Swiss Bank accounts

MikeR71

I was wondering, is it possible for the ordinary person to open a Swiss bank account? I know that lots of people who want to hide their cash do this from all over the world but can someone like me with very modest amounts in a saving account do this?
Will I get any interest? Is it better than what's on offer in an English bank?

Anyone has any experience of this?

Thanks

Azrael_1701

MikeR71 wrote: »

I was wondering, is it possible for the ordinary person to open a Swiss bank account? I know that lots of people who want to hide their cash do this from all over the world but can someone like me with very modest amounts in a saving account do this?
Will I get any interest? Is it better than what's on offer in an English bank?

Anyone has any experience of this?

Thanks

Theres nothing stopping you opening one, most accounts dont give any interest, and you would have a hard time accessing the account. It would be easier just to keep it here tbh.

preable

Yes anyone can open an account but no intrest and it will be alot harder to access

thatsean

Don't forget the cost of wiring money into the account from the UK - If you don't need the money in swiss francs, then there's really no benefit to this

agsnu

And if there was any interest paid you'd be legally obligated to declare it anyway...

Nukumai

The traditional concept of Swiss banking secrecy has eroded over recent years, largely due the the pressures on the Swiss to comply with enhanced global banking regulations. Besides, whilst anonymous ("numbered") accounts still exist, they tend to be the preserve of the seriously wealthy, though secrecy is not guaranteed as it might have been in the past.

And, as somebody else has mentioned...it is up to you - irrespective of any obligations on the part of a foreign bank - to declare relevant assets to the British authorities.

MikeR71

Thanks guys.