Swissquote Announces Up to 0.50% Interest on Trading Accounts from May 1, 2023

On May 1, 2023, Swissquote, a significant supplier of Swiss online banking, aims to reintroduce trading account interest rates. Depending on their account balance, customers who deposit cash in Swiss Francs (CHF), Euros (EUR), or US Dollars (USD) may earn up to 0.50% interest.

Savings account interest rates have increased sharply in response to the recent rise in global interest rates, and Swissquote is going one step further by extending the advantages to private and trading accounts. The change is a substantial divergence from the preceding era of interest rates that were almost nil.

In contrast to youth accounts, which have age limits and provide boosted interest rates, Swissquote's new interest rate structure will be applicable to all consumers, regardless of age. There won't be any restrictions on withdrawals, and clients may have unfettered access to their money at any moment.

Swissquote trading accounts also boast the advantage of having no maintenance fees, further sweetening the deal for customers. The new interest rates, which take effect from May 1, 2023, are as follows:

For trading accounts in Swiss Francs (CHF):

• 0.10% on deposits up to CHF 200,000

• 0.25% on deposits between CHF 200,000 and CHF 500,000

• 0.50% on deposits from CHF 500,000 and above

For trading accounts holding foreign currencies (EUR and USD):

• 0.10% on deposits up to EUR 200,000 and 0.20% on deposits up to USD 200,000

• 0.20% on deposits between EUR 200,000 and EUR 500,000, and 0.30% on deposits between USD 200,000 and USD 500,000

• 0.30% on deposits from EUR 500,000 and 0.40% on deposits from USD 500,000

Swissquote CEO Marc Bürki voiced excitement about the new offering, saying, “Our offer is very appealing and restores a sense of market normalcy after a long period of zero interest rates.” He further emphasized the benefits of the interest on trading accounts, which allows customers to generate passive income without having to worry about time commitments, notice periods, or withdrawal limits typically associated with savings accounts.

Swissquote's decision to reintroduce interest rates on trading accounts is a clear indication of the company's commitment to providing competitive and innovative financial solutions for its customers. As global interest rates continue to rise, Swissquote's move to bring back interest on trading accounts is expected to resonate positively with investors seeking to maximize returns on their deposits.

Meanwhile,

In a recent profit report by Swissquote, the company exceeds its profit to CHF 185 Million in 2022.

Full details: https://www.wikifx.com/en/newsdetail/202301247584489187.html

About Swissquote

Swissquote, a well-known provider of online banking and trading services with headquarters in Switzerland, has built a solid reputation for offering clients all over the globe a broad range of financial services. The business has developed a reputation as an industry leader as a consequence of its dedication to high regulatory and licensing requirements.

Swissquote, headquartered in Gland, Switzerland, opened offices in Zurich, Bern, Dubai, London, Luxembourg, Malta, Hong Kong, and Singapore after being founded in 1996. Forex trading, equities, commodities, cryptocurrencies, and other financial products are some of the services the company offers to both individual and institutional customers.

Swissquote is committed to giving its clients a secure and open trading environment, as seen by its careful adherence to stringent regulatory requirements. The business complies with international regulatory requirements by operating under a variety of licenses and being supervised by a number of financial bodies.

The Swiss Financial Market Supervisory Authority (FINMA), which is in charge of regulating the nation's banks, insurance firms, and other financial organizations, is in charge of supervising Swissquote in Switzerland.

Swissquote works with the highest level of financial stability, risk management, and transparency thanks to its FINMA license.

Additionally, Swissquote's international operations are regulated by various other financial authorities, including:

• The Financial Conduct Authority (FCA) in the United Kingdom, oversees Swissquote Ltd, the company's UK subsidiary.

• The Dubai Financial Services Authority (DFSA) for Swissquote MEA Ltd, the Middle East and Africa subsidiary.

• The Malta Financial Services Authority (MFSA) for Swissquote's European subsidiary, Swissquote Bank Europe SA.

• The Securities and Futures Commission (SFC) in Hong Kong, supervises Swissquote's operations in Asia.

Swissquote's multiple licenses and regulatory oversight ensure that the company consistently adheres to international standards for financial services providers. Clients can trust that Swissquote operates with transparency and integrity, as it is subject to regular audits and reporting requirements from various regulatory bodies.

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