Interest Rate Comparison for Private Accounts Available
The interest rate comparison for Swiss private accounts is now available on Nexano.ch.
Private Account – the Invisible Backbone of your Daily Life
Whether it’s salary, rent, health insurance premiums, or your gym membership: everything runs through your private account. It is essentially the hub of your financial life. Without your private account, you would have to rush to the post office with envelopes full of banknotes – and who has time for that?
In Switzerland, the private account wears many hats: at one bank it’s called Privatkonto, at another Lohnkonto, or simply Girokonto. However, the function is the same: it is your digital wallet that opens the door to the convenient world of cashless living.
Naturally, there are differences: some banks attract customers with free account management, while others charge fees for even minor interactions. In return, there are often bonus points, credit card discounts, or e-banking apps that look better than your Instagram feed.
In short: a private account is like a toothbrush – everyone needs one, but which model you choose depends on your taste, your requirements, and a bit on your sense of humor.
Interest Rates Currently Very Low
Anyone who keeps their money in a private account in Switzerland currently receives virtually no interest. This is revealed by our new comparison of the interest rate situation for private accounts at Swiss banks. There are several reasons for this:
- Low SNB Key Interest Rates: Banks can refinance cheaply and have little incentive to pay interest on deposits.
- High Liquidity: Private accounts must be available at all times – this yields little return.
- Costs & Margins: Account management incurs costs, which is why banks keep interest rates low.
Currently, only five providers offer any interest on their private accounts:
| Bank | Interest Rate |
|---|---|
| Zak by Bank Cler | 0.05% |
| Bank CIC | 0.03% |
| Appenzeller Kantonalbank | 0.02% |
| BBO Bank Brienz Oberhasli | 0.01% |
| Clientis Sparkasse Sense | 0.01% |
Saving on Fees or with a Savings Account
Anyone who wants to grow their money through interest on their private account currently faces challenges. Savings potential still lies in the area of fees. Some banks completely waive account management fees and provide many services free of charge. Other providers charge monthly or annual account management fees or levy a charge for the debit card. Some banks also charge fees for cash withdrawals at ATMs. Ultimately, it makes sense to analyze your own needs and understand the conditions of your current bank.
The interest rate situation currently looks somewhat better in the category of savings accounts. Some banks also advertise temporary preferential interest rates to attract new customer funds. However, compared to normal private accounts, savings accounts often have significant limitations for the customer. For example, many banks impose a withdrawal limit, among other restrictions.
