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The Coop store which I shop at has a bank of sorts called the Coop Depositenkasse. Is this the same thing as Bank Coop? Is it a bank at all? Could I benefit from the services it offers?
Hi there,
The Coop Depositenkasse is not part of Bank Coop (now Bank Cler). It is a financial services provider operated directly by the Coop retail group which specializes in savings and the distribution of medium term notes.
Because the Coop Depositenkasse is not a bank and is not supervised by FINMA, it is not included in the moneyland.ch savings account comparison and medium term note comparison.
The interest rates offered by Coop Depositenkasse savings accounts (currently 0.250%) is higher than that offered by many - but not all - Swiss banks. The interest paid out on its medium term notes (currently 0.8% for an 8 year term) matches that of the most generous Swiss banks.
However, deposits do not benefit from depositor protection. Your savings are guaranteed by Coop only.
Best regards from Moneyguru
On June 13, 2023, the annual interest rate for Coop Depositenkasse medium-term notes is between 1.5% (2 years) and 2% (8 years).
For small savers, it has some of the best interest rates, because you can get medium-term notes from just 1000 francs. Most banks require much bigger deposits.
