Best savings account Switzerland (2024 comparison)

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I’m currently evaluating savings accounts in Switzerland…

Yeah, yeah, I know, it’s not really my style as I invest all my money in the stock market!

Yet I regularly receive requests from readers, like this recent one from Axelle:

Hi MP, thanks for everything you do with your blog! In my case, I can’t invest yet as I’m going to buy a property within 2-3 years ;) so I was wondering what savings account you would recommend for putting my deposit savings into (currently around CHF 100'000) in the meantime?

Axelle also told me that she didn’t want to put her cash into bonds or other stock market investments as she hasn’t done it before and isn’t ready yet 😅

My automatic reaction, as a personal finance geek, was to turn to Moneyland to see what they said.

And to my surprise, as a guy who still lives in the negative rate era, there’s been quite a bit of movement in recent years at Swiss banks (with the average interest rate nearing 2%)!

Special thanks to the Swiss National Bank (SNB) for having played around with the key interest rate several times :)

Criteria for choosing the best savings account in Switzerland

If I were in Axelle’s situation (as was the case from 2013 to 2016), then I would use the following criteria in order to choose the best savings account:

I used the example of a deposit of 100'000 Swiss francs to investigate savings account options in the Moneyland database.

2024 savings account rankings according to Moneyland

Below are the top 5 results from Moneyland with their interest rates:

  1. Caisse d’Épargne d’Aubonne (CEA) - Plus savings account (2% per year!, cash withdrawal limit of CHF 10'000 per year)
  2. Bank Cler - Plus savings account (1.8%, cash withdrawal limit of CHF 50'000 per year)
  3. Bank WIR - Plus 2024 savings account (1.8%, cash withdrawal limit of CHF 20'000 per year)
  4. Bank EKI - Steinbockkonto Plus (1.5%, cash withdrawal limit of CHF 10'000 per year)
  5. Migros Bank - Bonus savings account (1.4%)

As you will see below, I don’t entirely agree with Moneyland’s rankings, because I would put Bank WIR second above Cler.

My rationale can be found in scenario 2.

Another observation I made was that none of the large other banks or any of the cantonal banks appear in this ranking. Interesting with respect to their strategies.

Example of Bank WIR Plus 2024 savings account

Example of Bank WIR Plus 2024 savings account

After surveying the readers of the blog, I mention (and recommend) that you also take a look at the Raiffeisen banks in your area. Because at the moment, for example, you can get 2% via various savings accounts:

There’s also Cembra, which offers two savings accounts (Savings Account at 1.50% and Savings Account Plus). I’m not including them in the ranking, as the rates are not guaranteed for any period of time. They can therefore change from one day to the next.

Scenarios for choosing the best savings account in 2024, according to Mustachian Post

Scenario 1: French-speaking Switzerland, without needing to make any withdrawals

If we assume that Axelle will not need to withdraw any money for a year AND she speaks French, I would advise her to go with the savings account from CEA with its 2% interest rate!

Caisse d'Épargne d'Aubonne's Plus savings account

Caisse d'Épargne d'Aubonne's Plus savings account

Scenario 2: best Swiss savings account (all languages)

However, for anyone who doesn’t speak French and/or wants a Swiss bank that is available across the whole country, I would choose Bank WIR.

Their rate of 1.8% is guaranteed for the next 12 months. While Cler only guarantees this interest rate until the end of the calendar year (i.e. 31.12.2024).

This time, the rewards are sweeter at Bank WIR :)

This time, the rewards are sweeter at Bank WIR :)

Scenario 3: best savings account if you want to be able to withdraw money without losing interest

As above, if you want the maximum withdrawal amount without losing the guaranteed interest rate, then I would choose Bank WIR and its CHF 20,000 maximum amount (double CEA’s CHF 10,000).

Scenario 4: best savings account if you want to be able to withdraw your money as quickly as possible

In the end, I would choose Bank WIR in this case as it only requires 6 months’ notice (compared to 12 months at CEA) if you want to withdraw more than the minimum authorized amount of CHF 20,000.

A point about savings accounts without withdrawal restrictions

Once Axelle gets closer to her goal of saving for her primary home, she’ll certainly want more flexibility when it comes to withdrawal options.

In any case, that was my experience as a future homeowner at the time.

In such a case, the ranking of the best interest rate for an unrestricted savings account (often as a standard private account actually, with free withdrawals) is as follows:

  1. Alpian - Standard private account (1.5% between CHF 50'000 and CHF 1'000'000)
  2. Central Bank of Liechtenstein - wiLLBe cash account (1.30% up to CHF 50'000, 1.25% up to CHF 100'000, and 0.25% afterwards)
  3. Radicant - Standard private account (1.25% up to CHF 250'000)
  4. Yuh - Standard private account (1%)
  5. Interactive Brokers - Cash account IBKR Pro (0.92% if > CHF 10'000)
  6. neon - Bank account (via the “Spaces”) (0.5% up to CHF 25'000)
wiLLBe, the low-cost savings solution from the Liechtenstein National Bank

wiLLBe, the low-cost savings solution from the Liechtenstein National Bank

A point about medium term notes

Without using exchange-traded bonds, there is also the option of medium-term notes for storing your savings.

They are still stocks but issued by a bank, with a guaranteed interest rate. The difference with the savings accounts listed below is that you can’t break your contract before the end of the deposit period.

If I were Axelle, I would look into that option if I was sure that I wouldn’t need my money to buy my main home for X years.

Otherwise, that would be a barrier if a less expensive real estate opportunity came up sooner than expected.

That is why, personally, I would rather choose a savings account.

For info, at the time of writing, medium-term notes offer a maximum return of:

FAQ about savings bank accounts in Switzerland

Is the money I deposit in a savings account protected?

Yes, just like with your current private account, the money deposited in your savings account is protected in Switzerland by the deposit guarantee up to CHF 100'000 per person and per bank.

Conclusion

Are you from French-speaking Switzerland (and speaking French)? Then currently the best savings account for you is with the Caisse d’Épargne d’Aubonne. It offers 2% interest rate on its savings account during the account’s first year.

If you’re not, or you want a Swiss bank with branches everywhere, or you want the best withdrawal conditions, then the savings account from Bank WIR with 1.8% interest rate is the best Swiss savings account for you.

And what would you choose as a short-term solution for putting your savings away?

Photo credit: pexels.com

As usual, I only write and review things that I use in my personal daily life, or that I trust.

Thank you for reading!