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Saving is simply «good form» in Switzerland - whether for emergencies, major purchases or future dreams. But what many people overlook: The savings account itself can become a wealth destroyer if you don't pay attention to the Interest pay attention.
Because while your money is dutifully sitting in your account, the Inflation quietly loses its purchasing power. With 0 % interest and 2 % inflation, CHF 10,000 shrinks to CHF 9,800 purchasing power in just one year - without you doing anything.
The good news? There are much better savings account interest rates if you're willing to take a closer look. We'll show you in this article, Which banks in Switzerland currently offer the best interest rates, what you should look out for when making a comparison and how to get the most out of your savings.
No guarantee of topicality or correctness.
We have the 10 best savings accounts in Switzerland and summarised for you in a clear table. You can see at a glance:
Before you click through the table, here are a few tips on how to correctly assess the interest rates:
Your key to success! Discover our top recommendations from real testimonials.
Before you decide on a savings account, go through the following 5-point checklist:
The answer is: it depends. Savings account interest rates not only vary from bank to bank, but also depend heavily on the type of bank and individual conditions.
Below we take another look at the different types of banks in Switzerland and how they differ when it comes to interest rates:
Big banks: The big players such as UBS or Raiffeisen score points with a large branch network, personalised customer service and a long tradition. For many customers, trust in the institution is what counts here, even if the interest rate often falls by the wayside as a result and is comparatively lower than that of the competition.
Cantonal banks: Cantonal banks such as the Zürcher Kantonalbank (ZKB) or the Berner Kantonalbank (BEKB) offer Very different interest rates depending on the region. Some of these are much more attractive than those offered by the big banks - especially if you are already a customer. It may be worth talking to a customer advisor in person to get a good offer.
Digital banks / neobanks: Digital providers such as Neon, Yuh or Zak rely on Lean processes and attractive interest rates, to attract new customers. You often receive comparatively ’high“ interest rates on smaller amounts (e.g. up to CHF 25,000) - but sometimes only as part of promotions or new customer offers.
"Intelligent people learn from the mistakes of others".
We have compiled our top selection for you from all our tests and experience reports:
It's not just the bank that plays a role, the conditions of the savings account itself also have a major influence on your effective return.
Here are the most important points you should pay attention to:
If you want to park your money safely, you will soon be faced with the question: savings account, fixed-term deposit or an overnight money account?
You can quickly see all the advantages and disadvantages in the following table:
| Advantages | Disadvantages | |
|---|---|---|
| Savings account | Higher interest than on a normal bank or call money account / Deposit protection up to CHF 100,000 | Withdrawal restrictions / Partly with minimum investment amount |
| Fixed-term deposit | Higher interest rates, as the bank can count on your money for a certain period of time / Interest rate is fixed at the beginning, so you can work out exactly how much you will receive / Deposit protection up to CHF 100,000 | Less flexibility, you can't access the money quickly in an emergency / Often linked to a minimum amount |
| Call money account | Full flexibility because no withdrawal limit / deposit protection up to CHF 100,000 | Low interest rates |
Compare savings accounts: Which suits you better?
You need Short-term access on your money or want to put aside your nest egg?
→ Then that is Call money account ideal, even if the interest rates are hardly noticeable.
You want Save in the medium to long term, but still have access to your money?
→ Then it's worth having a classic savings account with a good interest rate, but pay close attention to withdrawal restrictions and promotional terms.
You want your money Invest securely for a fixed period and get the maximum out of it?
→ Then Fixed-term deposit a good option, but only if you really don't need the money.
Looking at the interest rates alone is not enough. As already mentioned, many providers lure you in with attractive figures and then hide conditions in the small print that can quickly reduce your return.
I keep hearing that savers are annoyed afterwards because the offer wasn't as good as advertised.
So here are a few lessons learnt directly from the community to save you hassle and nerves:
"Intelligent people learn from the mistakes of others".
We have compiled our top selection for you from all our tests and experience reports:
A savings account is still a sensible way to park your money safely and predictably - especially for reserves, emergencies or planned expenses in the coming months.
But: If you don't actively analyse the conditions, you're giving away money.
The basic rule is: The longer you can do without your money, the higher the interest you can claim. Money that is not required in the longer term (several years) can at best be invested for higher return targets - No investment advice!
If you already have a savings account, it's worth checking interest rates regularly, as banks are constantly adjusting their conditions. And if you don't have one yet: now is the right time to secure your ideal account. Use our practical comparison above!
With most Swiss banks once a year, at the end of each year. Some providers also offer a monthly payment, which can favour your compound interest effect because you could invest this interest, for example.
Yes, savings account interest is taxable in Switzerland and must be declared as investment income in your tax return. Important: Banks automatically issue a withholding tax receipt for interest income of CHF 200 or more per year. If the withholding tax of CHF 35 % has been incurred, you will receive it back in full as a Swiss person if you declare it correctly.
You usually have to expect penalty interest or fees. Some banks also require a cancellation period before larger amounts can be withdrawn. Therefore, check the exact conditions of your account in advance and, if in doubt, ask the bank directly.
Yes! In Switzerland, the Deposit protection up to CHF 100,000 per customer and bank. If your bank gets into difficulties, your savings account balance is legally protected up to this amount. If you have more assets that you would like to keep in a savings account, it is worth opening a second savings account at another bank to have a further CHF 100,000 covered by the deposit guarantee.
Eric is the founder of Schwiizerfranke.com and certified IAF wealth advisor. Since 2019, he has been helping Swiss citizens to organise their finances comprehensibly, independently and efficiently.
📌 Note: This article is for information purposes only and does not constitute personalised investment advice.