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Best Savings Accounts in Switzerland (2024)

Mariana Vilaça| Updated: March 7, 2024

Currently, numerous platforms are vying for your interest in Switzerland, catering to both international companies and national banks. Keeping tabs on the best offers for high-yield savings accounts can be challenging.

If you find yourself in this situation, don’t worry! This article presents a curated ranking of alternatives that, in our opinion, stand out as the best for your savings. Explore opportunities to grow your savings on international platforms, such as investment brokers, as well as through national banks!

Bank/ Brokerage Firm CHF Interest Rate EUR Interest Rate Amount Limits
Trading 212 1.50% 4.20% No limits
Interactive Brokers 0.991% 3.398% Zero interest on Deposits < €/CHF10k
Saxo Bank 0.57%* 2.65%* Zero interest on Deposits < €10k
Next Bank crédit agricole 1.40%* 0.95%* Depends on the account type
UBS 1.25%* 0.75%* Depends on the account type
Banque Cantalone du Valais 1.05%* Depends on the account type

*The maximum interest rate you can receive, although it may differ in other account types, can vary. Updated as of 28th of February, 2024

Trading 212 Interest Rate

  • Interest rate on offer: 4.2% on EUR and 1.5% on CHF balances
  • Paid daily
  • No minimums or maximum limits for receiving interest on uninvested cash
  • Withdraw anytime
Best Savings Accounts in Switzerland (2024) 1

Source: Trading 212

Founded in 2004, Trading 212 is a brokerage firm based in the UK that offers commission-free stock and ETF investments plus CFDs on stocks, indices, commodities, and forex.

Trading 212 provides interest rates for uninvested/parked cash in 13 different currencies, including EUR and CHF. With daily payouts, you can earn a competitive 4.2% interest rate for EUR and 1.5% for CHF. This is possible through a mix of interest earning products and vehicles such as qualifying money market funds, time deposits and current accounts. This process is available across all account types offered by Trading 212, and you can check important information about it here

If you choose to use the Trading 212 platform, you can receive a free share worth up to €100. Follow this link to learn how.

Interested in knowing more about Trading 212? Read our Trading 212 Review.

Interactive Brokers Interest Rate

  • Interest rate on offer: 3.398% IBKR Pro on EUR balance and 0.9% IBKR Pro on CHF balance
  • No interest paid on balances less than €/CHF10k
  • The level of protection you will receive for your money on deposit will vary from jurisdiction to jurisdiction. For Swiss residents, the Interactive Brokers subsidiary is Interactive Brokers Ireland Limited (IBIE).

Founded in 1978, IBKR is one of the world’s most trustworthy brokers. It offers an enormous range of financial products (stocks, ETFs, Options) and low currency conversion fees (FX fees). It also launched IBKR GlobalTrader, a modern mobile trading app to trade stocks, ETFs, and options, ideal for novice investors.

Interactive Brokers provides interest rates for a wide range of currencies, including EUR and CHF. Through IBKR Pro, IBKR offers interest with varying rates and minimum amounts for uninvested cash, depending on the currency type. 

In the case of CHF, interest payments are exclusive to IBKR Pro at a rate of 0.991%, requiring a minimum balance greater than CHF 10,000. For EUR balances,  IBKR Pro offers interest at 3.399% with a minimum balance exceeding €10,000 to qualify for interest payments.

If you have difficulty determining the interest rate you will receive. Still, Interactive brokers do have a calculator you can use to try and estimate your interest earnings.

The protection for your deposited cash with Interactive Brokers varies across jurisdictions. For Swiss residents, it is Interactive Brokers Ireland Limited (IBIE). For detailed insights on protections with IBRK, check our separate blog post. We also offer a comprehensive review of IBRK’s services for those seeking more in-depth information.

Saxo Bank Interest Rate

  • The interest rates offered by Saxo Bank are tiered based on how much you have on deposit and whether you have a Classic, Platinum, or VIP account.
  • Paid daily
  • No interest will be paid for CHF balances under CHF 10,000 and EUR balances under €1,000.
Best Savings Accounts in Switzerland (2024) 2
Best Savings Accounts in Switzerland (2024) 3

Source: Saxo Bank

Saxo is a multi-asset broker providing retail and institutional clients access to a full suite of investment products like stocks, bonds, funds, derivatives, etc. Saxo Bank also has a proprietary trading platform (SaxoTraderPRO) and high-touch customer support.

Saxo Bank specifies distinct parameters for each currency type, including rates and minimum amounts required to start earning interest. Regarding EUR balances, Saxo Bank does not provide interest in the classic type for amounts below €10,000; for amounts greater than this, interest rates offered by Saxo Bank are tiered based on your deposit amount. On the Platinum and VIP types, however, the minimum amount is €1,000, and they offer fixed interest rates regardless of the deposit amount: 1.65% for Platinum and 2.65% for VIP. In CHF balances, you can only receive interest rates with VIP accounts, provided you have at least CHF 10,000. Regardless of the amount you have, the interest rate will always be 0.57%.

To precisely determine the amount Saxo Bank will pay for your uninvested cash, you can utilise a calculator and adjust the parameters to suit your specific situation.

If you are interested in Saxo Bank, you can read more about it here.

