Storing money in the bank instead of the safe at home is worth once again: According to calculations, since the Swiss National Bank’s (SNB) first rate hike last summer, the population has brought the bank ten billion francs. to take advantage of rising interest rates.
A study by the Moneyland comparison service now shows which banks are most worth saving. On average, the savings rate in January 2023 is 0.19 percent. That sounds like little, but that’s four times more than a year ago, with an average of 0.04 percent, according to Moneyland.
By comparison, there are ten savings accounts where adults receive at least half a base interest.
| offering | Account | interest in year 1 |
| Zug Cantonal Bank | Savings Account Plus | 0.65% |
| Lucerne Cantonal Bank | account is being registered | 0.60% |
| Cantonal Bank of Schaffhausen | Savings Account Plus | 0.60% |
| Clientis Savings and Leihkasse Thayngen | savings account top | 0.55% |
| Client BS Bank Schaffhausen | savings account top | 0.50% |
| Credit Agricole next bank | Savings account Energy | 0.50% |
| Glarus Cantonal Bank | account is being registered | 0.50% |
| Cantonal Bank of Schaffhausen | account is being registered | 0.50% |
| Hoot | saving | 0.50% |
| Zürcher Kantonalbank | account is being registered | 0.50% |
But it’s important to take a close look at the conditions, Moneyland continued. For example, many bank accounts with particularly good interest rates have stricter withdrawal conditions and restrictions. For example, the 0.6 percent interest rate for the Surplus Savings Account of Schaffhauser Kantonalbank is valid only up to CHF 20,000. Other top offers have a long notice period of twelve months.
While there are some pitfalls, there are even banks that offer higher interest rates than those listed above. Bank WIR, for example, offers an interest rate of 0.85 percent for its bonus savings account. However, it is not included in the list as the preferential interest rate is given only to those who hold shares in Bank WIR.
Striking: Most of the top 10 best savings interest rates are from cantonal banks and other small financial institutions. On the other hand, when we look at the five largest banks in Switzerland, a completely different picture emerges. Zürcher Kantonalbank offers the best savings rates for major players. Postfinance also pays more than double the Swiss average. UBS, Credit Suisse and Raiffeisen are stingy.
Savings interest in the largest Swiss banks
| offering | Account | interest in year 1 |
| UBS | savings account CHF | 0.00% |
| CreditSuisse | account is being registered | 0.01% |
| Raiffeisen Switzerland (interest rate advice) | account is being registered | 0.10% |
| Zürcher Kantonalbank | account is being registered | 0.50% |
| Postfinance | account is being registered | 0.40% |
Young people enjoy significantly higher interest rates on savings than adults. Interest rates are still at a higher level, although the SNB has risen less sharply after interest rate hikes than for adults. According to Moneyland, teens receive an average interest rate of 0.52 percent on their savings account. It was 0.42 percent a year ago.
These are the best youth savings accounts
| offering | Account | interest in year 1 |
| Banca Stato (Cantonal Bank of Ticino) | Conto Risparmio Giovane | %one |
| Lucerne Cantonal Bank | Savings account Blu | 0.80% |
| Bern Cantonal Bank | youth savings account | 0.75% |
| Postfinance | youth savings account | 0.75% |
| Client Bank Aareland | save mymix | 0.75% |
| bank average | savings account 25 | 0.75% |
| Savings Bank Schaffhausen | savings account 25 | 0.75% |
| Glarus Cantonal Bank | Youth Savings Account | 0.75% |
| lending office Stammheim | savings account 25 | 0.75% |
| Zug Cantonal Bank | Youth Savings Account | 0.75% |
| Zürcher Kantonalbank | youth savings account | 0.75% |
Despite rising interest rates, there are still many ways to make money with a savings account. “Because of inflation in Switzerland, which is now almost three percent, you can’t make real profits right now, even with the best savings rates,” explains Moneyland Managing Director Benjamin Manz (42).
Also, while savers are happy with the rising interest rates, the banks’ rejoicing will likely be even greater: they haven’t had to pay the Federal Reserve negative interest rates for months. They are simply reluctant to raise savings interest rates. In the case of a mortgage, they hit hard right away.
According to mortgage broker Moneypark, interest currently pays 1.6 percent for Saron mortgages, an average of 2.32 percent for 10-year fixed-rate mortgages and 2.13 percent for five-year fixed-rate mortgages. This means that when banks themselves charge interest rates of more than 2 percent – but only give customers an average savings rate of 0.19 percent – they charge high margins. (SDA/sfa)