Credit Suisse raises interest rates for pensions, savings and mortgages
As a result of interest rate trends in the money and capital markets, and in the light of current interest rates, Credit Suisse is raising its interest rates for its range of pension and savings products, and for adjustable-rate mortgages.
The second pillar vested benefits accounts and third pillar pension accounts will earn an additional 0.375 percent interest. Interest rates for the range of savings accounts will be increased by 0.25 percent from January 1, 2008.
The guideline rate for adjustable-rate first mortgages will also be increased by 0.25 percent to 3.50 percent on January 1, 2008. For new business, the guideline rate applies with immediate effect. The guideline rate for adjustable-rate mortgages serves as the basis for setting individual, risk-based interest rates.
The effective interest rate depends on the quality of the property and the creditworthiness of the borrower, and can therefore differ from the guideline rate. The guideline rate for existing construction loans will be increased by 0.25 percent to 3.25 percent on February 1, 2008. For new business, the new conditions apply with immediate effect.