Author Topic: Recent banking events and investment start [swiss related, but question to all]  (Read 1105 times)

Kilbim

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Hi Mustaches

How many of you might have heard, BSI, an important-ish bank in switzerland, will be required to close down following shady operations.
It is said that other banks are involved in this, and that investigations will be made.

I am now in the process of opening an account to start investing at truewealth.ch, which holds your money at saxo bank.
Between researching the best option, educating myself, simple "waiting", I have been willing to start invest for close to 8 months. I am sure this time was well spent finding the best option.
But now that I am ready I am worried about this new scandal, so I don't know if it's better to wait out untill more info is clear (I suppose 5-6 more months), or to just go in.
My biggest worry is actually that saxo-bank, where my asset for truewealth.ch would be, will also close down; I don't want to open an account and then have to go through the hassle of recover everything in a few months; you also never know how these things go when the bank is closing down and you need to recover your money from it..

Thank you all for your feedback in advance :)
Kilbim

ShoulderThingThatGoesUp

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In the USA you still own your investments even if your brokerage closes down. I hope it's similar in Switzerland. When a regular bank fails here, another bank takes it over and the depositors simply get accounts at the new bank.

A good read on this, while USA-focused, is the "What if Malvern gets nuked?" article here. (Malvern is a suburb of Philadelphia where Vanguard is headquartered.)