Credit Suisse Cuts Interest Rates for Adjustable-Rate Mortgages as well as Savings Accounts

In line with the massive cut in the key interest rate by the Swiss National Bank (SNB) and the continuing decline in interest levels on the money and capital markets, Credit Suisse is adjusting its interest rates for adjustable-rate mortgages as well as for its range of savings products.

The guideline rate for prime adjustable-rate residential mortgage loans will fall by a further 40 percentage points to 2.85 percent on April 1, 2009. For new business, the lower rate applies with immediate effect. The guideline rate is used for top-quality residential properties and borrowers with impeccable creditworthiness. As a result, the effective interest rate may vary. The guideline rate for existing construction loans will be cut by a further 40 percentage points to 2.60 percent on April 1, 2009. For new business, the new conditions apply with immediate effect.

Interest on the range of savings accounts and accounts for young people will likewise fall by between 25 and 50 percentage points (maximum), depending on the product. The new interest rates will apply as of January 1, 2009. Clients with savings accounts as part of a Bonviva Platinum or Bonviva Gold Banking Package benefit from preferential conditions from January 1, 2009 to December 31, 2009. These apply up to a maximum amount of CHF 500,000. For higher amounts, the standard conditions apply. The interest bonus is 37.5 percentage points for Bonviva Platinum and 25 percentage points for Bonviva Gold (on top of the applicable interest rates for savings accounts).

Interest rates on 3rd pillar pension accounts and 2nd pillar vested benefit accounts remain unchanged.