Swissquote is returning interest to trading accounts up to 0.50% starting May 1, 2023. This attractive offer returns a sense of normalcy to the market after a long period without interest rates.
Swiss banking group specializing in financial services and online trading, Swissquote, has announced a return of interest to trading accounts from 1 May 2023 in response to fluctuations in interest rates in Switzerland and other European countries. Cash deposits in CHF, EUR, or USD earn up to 0.50% interest, depending on the balance.
Swiss interest rates are among the lowest in the world, minus 0.75% since 2015. The deposit rate will peak at 1.5% in 2022, when the Swiss National Bank (SNB) joins other central banks in raising interest rates, the highest level since the global financial crisis in 2008. In response to changes in interest rates, Swissquote offers interest to retailers on uninvested cash.
Based on the official Swissquote website, the offer has no age limit, no withdrawal limits, and no administrative fees charged by the institution. Interest is calculated per customer regardless of the amount deposited.
Positive interest applies to all customers regardless of the amount. However, customers with the largest deposits can expect to receive the highest annual interest rate. From 1 May 2023, interest rates of 0.1% for deposits up to CHF 200,000, 0.25% for deposits up to CHF 500,000, and 0.5% for deposits over CHF 500,000 apply to Swissquote trading accounts. The attractive offer returns a sense of normalcy to the market after a long period without interest rates.
Swissquote CEO Marc Bürki said: "Interest on your trading account will once again allow you to generate passive income without time, notice periods, or savings account payment commitments."