Savings account in Germany

Is it worth shifting my savings from Switzerland to Germany?

Greetings,

There are a couple of things to consider before opening a German euro-denominated savings account:

1. Security: Make sure that you are dealing with a licensed German bank.

2. Interest rate: This should be as high as possible. Comparing interest rates using a German comparison website is a good first step in determining interest offered by different banks. You can then compare German rates to those offered by Swiss savings accounts (compare interest rates here) to determine whether the interest earned in Germany is significantly higher.

3. Currency exchange: If you receive your income in Swiss francs, depositing your money in a euro savings account is probably not a good move because you lose money to foreign transaction fees with every transaction. Currency fluctuations also pose a risk. You risk losing to bad rates when you deposit money and then again when you change money back into Swiss francs. Of course, rates can also work in your favor if they develop positively.

Best regards from Moneyguru

More on this topic:
Swiss savings account comparison
Tips for exchanging currency