Banking News

Pillar 3a: Cornèr Bank Adds New Fee

August 7, 2014

Starting in 2015, pillar 3a customers at Cornèr Bank will have to pay a fee for the termination of third pillar accounts.

The pillar 3a yield rate at Cornèr Bank is one of the highest in Switzerland, as shown in the moneyland.ch pillar 3a comparison.

Currently, the interest yield rate delivered by Cornèr3 – the bank’s 3a account – is 1.85 percent. From October 1, 2014, that will decrease to a (still high) yield rate of 1.65% per annum.

However, the upcoming introduction of a new administrative fee by Cornèr Bank on January 1, 2015, amplifies the fact that interest rates alone do not provide the full picture.

From next year onwards, customers who want to move their 3a retirement assets to a different financial services provider will have to pay a 100-franc penalty fee.

When funds will be used towards the purchase of a primary residence, Conrnèr Bank charges an even higher 200-franc penalty. Pillar 3a account closures which do not involve moving assets to another service provider or financing a home purchase will continue to be performed free of charge.

By comparison: an accountholder earning 1.65 interest on 25,000 francs held in a Cornèr Bank 3a retirement savings account will earn 412.50 francs in the first year.

Other 3a service providers do not generally charge a fee for account termination. This norm applies at Credit Suisse, Migros Bank, PostFinance, Raiffeisen, UBS and the Zürcher Kantonalbank. However, these major banks currently offer markedly lower yield rates.

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