Zug Cantonal Bank will again pay interest

The financial institution is reacting to the increase in the key interest rate by the Swiss National Bank.

The Zug Cantonal Bank (Zuger Kantonalbank) announced on Tuesday that it will be increasing the interest rates on its savings and pension accounts as of 1 November. For example, customers will receive 0.40% (up to a balance of CHF 100,000) on the Savings Account Plus, and  0.25% interest on the Retirement Savings Account 3 (Vorsorgekonto Sparen 3). Interest rates For the Youth savings account (Sparkonto Jugend) will be raised from the previous 0.20% to 0.50% (up to a balance of CHF 25,000).

The bank provides an overview of the changed conditions on its website . The interest rate will remain unchanged "until further notice" for account products not listed.

Negative interest rates have already been lifted
This is a reaction to the decision of the Swiss National Bank on 22 September to raise the key interest rate by 75 basis points to 0.5%, and to thereby end the negative interest rate policy that has been in force since 2015. The Zug Cantonal Bank has already abolished the "individually agreed negative interest rates" following this decision.