Knowing the advantages of Swiss bank accounts is important for individuals dissatisfied with their own bank's policies, methods and money management techniques. Although controversial, Swiss bank accounts offer a few specific advantages that could appeal to customers banking in other locations. This information can help you decide if it's time to place your money in the hands of the Swiss.
General Privacy
In the Swiss banking system, privacy is paramount. In the United States, breaching of your account privacy dictates that you file a lawsuit, or otherwise begin an investigation process of the transgression. Laws in Switzerland strictly forbid any disclosure of your account details. When a banker illegally discloses your information in Switzerland, Swiss attorneys handle the prosecution process. The penalties for bankers who violate your trust can be severe. These same privacy laws apply even if you access your Swiss bank accounts online from elsewhere. However, all bets are off if you are opening the account for illegal purposes.
Numbered And Pseudonym Accounts
Closely related to the issue of privacy is the Swiss banks' use of numbered and pseudonym accounts at customer request. This means that accounts are not actually held in your name, but by a number or false name. While this has held considerable value to dishonest individuals offshore, it is a novel way to dissociate an individual's actual name and identity from their money. This enhances the already strict protection, as investigation by an outside source would reveal only an indecipherable code.
Savings Account Annual Yield
While not true in every case, Swiss bank accounts may offer a higher annual yield on your savings account. This is simply a way of saying that, through gaining interest, your account value will grow more steadily than with a savings account located elsewhere. It is important to investigate the actual percentage difference before investing solely for this reason. Also, keep in mind that FDIC insurance applies solely to American accounts.
Swiss bank accounts offer numerous advantages for customers concerned with privacy and savings account yields. However, before investing any amount of money with a bank, it is important to understand what they offer and realize that all investments involve risks.
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