Bank loyalty costs us 5.5 billion annually

09.02.2016

The banks hardly pay any interest, nonetheless a change can pay off financially for the customer - on average 865 francs can be saved each year.

Swiss are loyal bank customers. If they change banks somewhat more often, they could save a lot of money. Although interest rates are at a record low and the fees are increasing everywhere, there are still major differences between the banks.

An adult bank customer could save an average of 865 francs annually if he would switch to the bank with the best conditions. This was shown in a study published Tuesday by the online comparison service moneyland.ch. According to the study, the entire Swiss population loses more than 5.5 billion Swiss francs per year because it is a little too inconsistent with changing banks.

Unknown fees

The rising fees can be particularly expensive for the client. According to moneyland.ch there are hundreds of different types of fees of which many consumers are not even aware. For example, fees for cash withdrawals, invoices, financial statements, penalty fees for account overdrafts and so on.

This in addition to the record low interest rates: According to the study, the Swiss savings interest rates are currently as low as never before in this and the last century. The interest rate on adult savings accounts adult is currently at an average of 0.1 percent, on private accounts for adults even only 0.01 percent.

Source: www.20min.ch