Notice periods for 3a savings accounts

The interest paid by my bank has been going down for the past few years and now I want out. When I told the bank representative that I wanted to move my 3a savings to another bank, they told me that I would have to wait several months before the transfer can be made. That means another couple of months of practically no interest. What is with that?

Hi there,

Many Swiss banks require that you give notice ahead of terminating a 3a retirement savings account. The notice period ranges from 31 days (Raiffeisen) to 3 months (Zuger Kantonalbank, Aargauische Kantonalbank, Banca Popolare di Sondrio and more) or even 6 months (St.Galler Kantonalbank, Schaffhauser Kantonalbank and more).

Some cantonal banks - like the St.Galler Kantonalbank and the Zuger Kantonalbank - waive this notice period when you transfer to a 3a account offered by a different cantonal bank.

Many other banks, including Credit Suisse, Migros Bank, Postfinance, UBS and the Zürcher Kantonalbank, do not require you to give notice ahead of closing your 3a accounts.

Best regards from Moneyguru

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