PostFinance is once again slashing its interest rates. Negative interest rates are being imposed for large deposits. Fees for non-resident customers are set to skyrocket.
Lower yields on savings
The drop in yield rates affects savings accounts, youth savings accounts, youth and student accounts, 3a accounts and vested benefits accounts.
(E-)Youth savings account: 0.55% (down from 0.8%)
Youth and student accounts: 0.25% (down from 0.5%)
Vested benefits account: 0.05% (down from 0.2%)
3a retirement savings account: 0.3% (down from 0.5%)
(E-)Savings account CHF: Cap on interest-earning deposits lowered to CHF 250,000
(E-)Savings account EUR: Cap on interest-earning deposits lowered to CHF 200,000
Verdict: Other Swiss banks now offer much higher yields. Comparing offers is well worth your time.
Higher fees for non-resident customers
Non-resident customers are the hardest hit by PostFinance’ latest round of rate adjustments. Non-residents can expect to see fees go up yet again. From January 1, 2017, PostFinance customers residing outside of Switzerland and Liechtenstein will pay a hefty 25-franc monthly non-resident fee for each account (up from 15 francs per month). That means non-resident customers pay a markup of 300 franks per year per PostFinance account in addition to regular account fees.
Negative interest rates for top customers
Customers with deposits of 1 million francs or more are being slapped with a negative interest rate of -1%. The negative interest applies to all deposits in excess of 1 million francs, based on combined deposits in all of a customer’s accounts. PostFinance metaphorically refers to the negative rate as a "deposit fee" rather than a negative interest rate.
More on this topic:
Savings accounts compared
3a retirement accounts compared
Postfinance: bank information
