Savings accounts are used by a majority of Switzerland’s residents. Because savings accounts are so important, moneyland.ch conducted an analysis of Swiss savings account interest rates in late 2024.
The results of the analysis show that interest rates have sunk over the past months. This is at least partially due to the Swiss National Bank’s decision to lower its key interest rate. The unweighted average annual interest rate across franc-denominated Swiss savings accounts for adults is 0.52 percent – down from an average rate of 0.8 percent in late 2023.
While Switzerland’s inflation rate is relatively low, it still surpasses the average interest rate of Swiss savings accounts. In other words, the interest earned on savings is not high enough to compensate for the monetary value lost to price increases.
Big differences between savings account offers
“While the average savings interest rate is low, there are big differences between individual savings account offers. Comparing remains important,” says moneyland.ch’s managing director Benjamin Manz.
For example, the Compte Epargne Plus from the Caisse d’Epargne d’Aubonne and the Steinbockkonto Plus from Bank EKI still yield 1.5 percent interest per annum. The Boost savings account from Crédit Agricole next Bank currently yields 1.4 percent per annum, and the Beteiligungssparkonto/Compte d'épargne participatif from Bank WIR has an annual interest rate of 1.3 percent.
“Apart from the interest rates, savers should also look at the terms and conditions of savings accounts,” recommends Manz. Higher interest rates, in particular, may be subject to special requirements, or may only apply the portion of your account balance that falls beneath a certain threshold. The moneyland.ch savings account comparison shows you all of the key information for each savings account offer.
Migrating to a different savings account is fairly simple. Opening a new savings account without closing your existing account is even easier. Most Swiss savings accounts do not have ongoing, basic account fees – unlike private accounts, for which most banks charge monthly or annual accounts fees.
Savings account interest rates are coming back down
A quick backwards glance helps add some perspective to the current 0.52-percent average interest rate for adult savings accounts, and the interest rate span of 0 to 1.5 percent.
At the end of 2023, the average annual interest rate across savings accounts for adults was 0.8 percent, with 0 percent for the lowest-yield account, and 2 percent for the highest-yield account. But interest rates have been coming back down since April 2024.
But interest rates have been much lower in the past. For example, at the start of 2023 (after the turnaround in key interest rates), the unweighted average interest rate across savings accounts for adults was 0.19 percent, with rates ranging between 0 and 0.8 percent between savings accounts.
Youth savings accounts have somewhat higher interest rates
The interest rates of savings accounts for young people have also gone down in recent months. The average interest rate for youth savings accounts is now 0.88 percent per annum. That is more than 0.3 percentage points higher than the average rate for adult savings accounts.
Private accounts with zero interest
Private accounts are designed for financial transactions, not for savings. The interest rates of private accounts have hardly changed. With an average interest rate of 0.04 percent per annum, private accounts for adults yield almost no interest at all. That is not a new development. The majority of banks have not paid interest on private account balances for many years now. Private accounts for young people yield more interest, with an average annual interest rate of 0.43 percent across youth private accounts.
Savings accounts in euros and US dollars
The interest rates of Swiss savings accounts denominated by euros and US dollars are somewhat higher. The average interest rate across Swiss euro accounts is 0.93 percent per annum, with the highest interest rate being 3.5 percent per annum (Euro-Sparkonto Kontomat from the Glarner Kantonalbank). The average annual interest rate across Swiss savings accounts in US dollars is 1.25 percent, with the highest rate available being 1.75 percent per annum (Save Easy account from Swissquote). Note: Holding savings account balances in foreign currencies exposes you to the risk of currency depreciation.
How will savings account interest rates develop from here?
Many economists expect further cuts to key interest rates both this year and next year. So Swiss savings account interest rates will likely continue to sink. But just how much further they will sink remains uncertain, and depends on many different factors. There will also continue to be big differences between individual banks. Because banks also use interest rates as a marketing tool to impress customers, there will likely continue to be banks with interest rates that far surpass the average. So comparing savings account interest rates will continue to pay off.
More on this topic:
Compare Swiss savings accounts now
How to invest when interest rates sink
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