Finance

Finance: The Swiss “offer” 10.7 billion to banks every year

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Every year, Swiss bank customers lose a total of 10.7 billion francs because they have not opted for the cheapest offers available.

In the area of ​​private accounts, the average savings potential is CHF 180 per year for adults and CHF 124 for young people.

Moritz Hager/Tamedia AG

The Swiss do not like to change service providers. What is valid for health funds or insurance companies is also valid for banks. And this laziness has financial consequences, according to Moneyland.ch. The independent Swiss comparative service has indeed analyzed the potential savings that could be achieved by opting for the cheapest or best-paid products in this area. Verdict: customers lose a total of 10.7 billion francs for failing to opt for the most attractive offers. That is 18,000 francs per year for a client who has banking products in each of the areas analyzed.

5.5 billion savings in mortgages

For its analysis, Moneyland considered private accounts (including debit cards), savings accounts, 3a savings accounts, 3a provident funds, credit cards, mortgages, trading online and wealth management. On the other hand, the potential savings for business customers have not been calculated.

It is in the area of ​​mortgages that the savings potential is greatest. On average, mortgage takers could save 3705 francs each year by choosing the establishment that offers the lowest interest rates, underlines the comparator. This represents a total of more than 5.5 billion francs. This is followed by potential savings in wealth management mandates. They amount to an average of 13,200 francs per year per customer. That is 2 billion francs at the Swiss level.

Private accounts: CHF 1.2 billion

But small savers would also benefit from comparing private accounts and their debit cards. The average savings potential is 180 francs per year for adults and 124 francs for young people. On a Swiss scale, “this represents an impressive sum of 1,259 million francs that the population could save each year by opting for the most advantageous account and card”, notes the comparator. In terms of savings, on the other hand, given the low interest paid, the savings potential is lower. It still amounts to 144 francs per customer and 800 million in total per year.

On the credit card side, users could save nearly 500 million francs by opting for the cheapest cards. As for online trading, the average savings potential that could be obtained by customers if they opted for the cheapest broker amounts to 405 francs per year, or 329 million per year.

Finally, savings are also possible with pillar 3a pension funds and 3a savings accounts. For the first category, the potential amounts to 236 francs per year and per customer if they opted for the least expensive provident fund. For the second, difficult to do much as interest rates are low. Nevertheless, there would be a way to save 47 francs per customer per year. Reduced to all customers who have a 3a savings account, this still represents 121 million francs.

(cht)

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