Nearly 1.5 million Swiss citizens are at least 65 years old, and a fair number of well-heeled pensioners from across the world also call Switzerland home. The aging country is sometimes appropriately referred to as a pensioners’ nation.
It isn’t surprising then that pensioners are an important target group for Swiss banks. It isn’t only the sheer number of pensioners that interests banks. The amount of wealth held by pensioners in Switzerland is well above the global average.
Special offers for pensioners, available to those of 60-years-old or older, are commonly offered by Swiss banks. Special checking and savings accounts for seniors are exceptionally popular. Typically, these kinds of bank accounts are titled "senior accounts" or "60 plus accounts."
The conditions attached to senior accounts may differ, albeit moderately, from "standard" accounts. That’s why, when you reach 60 years of age, its important to compare the best offers available for your new age bracket.
Senior savings accounts compared
Savings accounts for seniors have long offered higher interest rates than standard savings accounts. However, under the current negative interest rate regime, the yields earned by senior account holders now match those offered by standard accounts.
Withdrawal limits: Most banks set the monthly limit on withdrawals you can make at anywhere between 10,000 to 50,000 francs. It’s possible to make withdrawals above the limit, but you will have to give advanced notice (normally 3 months).
Note that as a senior, you can just as easily open a regular bank account. Regular savings accounts may also offer higher annual yield rates for those above the age of 60.
Tip: The unbiased and comprehensive savings account comparison tool by moneyland.ch lists all applicable savings and senior savings accounts, based on your year of birth.
Checking accounts for seniors
Checking accounts for seniors may vary from standard checking accounts in certain details. Differences normally affect interest rates, bank fees, monetary transactions and debit cards.
Here too, it’s worth noting that many standard checking accounts are also available to seniors. Depending on how you use your account, a standard account may offer better conditions than a specialized senior account.
Tip: The independent moneyland.ch checking account comparison tool takes your date of birth into account when listing the best available offers. Both standard and senior checking accounts are included in the comparison.
Swiss retirement capital accounts
A handful of banks, including Bank Linth and BancoStato, offer what’s know as a retirement capital account (Pensionskapitalkonto in German). These accounts are a sort of "catchment" for age-limited retirement benefits from your pension fund, your vested benefits account or your privately funded 3a retirement account. They deliver higher yields than a standard savings account.