Swiss Banks End Era as Tax Shelters

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Swiss banks have been considered a tax haven to the wealthy, a place where the upper class can stash large sums of money with no need to worry about discretion. That all might be changing.

“Switzerland said it would no longer accept untaxed money into its banks as it tries to ease pressure on its $2 trillion offshore banking industry from key trading partners seeking to boost tax revenues,” Reuters reported today.

This move is good news for cash-strapped developed nations looking to make it harder for their wealthy citizens to hide money from the tax man.

But it’s probably bad news for those of you who have been contributing to a tax-shielded, anonymous “black money” account over in Switzerland. That one is history, along with delicious Cuban cigars, monocles and top hats.

Don’t sweat it, though. You might even grow to love saving your money here at home in the U.S., legally. I’m not sure what those shadow accounts in Switzerland have been yielding you, but you can find a competitive rate for your cash at a number of FDIC-insured banks right here in America.

Check out the latest rates and offers on our sister site, BankingMyWay.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

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