Deposit Solutions partners with Close Brothers to collect from Switzerland

Source: Deposit Solutions

Deposit Solutions, open banking pioneer and leading international platform for savings deposits, partners with Close Brothers Limited to offer savings deposit products on its Swiss direct B2C channel Savedo. The cooperation with Deposit Solutions enables Close Brothers to collect euro retail deposits from a non-EU savings market without having to set up and maintain their own retail infrastructure.

Dr. Tim Sievers, CEO and founder of Deposit Solutions, said: “Our Swiss platform offers banks an attractive opportunity to collect deposits in euros, dollars and Swiss francs from one of the largest multi-currency savings markets in the world. British banks that want to explore new sources for retail funding outside the European Union can take full advantage of our Swiss direct B2C channel Savedo”.

The new partnership comes at a time, in which banks in Switzerland are not paying interest on euro savings accounts. On, Close Brothers will offer Swiss investors four different savings deposit products: currently a 1 year-term with 0.70% interest, a 1.5 year-term with 0.90% interest, a 2 year-term with 1.00% interest and a 3 year-term with 1.05% interest.

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