Vaud).

This explained for me nicely the pro/con's when I opened an account.
https://www.mustachianpost.com/2021/...-bank-in-2021/

I have not been charged negative interest though my balance has averaged around 100k. Would be a good idea to double-check with them for larger amounts.
Reply With Quote
This user would like to thank Uaby for this useful post:
  #33  
Old 26.09.2021, 14:05
curley's Avatar
Forum Legend
 
Join Date: Oct 2006
Location: canton ZH
Posts: 13,131
Groaned at 218 Times in 182 Posts
Thanked 15,264 Times in 7,847 Posts
curley has a reputation beyond reputecurley has a reputation beyond reputecurley has a reputation beyond reputecurley has a reputation beyond reputecurley has a reputation beyond reputecurley has a reputation beyond repute
Re: Negative Interest Rates

Quote:
View Post
Why keep all 250k with UBS then. Open a free bank account with CLER and avoid hitting the 250k threshold for negative interest application.
Does CLER deal with Americans?
Reply With Quote
This user would like to thank curley for this useful post:
  #34  
Old 26.09.2021, 20:02
Forum Legend
 
Join Date: Aug 2015
Location: Zurich
Posts: 5,788
Groaned at 444 Times in 247 Posts
Thanked 6,720 Times in 3,080 Posts
ZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond repute
Re: Negative Interest Rates

Quote:
View Post
Since mid 2021 UBS applies a 0.75% negative interest rate on deposits above 250,000 CHF, which is appalling. What are safe banks in Switzerland not hitting their consumer base yet and not having that in their future prospects?
Will this stay also after Fed will raise interest rates later this year?

- Josh
Where do you get your info that banks such as UBS charge negative interest rates? All the major banks are still at 0.00% interest rates. Or are you talking about a deposit charge on higher amounts?

https://www.ubs.com/ch/en/private/interest-rates.html
Reply With Quote
  #35  
Old 26.09.2021, 20:11
3Wishes's Avatar
Moderately Amused
 
Join Date: Jul 2010
Location: Bern area
Posts: 11,549
Groaned at 92 Times in 87 Posts
Thanked 20,145 Times in 8,916 Posts
3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute
Re: Negative Interest Rates

Quote:
View Post
Where do you get your info that banks such as UBS charge negative interest rates? All the major banks are still at 0.00% interest rates. Or are you talking about a deposit charge on higher amounts?

https://www.ubs.com/ch/en/private/interest-rates.html
It's easy to get confused. Your link posts to the interest one can earn on an account, which is presently nothing (or nearly nothing).

Then there's the fee that Swiss banks are passing on to their wealthier customers, because the SNB is charging Swiss banks just to hold money. Instead of a flat fee, the banks are charging a percentage - thus the term "negative interest".

Here's are a few articles from earlier in the year:
https://www.reuters.com/article/ubs-...-idUSL8N2JN0TI

https://www.swissinfo.ch/eng/negativ...omers/46557222
Reply With Quote
The following 2 users would like to thank 3Wishes for this useful post:
  #36  
Old 26.09.2021, 20:23
Forum Legend
 
Join Date: Aug 2015
Location: Zurich
Posts: 5,788
Groaned at 444 Times in 247 Posts
Thanked 6,720 Times in 3,080 Posts
ZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond repute
Re: Negative Interest Rates

Quote:
View Post
It's easy to get confused. Your link posts to the interest one can earn on an account, which is presently nothing (or nearly nothing).

Then there's the fee that Swiss banks are passing on to their wealthier customers, because the SNB is charging Swiss banks just to hold money. Instead of a flat fee, the banks are charging a percentage - thus the term "negative interest".

Here's are a few articles from earlier in the year:
https://www.reuters.com/article/ubs-...-idUSL8N2JN0TI

https://www.swissinfo.ch/eng/negativ...omers/46557222
Hi 3Wishes,

Yes, I’m aware of all that. But, I am still not charged negative interest on my accounts (which would fall into the categories mentioned, nor have I been informed by my bank that charges are due).

So I’m really curious what might actually await me. As a UBS employee (now retired ��), I was never subject to banking charges. So am a bit worried about something that might be coming-up that I don‘t yet know about, and that hasn‘t been officially announced in Switzerland.

