Migros Bank abolishes tax on assets

Migros Bank abolishes tax on assets
Migros Bank abolishes tax on assets

This decision comes following the raising by the Swiss National Bank on Thursday of its key rate to 0.5% against -0.25% previously. © KEYSTONE/LAURENT GILLIERON

Published on 23.09.2022

As of Friday, Migros Bank will abolish the tax on assets, which hitherto amounted to 0.25% on transaction and savings accounts, medium-term notes and term investments denominated in francs.

This decision comes following the raising by the Swiss National Bank (SNB) on Thursday of its key rate to 0.5% against -0.25%, thus ending almost eight years of negative interest rates, announced a press release on Friday.

The increase in the key rate by the SNB comes in a global context of monetary tightening in order to counter the surge in inflation. On Wednesday evening, the American Federal Reserve (Fed) tightened its monetary policy again and warned that it would have to tighten further, which will be painful for households.

As for systemically important institutions in Switzerland, Postfinance and the Cantonal Bank of Zurich (ZKB) announced on Thursday the abolition of drawdowns on assets.

In the wake of the SNB’s decision, the German-speaking consumer protection foundation SKS has indicated that it considers that the conditions are now met for a reduction in bank commissions and for an increase in interest rates on bank accounts. ‘saving.


ats

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