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So presumably the banks would have offered accounts that were as close as they could be to current accounts while still counting as savings accounts according t

So presumably the banks would have offered accounts that were as close as they could be to current accounts while still counting as savings accounts according to the regulators. The impact of the law would have depended on exactly how similar the regulations allow these saving accounts to be to current accounts. I suspect most people would have moved their money to "savings" accounts and things would continue as before.

kgwgk 8y ago
It's hard to know how things would have been implemented and how the different parties would have behaved, but I suspect it's clients that would need to be convinced by banks and not regulators. Taking UBS as an example, the interest rate offered on the current account is 0%. The interest rate offered on the savings account is 0.01% (and it comes with some restrictions, withdrawals above CHF 50'000 p.a. require a three-month notice). Even if they were otherwise identical, why would anyone put their money in the "risky" savings account instead of the "safe" current account? Interest rates paid to depositors would have to rise to make saving accounts attractive.