Close Brothers picks Deposit Solutions’ Swiss direct B2C channel
The UK’s Close Brothers has chosen Deposit Solutions’ Savedo channel to enable the bank to collect euro retail deposits from Switzerland, reports Jane Connolly.
Based in Hamburg, open banking platform Deposit Solutions helps banks to collect euro retail deposits from a non-EU savings market without having to establish their own retail infrastructure.
“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,” says Deposit Solutions founder and CEO, Dr Tim Sievers. “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.”
Switzerland’s banks are not currently paying interest on euro savings accounts. Through the channel, Close Brothers will offer Swiss investors a choice of four savings deposit products, ranging from a one-year term with 0.7% interest to a three-year term with 1.05% interest.