2023-11-27 19:46:06
Published on November 27, 2023 at 8:46 p.m. / Modified on November 27, 2023 at 9:31 p.m.
Does competition in banking work? The question can legitimately be asked, because since the monetary turnaround, banks have been slow to pass on the successive increases in the key rate of the Swiss National Bank to customers. The big beneficiaries of the change of direction are the financial institutes, which are recording juicy profits. At the same time, their clientele only receives modest interest.
In a interview to the NZZ on SundaySNB President Thomas Jordan urges savers to act: “Competition between companies is extremely important […] But the responsibility lies just as much with customers: If you switch to another bank that pays more interest, this forces your current institution to react.”
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