how much money is insured in a swiss bank account
In Switzerland, bank deposits are insured up to a certain amount by the Swiss Deposit Insurance (ESI, or "Einlagensicherung" in German). This means that if a bank were to fail, depositors would be protected up to a certain amount.
As of 2022, the ESI insures deposits up to CHF 100,000 (approximately $106,000 USD or €96,000 EUR) per depositor and per bank. This means that if you have multiple accounts in the same bank, the total amount insured is still CHF 100,000. However, if you have accounts in different banks, each account is insured up to CHF 100,000.
Here are some key details about the Swiss Deposit Insurance:
- Insured amount: Up to CHF 100,000 per depositor and per bank.
- Type of accounts: The insurance covers all types of deposits, including:
- Savings accounts
- Checking accounts
- Time deposits (e.g., fixed-term deposits)
- Certificates of deposit (CDs)
- Currencies: The insurance covers deposits in all currencies, including CHF, EUR, USD, and others.
- Eligibility: The insurance is available to all depositors, including individuals, companies, and organizations.
- Protection: The insurance protects depositors against the loss of their deposits in the event of a bank failure, but it does not protect against losses due to other factors, such as market fluctuations or investment risks.
It’s worth noting that the Swiss Deposit Insurance is funded by the banks themselves, and it is not a government-backed guarantee. However, the Swiss banking system is considered to be very stable, and the country has a long tradition of banking secrecy and stability.
