What’s so great about Swiss banks?

I opened a Swiss bank account this morning, and was shocked by the dismal interest rates offered. On balances of less than 15,000 CHF, one earns a measly 0.125%, compounded yearly. It’s hard to see this as anything but paying the bank to keep my money. Larger balances earn only slightly more—still less than 1%. Oh, and the Swiss government insures bank deposits up to just 13,000 CHF, a pittance compared to the new 250,000 USD in deposit insurance now provided by the FDIC.

I don’t plan to keep any more money in my Swiss bank account than absolutely necessary.