The pillar 3a can be used to save for retirement. You can place money in pillar 3a saving solutions every year, up to the annual pillar 3a contribution limits for people with or without an occupational pension fund. Once you place money in the pillar 3a, it is held in trust and can only be withdrawn five years before Swiss retirement age, at the earliest, unless you qualify for early withdrawals.
The advantage of using the pillar 3a to save is that the money you contribute can be deducted from your taxable income, which lowers your income tax. Additionally, you do not have to declare your pillar 3a savings along with your taxable wealth in your tax returns, and you do not pay wealth tax on pillar 3a assets.
You can find further information on taxes and pillar 3a in the corresponding guide from moneyland.ch.
Which banks offer pillar 3a savings accounts and retirement fund accounts?
Nearly all Swiss banks offer a pillar 3a account. Normally they also give you the option of investing pillar 3a assets in retirement funds.
In addition to established pillar 3a solutions from Swiss banks, there are also many online retirement saving services. Some retirement savings foundations – the entities that hold pillar 3a assets in trust – let you open pillar 3a accounts directly with them.
Regardless of whether you open a pillar 3a solution from a bank, an online retirement saving service, or directly from a retirement savings foundation: in the background, there is always a retirement savings foundation that holds the money in trust.
How can I open a pillar 3a account as a new customer?
Many consumers want to open pillar 3a accounts at banks without having to also have a private account or a bank package at the same bank.
The table below shows which Swiss banks let you open a pillar 3a account without a private account.
Table 1: Pillar 3a without a private account at the same bank
Bank |
Opening a pillar 3a account without a private account |
At a branch office |
Online |
By mail |
Banks with branch offices |
Aargauische Kantonalbank |
Yes |
Yes |
Yes |
Appenzeller Kantonalbank |
Yes |
No |
No |
BancaStato |
Yes |
Yes |
No information |
Bank Cler |
Yes |
No |
Yes |
Banque Cantonale de Fribourg |
Yes |
No |
Yes |
Banque Cantonale de Genève |
Yes |
Yes |
No information |
Banque Cantonale Neuchâteloise |
Yes |
No 2 |
Yes |
Banque Cantonale Vaudoise |
Yes |
No 2 |
No information |
Basellandschaftliche Kantonalbank |
Yes |
Only with a
private account or
a savings account 6 |
No information |
Basler Kantonalbank |
Yes |
No |
Yes |
Berner Kantonalbank |
Yes |
Only with a
private account 1 |
No |
Bank BSU |
Yes 5 |
Yes 5 |
No |
Glarner Kantonalbank |
Yes |
No |
No |
Graubündner Kantonalbank |
Yes |
No |
Yes |
Hypothekarbank Lenzburg |
Yes |
Yes |
Yes |
LLB |
Yes |
No |
No |
Luzerner Kantonalbank |
Yes |
Yes |
Yes |
Migros Bank |
Yes |
No 2 |
Yes |
Nidwaldner Kantonalbank |
Yes |
No |
Yes |
Obwaldner Kantonalbank |
Yes |
No 2 |
Yes |
Postfinance |
Yes |
No 2 |
Yes |
Raiffeisen |
Yes |
No |
Yes |
Schwyzer Kantonalbank |
Yes |
No 2 |
Yes |
St. Galler Kantonalbank |
Yes |
Only with a
private account 1 |
No information |
Thurgauer Kantonalbank |
Yes |
Only with a
private account 1 |
No information |
UBS |
Yes |
No |
No information |
UBS Key4 |
Yes |
No |
No information |
Urner Kantonalbank |
Yes |
No |
Yes |
Valiant |
Yes |
Yes |
No |
Zuger Kantonalbank |
Yes |
Yes |
Yes |
Zürcher Kantonalbank |
Yes |
Yes |
No information |
Neobanks |
Coop Finance Plus |
No |
Yes |
No |
Yuh |
No |
Yes |
No |
Zak |
Only with a
private account 4 |
Only with a
private account 1 |
No |
Online retirement saving services |
Bench
(Glarner Kantonalbank) |
No |
Yes |
No information |
Descartes |
No |
Yes |
No |
Finpension |
No |
Yes |
No |
Frankly |
No |
Yes |
No |
Gioia
(Graubündner Kantonalbank) |
No |
Yes |
No |
Inyova |
No |
Yes |
No |
Selma |
No |
Yes |
No |
True Wealth |
No |
Yes |
No |
Viac |
No |
Yes |
No |
Volt by Vontobel |
No |
Yes |
No |
Yapeal Y3A |
No |
Yes |
No |
Stock brokers |
Cash Banking by Bank ZweiPlus |
Yes |
No 2 |
Yes |
Swissquote 3a Easy |
Only with a
private account 3 |
Only with a
private account 3 |
Only with a
private account 3 |
1 You can only open a pillar 3a account online in combination with a private account.
2 You can apply for a pillar 3a account online, but the account opening process is done by mail.
3 You can only open a pillar 3a account if you have a private account (formerly a trading account) at Swissquote. The private account does not have basic ongoing fees as long as you do not hold securities.
4 If you are a new customer, you can only open a Zak pillar 3a account together with a private account at a Bank Cler counter.
5 For persons domiciled in the Canton of Zurich, the pillar 3a account is available without a private account. For persons domiciled outside the Canton of Zurich, the private account is a prerequisite for a pension 3a account.
6 You can only open a pillar 3a account online in combination with a private account or a savings account.
How can existing customers open a pillar 3a account?
If you already have an account at a bank, then opening a pillar 3a account at the same bank is simple. Most banks let you open a pillar 3a account via online banking. You can also open a pillar 3a account at a branch office or by phone. As an existing customer, you do not need to complete the identification process again.
Can I invest my pillar 3a savings?
Yes, most service providers give you the option of investing your pillar 3a assets in a retirement fund. You generally also need to open a pillar 3a account into which you can transfer the money that you want to invest in the fund.
At least from a historical perspective, retirement funds have delivered bigger returns than retirement savings accounts, over the long term. But be aware that the risk is also bigger. If having your money invested in a fund that can fluctuate in value keeps you up at night, then you should use a pillar 3a savings account instead.
Which documents do I need to provide when opening a pillar 3a account?
When you open a pillar 3a account, you must provide your ID card or passport. You also need to provide your OASI number. You can find your OASI number on the European Health Insurance Card that you get from your mandatory health insurance provider.
More on this topic:
Compare Swiss pillar 3a retirement funds now
Compare Swiss pillar 3a savings accounts now