The banks are so bold as to rip us off

Fixed-rate mortgages are getting more expensive every week. In January, Swiss banks offered ten-year fixed-rate mortgages at an average interest rate of 1.26 percent. This week, 2.07 percent were due for this. That’s according to an analysis by online comparison service moneyland.ch for SonntagsBlick. For a mortgage of 800,000 francs, around 16,560 francs per year are due today, a few weeks ago it was 10,080 francs.

So far, so intense. However, the fact that the Swiss banks have not increased interest rates for savers, or not to the same extent, arouses suspicion.

Anyone who gave their bank 10,000 francs for ten years in the form of a medium-term note at the beginning of the year was compensated with an average interest rate of 0.37 percent. According to an analysis by Moneyland, it is currently 0.45 percent. That’s a bit more. However, the increase is not nearly as high as in the case of mortgage interest.

Hardly any interest

The savings account looks even bleaker. The average interest rate there is a measly 0.04 percent – ​​as low as in January. Moneyland evaluated the interest rates of 170 Swiss savings accounts.

Bank officials explain the uneven development by saying that interest rates on savings accounts and mortgages are not determined by the same factors.