Will look into it ASAP with my banks!
Reply With Quote
The following 2 users would like to thank ZuriRollt for this useful post:
  #37  
Old 26.09.2021, 21:03
3Wishes's Avatar
Moderately Amused
 
Join Date: Jul 2010
Location: Bern area
Posts: 11,549
Groaned at 92 Times in 87 Posts
Thanked 20,145 Times in 8,916 Posts
3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute
Re: Negative Interest Rates

Quote:
View Post
Hi 3Wishes,

Yes, Im aware of all that. But, I am still not charged negative interest on my accounts (which would fall into the categories mentioned, nor have I been informed by my bank that charges are due).

So Im really curious what might actually await me. As a UBS employee (now retired ��), I was never subject to banking charges. So am a bit worried about something that might be coming-up that I dont yet know about, and that hasnt been officially announced in Switzerland.

Will look into it ASAP with my banks!
Definitely look into it to avoid nasty surprises. A good starting point might be the "fees and charges" page or similar?

Random example. Here's a PDF link I found by googling for Credit Suisse. It shows that the interest rate earned for savings accounts is 0.1% for accounts up to 250K CHF and above that nothing. Then the footnotes indicate the negative interest rates charged as fees on accounts above 500K and 2 million:
https://www.credit-suisse.com/media/...tzflyer-en.pdf
Reply With Quote
The following 2 users would like to thank 3Wishes for this useful post:
  #38  
Old 26.09.2021, 21:20
Forum Legend
 
Join Date: Aug 2015
Location: Zurich
Posts: 5,788
Groaned at 444 Times in 247 Posts
Thanked 6,720 Times in 3,080 Posts
ZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond repute
Re: Negative Interest Rates

Quote:
View Post
Definitely look into it to avoid nasty surprises. A good starting point might be the "fees and charges" page or similar?

Random example. Here's a PDF link I found by googling for Credit Suisse. It shows that the interest rate earned for savings accounts is 0.1% for accounts up to 250K CHF and above that nothing. Then the footnotes indicate the negative interest rates charged as fees on accounts above 500K and 2 million:
https://www.credit-suisse.com/media/...tzflyer-en.pdf
Strange, as I thought all the banks were on 0.00% interest rate at the moment. Will definitely look into this next week, ask my bank, and report any findings of interest. Thanks for your input!
Reply With Quote
  #39  
Old 27.09.2021, 07:51
Junior Member
 
Join Date: Sep 2018
Location: Vevey
Posts: 59
Groaned at 22 Times in 14 Posts
Thanked 37 Times in 23 Posts
JoshWilliams has annoyed a few people around hereJoshWilliams has annoyed a few people around here
Re: Negative Interest Rates

Quote:
View Post
Where do you get your info that banks such as UBS charge negative interest rates? All the major banks are still at 0.00% interest rates. Or are you talking about a deposit charge on higher amounts?

https://www.ubs.com/ch/en/private/interest-rates.html
The trick is that UBS probably did not inform their customers about the introduction of new lower thresholds for negative interest rates (unless your account is already above threshold): customers need to explicitly ask for more information about new conditions through internal customer advisors. No public information stating which negative percentages are applied to current accounts above specific thresholds was released on UBS websites, there must be only internal documents with details. Some UBS customers came to know about negative interest rates threshold being lowered to CHF 250,000 by reading the news on other websites earlier this year.

Last edited by JoshWilliams; 27.09.2021 at 08:08.
Reply With Quote
  #40  
Old 27.09.2021, 07:59
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 12,041
Groaned at 394 Times in 331 Posts
Thanked 15,865 Times in 7,295 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: Negative Interest Rates

Quote:
View Post
The trick is that UBS probably did not inform their customers about the introduction of new lower thresholds for negative interest rates (unless your account is already above threshold): customers need to explicitly ask for more information about new conditions through internal customer advisors. No public information stating which negative percentages are applied to current accounts above specific thresholds was released on UBS websites, there must be only internal documents with details. UBS customers came to know about negative interest rates threshold being lowered to CHF 250,000 by reading the news on other websites earlier this year.
They did inform me some time ago
Reply With Quote
The following 3 users would like to thank roegner for this useful post:
Reply

Tags
bank account, bank charges, negative interest rates




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Double expected termination charge on Mortgage due to negative interest rates twi Finance/banking/taxation 24 16.07.2020 15:49
Negative interest rates - first retail banking reaction Village Idiot Finance/banking/taxation 39 13.11.2019 11:14
SNB introduces negative interest to weaken the franc MsWorWoo Finance/banking/taxation 91 16.03.2016 20:55
Negative Interest rates on CHF ... markalex Finance/banking/taxation 0 22.07.2010 07:18


All times are GMT +2. The time now is 00:37.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0