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Header - Security Deposit account

Security Deposit account

When you rent an apartment or house, you usually need to put a security deposit of one to three months' rent into a bank account held jointly with the lessor. With our Security Deposit account, you can keep that money with us worry-free – and even earn interest on it.

Highlights

  • The security deposit cannot be touched for the term of your lease.
  • The account is held in the tenant's name (or the tenants' names).
  • There's no fee if your salary is paid directly into your BCV current account. Otherwise, CHF 100 will be deducted when you close your Security Deposit account.

Details

The security deposit you put into this account will range from one to three months' rent, depending on the terms of your lease contract. The money in the account will earn interest, which you can withdraw.

The security deposit account will be held jointly by you and the lessor (the rental agency or property owner in most cases). The account will be blocked for the entire term of the lease, although you can withdraw the interest earned on the account. The funds will be released to you when the lease expires, unless the lessor claims all or part of it for unpaid rent or damage to the property.

Interested?

FAQ

This account for rented real estate is opened in the name of the person(s) listed in the lease. These individuals deposit an amount, specified in the lease, into an escrow account. The funds are thus “blocked” and can only be accessed under certain conditions, described below. This protects the landlord against unpaid rent or damage to the property.

Under Swiss law, the maximum amount that can be required for a security deposit account is limited to three months’ net rent (i.e., the rent only, excluding additional charges such as heating).

All persons listed in the lease (the tenant(s) and any guarantors) have to be physically present to open the account. The landlord does not need to be present.

  • a valid ID for each person listed in the lease (passport, ID card, or Swiss residence permit)
  • the signed lease
  • the exact amount of the security deposit
  • the full contact details of the landlord or property manager

If the funds are transferred from another BCV account or are paid in cash, the account can be opened on the spot. This takes between 15 and 30 minutes.

Otherwise, the account will be officially opened only once the funds have been received.

The deposit takes effect as soon as the funds are credited to the escrow account.
A confirmation certificate is then issued to the tenant(s) and guarantor(s) for transmission to the landlord or property manager.

The funds can be released upon presentation of:

  • a written agreement between the landlord and the tenant(s), with original signatures (BCV does not accept copies or digital signatures), in the presence of all tenants listed in the lease

or

  • a final and enforceable court decision.

On average, 2 to 5 business days after receipt of all required documents.

The funds will remain in escrow until:

  • the parties reach an agreement

or

  • a final and enforceable court decision is rendered.

Yes, any interest earned is credited to the tenant(s) in accordance with the account terms and conditions.

  • There are no account fees for BCV customers (i.e., individuals who hold a BCV bank account with a direct deposit for their salary, a BCV investment solution, or a BCV mortgage loan).
  • For non-customers, opening a security deposit account costs CHF 100.

For the entire duration of the lease, until formal release of the funds as described above.

Other legal information

Please read our website and email Terms and Conditions before using our website or contacting us by email.

In principle, any information and/or documents appearing on this website that relate to financial instruments or services within the meaning of the Swiss Financial Services Act (FinSA) are considered advertising materials pursuant to this Act.

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