Are accrued interests being paid when changing banks?

Banks, Insurances & Third Pillar
1

Hello everyone,

Maybe it is a stupid question but I have never experienced changing banks so far. So here is my situation: As of now I have a bank account with credit suisse and it has some accrued interests which are usually paid at the end of the year. However, I believe it is in my financial interest to close this account and go with Neon, Zak or Raffeisen.
The question is thus the following: when asking for closing the bank account, is credit suisse going to redeem these accrued interests? Or should I wait for January 2023 until it is paid?

Thank you for your help!

2

Yes, no need to wait.

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3

Thank you for your quick reply! I appreciate it.

4

What is your interest rate?
0.1%?

If you ask CS to close your account, they might give you CHF 3 of accrued interests but charge you CHF 50 for closing fees (for example)

I remember that when I closed my UBS account. I transferred money away and then asked the bank to close the account. They were not able to take any closing fee on an empty account.

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6

Well I still benefit from “viva student” plan which is 0.5% (for a saving account under a specific amount).

I am trying to find back the contract to see if I signed up for any closing fees, but anyhow, if it was written in your contract is that even legal not to pay them?

7

This is not in the contract but in the general terms of the bank.

8

Always observe the following before closing a bank account:

  • Give notice for all current/cash and savings accounts as per your bank terms (usually only above a given threshold). Your bank may charge you a penalty otherwise.
  • Wire the money out of your account(s) yourself. Your bank may charge you for the payment if they have to execute it themselves (especially if it is to another bank).

I believe charging a fee for the closure itself is not allowed by Finma, but the two points above are used by banks as proxies.

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