LINK Website said: You want interest? Get 1.52% with a Dynamic Savings Account
Never dreamed of getting the best possible interest on the money you save while having the peace of mind of working with a sound and trustworthy bank? Your 100% Swiss online bank Swissquote Bank SA offers you just that.
It goes even further by offering efficient alternatives, such as savings with exchange-traded funds (ETFs) or fiduciary investments. Depending on what you want and on the situation on the markets, you can make your savings grow and watch the results on your account in real time.
As well as an above-average interest rate, you get quite considerable benefits, such as:
Dynamic Savings Account * 1.527% interest on CHF (1.784% in EUR) * Account maintained free of all charges * No age-related conditions * Access to your money at any time * Watching your interest build up in real time * Access to your savings at any time without notice* * except fiduciary investments
Securities investments * Savings portfolios with ETFs * Different models for individual investment profiles * Models can be composed on an individual basis * Decide for yourself: term, amounts and frequency
Fiduciary investments * Innovative liquidity management tool * Opportunities for higher returns if interest rates rise * Terms can be determined on an individual basis
Ive never heard of Swiss banks accepting online customers from the US, in the past its always required a local agent or physical trip to Switzerland to open an account
pareto
Member
posted: Apr. 11, 2010 @ 11:35a
I think it is. Here is a press release from BNP Paribas where they announce they sold a online brokerage subsidiary to Swissquote...
mttatkns
Thrifty Member
posted: Apr. 11, 2010 @ 11:36a
It looks to be legit, but it's a brokerage not a bank, and the referenced account has a cap of 50,000 CHF for the advertised rate and is presumably not federally insured. I think this is similar to the US-based institutions that promise abnormally high rates after their bonus for opening an account, etc.
SUCKISSTAPLES said: Is this a legit site/Swiss Financial Institution?
Ive never heard of Swiss banks accepting online customers from the US, in the past its always required a local agent or physical trip to Switzerland to open an account
I wish this stuff would not be repeated. In March of 2000 I was physically in Switzerland and tried at three regular banks to open an account. I was rejected for being a US citizen. I was able to to do private banking (closer to an insurance company than a real bank), but that had balance requirements of 6 figures. I thought at the time my money was better off in the stock market.
"That Monday" in March is when I came back from that trip. So there was some irony for the whole weekend.
A private citizen of the US can not open a "bank" account in Switzerland. This is pre-Bush, pre-9-11, blah blah blah.
Apologies to SIS, my mini-rant is not aimed at you, it's aimed at the whole notion of the idea.
Substitute Swiss for "Any first world country that is not the US." The banks just don't want our business. The Patriot act compliance is just too onerous for them.
Well they seem in all respects to be a legal Swiss bank (have a banking license, FINMA regulated, insurance for the first 100k CHF). The fact that they accept US clients is pretty impressive in its own right, especially considering the onerous US capital controls just enacted (on top of the Patriot Act compliance). This might not be a bad deal just to create an account to simply have one, as it will only get tougher for us Americans to have offshore accounts.
Withdrawal methodology is a bit sketchy. It just lists a fee of "CHF 2.- / EUR 2.-" but doesn't say how the withdrawal is handled. That seems awfully cheap for international wires (though I still get free international wires from my ex-Wamu chase account ).
tolamapS
Senior Member - 2K
posted: Apr. 11, 2010 @ 7:07p
Ok, now that the EUR is in the crapper and is fast headed to the public sewer lines, it is time to invest money in EUR deposits.
tolamapS said: Ok, now that the EUR is in the crapper and is fast headed to the public sewer lines, it is time to invest money in EUR deposits. Precisely, buy low when they hate it, sell high when they love it. The media was lambasting the dollar back in Nov at EUR/USD 1.5, look how well that turned out, don't follow the sheep!
Considering $85 oil, $1160 gold, AUD/USD nearing highs, USD/CHF & USD/CAD breaching parity, I'd say the EUR is oversold on a relative basis and due for a rally to at least 1.4 EUR/USD.
you have to make this declaration...to get the application
"....I confirm that I have never been approached in any way by Swissquote Bank SA in relation to my banking relationship while on U.S. soil, in U.S. jurisdiction or elsewhere."
so it makes me wonder if they can even send the packet to you in the U.S. or if it is for US citizen ex-patriots
Eh I just moved back to the US from working in Switzerland for 2 years and I had no trouble as a US citizen in opening a Swiss bank account (nor did any of the other US citizens working for the same company). I ended up going with BCV but had the option of opening an account at Credit Suisse or UBS...and I was far far from 6 figures.
Now the flip to that is why would you want to bother with opening one? There is no longer the privacy and protection behind having one so what's the benefit? Honestly I don't see it and as such, even though there would have been no problem with my keeping the account open once I was back in the US...I chose to close the account just to not have to deal with it anymore.
JHoscheit said: Now the flip to that is why would you want to bother with opening one? There is no longer the privacy and protection behind having one so what's the benefit? Honestly I don't see it and as such, even though there would have been no problem with my keeping the account open once I was back in the US...I chose to close the account just to not have to deal with it anymore. The privacy and protection have been mitigated with regards to UBS, but in general, they're still intact at other Swiss banks. Follow the blog in the link I posted 2 posts back for further info.
Reasons for opening one aren't linked to privacy alone, there are also the benefits of freedom from court seizure, legal entanglements, gov't seizure, divorce, etc. The list is endless.
SUCKISSTAPLES said: Where does it say that people in the USA can open accounts?
Yeah Swiss accounts still provide great asset protection - just not from the IRS.
This is definitely interesting, anyone in the US who applies please detail your experience...
If you go to the account open page, there is a radio button that has you choose whether you are a "US person" or not. If you mark yes, the terms state that they cannot offer you access to US stocks or other investment products. To me, that sounds like they are open to individuals in the US. You just won't be able to invest money here using their services.
I have to admit, this sounds quite tempting.
Any opinions on whether CHF or Euros are preferable? Euros do pay a higher interest rate.
Here's the bit about US Persons from the account opening page. Swissquote said: The account holder is a "US person", i.e. a US citizen (single, dual or multiple nationality) or that he holds the "resident alien" status (for example by holding a "Green Card" or having carried out frequent visits to the USA in the current year and the previous two years). The account holder accepts that the Bank, due to legal and fiscal reasons, prohibits the access to any US securities (in particular access to the US stock markets and US securities listed on other stock markets) as well as investment funds offered on the Bank's trading platform. I confirm that I have never been approached in any way by Swissquote Bank SA in relation to my banking relationship while on U.S. soil, in U.S. jurisdiction or elsewhere. I also declare that I abide by all tax requirements of the United States of America. In particular, I do what is required by the U.S. Internal Revenue Service (IRS) to ensure that all my assets and income are declared according to current U.S. tax regulations.
enc0re said: The account holder accepts that the Bank, due to legal and fiscal reasons, prohibits the access to any US securities (in particular access to the US stock markets and US securities listed on other stock markets) as well as investment funds offered on the Bank's trading platform.
so is this savings account an "investment fund offered on the Bank's trading platform"?
SUCKISSTAPLES said: enc0re said: The account holder accepts that the Bank, due to legal and fiscal reasons, prohibits the access to any US securities (in particular access to the US stock markets and US securities listed on other stock markets) as well as investment funds offered on the Bank's trading platform.
so is this savings account an "investment fund offered on the Bank's trading platform"?
Instead of the APY, you can have your balance invested in a mutual fund of theirs. I assume that's what that bit refers to, i.e. that that option isn't available to US persons.
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