zkb lowers interest yield rates for accounts

ZKB Lowers Interest Yield Rates For Accounts

Banking, General News, 06.02.2015
The Zürcher Kantonalbank (ZKB) is lowering yield rates across its accounts in reaction to the negative interest decision taken by the Swiss National Bank (SNB).

The Zürcher Kantonalbank (ZKB) is lowering yield rates across its accounts in reaction to the negative interest decision taken by the Swiss National Bank (SNB).

Changes to interest rates will take effect on February 15, 2015.

ZKB checking accounts will no longer deliver any yields at all.

Young customers will only receive half of the yields previously earned on their youth savings account, or 0.5% per annum instead of the former 1% per annum.

Yield rates will also be halved for the standard ZKB savings account for adults, with rates dropping to 0.05% instead of 0.1% per annum.

The largest Swiss cantonal bank is reckoning with further insecurity in financial markets and corresponding low revenues for banks. On the whole, the bank predicts a difficult year for bankers.

More on this topic:
Comprehensive Swiss savings account comparison
Swiss business account comparison
Swiss checking account comparison
Negative interest rates: Any alternative for savers?

About moneyland.ch

moneyland.ch is Switzerland’s independent online comparison service covering banking, insurance and telecom. More than 70 unbiased comparison tools and calculators are available on moneyland.ch, along with useful financial guides and timely news. The comprehensive comparison tools help you to find the right insurance policies, bank accounts, credit and prepaid cards, loans, mortgages, trading accounts and telecom products for your needs.