Next Bank Crédit Agricole Interest Rates

  • The interest rates offered are tiered based on your account type.
  • Fixed term deposit pays interest annually (every 12 months); the others do not have mandatory payments.
  • In CA Libre Epargne and CA Junior account types, your deposit could be in either EUR or CHF.
  • Every account type has specific rules that need to be met, including limits for withdrawals and corresponding notifications, minimum and maximum deposit amounts, as well as different ranges of interest rates.

Crédit Agricole next bank (Suisse) SA, with over 20 years in Switzerland, is a major player in the property market. It operates in key Swiss cities and offers tailored financing solutions for residences and rental properties in Switzerland and France. Specialising in retail banking since 2009, key figures as of June 30, 2022, include 11 branches, +60000 clients, outstanding loans of CHF +5,200 million, net income of CHF 5.3 million, and a balance sheet total of CHF +6000 million.

There are account types that you can choose:

Best Savings Accounts in Switzerland (2024) 4

CA Libre Epargne

Currency available: CHF and EUR

Interest rates: From CHF 1 to 200,000 balances 0.85%, from CHF 200,001 balances 0.20% and for EUR balances 0.95%

Payment limit: CHF-unlimited; EUR-1,000,000

Withdrawal limit: CHF/EUR 20,000/month (unlimited number of withdraw)

CA Energy

Currency available: CHF

Interest rates: From CHF 1 to CHF 50,000: 1.25%; from CHF 50,001 to CHF 100,000: 1.00%; from CHF 100,001 to CHF 200,000: 0.75% and from CHF 200,001:f 0.25%

Payments Limit: unlimited

Withdrawal limit: During the first 12 months, withdrawals are subject to a penalty. After the first 12 months, penalty-free withdrawal limit per calendar year: CHF 100,000

Fixed Terms Deposit

Currency available: CHF

Interest rates: 1.40% (the rate that is fixed upon signature of the contract and independent of market fluctuations)

Best Savings Accounts in Switzerland (2024) 5

Contract term: 1 to 5 years

Eligibility: available to holders of the CA Start, CA Extra and CA First packages and with limits amounts of a minimum of CHF 50,000 and a maximum of CHF 1,000,000

Withdrawal limit: CHF 5,000, and in case of a withdrawal, the remaining balance in the fixed term deposit account must be at least CHF 10,000.

UBS Interest Rates

  • The interest rates offered are tiered based on the account type you own.
  • Only available for CHF balances in some types of accounts.
  • Some account types have requirements that you need to meet, like age.

UBS Group AG is a global financial management solution founded in 1998 and headquartered in Zurich, Switzerland. Operating in 23 markets worldwide, it encompasses segments such as Global Wealth Management, Personal and Corporate Banking, Asset Management, Investment Bank, and Corporate Center. Notable figures include 3,800 employees globally as of June 30, 2023, and 880 investment professionals. 

You can choose your account type according to your goal:

Account Type
Savings Account Extra Savings Account Sustainable savings account
Currency Available CHF CHF and EUR CHF
Interest Rates 1.25% up to CHF 250 000; 0.30% above CHF 250 00 0.75% up to CHF 50 000; 0.30% above CHF 50 000

0.75% up to EUR 50 000; 0.15% above EUR 50 000

0.75% up to CHF 50 000; 0.30% from CHF 50 000 up to CHF 100 000; 0.00% above CHF 100 000
Requirements For persons aged 20 and above Savings account CHF for persons aged 20 and above Within UBS key4 banking for all age groups
Limits amounts Minimum deposit CHF 5,000 No limits amount No limits amount
Withdraw limit CHF 10,000 per calendar year CHF 50,000/EUR 30,000 per calendar year CHF 50,000 per calendar year, for higher amounts three-month notice period

You can find more information here.

Banque Cantonale du Valais Interest Rates

  • There are four progressive levels of interest that you can achieve by not making any withdrawals. Otherwise, each withdrawal you make reduces the interest rate you earn by one step. (applicable for the first three years; in the fourth, you are able to do one withdrawal without consequences )
  • Only available for CHF balances.
  • No interest will be paid for CHF balances under CHF 5,000.

Bank Cantonale du Valais is a leading bank in Switzerland, offering retail, wealth management, and corporate banking services. With 22 agencies and 66 ATMs, it plays a key role in the Valais banking market, holding a 25% market share. The bank has a solid balance sheet of 19.3 billion francs, 546 employees, and is a regional major employer. With 13,990 shareholders and a CET1 ratio of 17.1%, it demonstrates financial strength. Operating income is 156,628 thousand CHF, showing a growth of 25.92%. 

Banque Cantonale du Valais offers a savings account named “Plus Savings Account,” featuring progressive interest rates. There are four levels of interest: 1st level at 0.9%, 2nd at 0.95%, 3rd at 1%, and 4th at 1.05%. At the end of each year, the interest rate on your account increases until the fifth year, after which you continue to benefit from this highest level of remuneration. For the first three years, withdrawing money results in a downgrade of one rate level. Starting from the fourth year, you can make one withdrawal per year without affecting your remuneration rate.

To earn these interests, ensure your account balance remains between the limits of a minimum of CHF 5,000 and a maximum of CHF 200,000. Regarding withdrawals, be aware that the maximum is CHF 50,000 per year, with a notice period beyond 31 days. In the event of non-compliance with the authorised withdrawal limit and the reporting deadline, a 2% commission will be charged.

Should I earn interest on my uninvested cash through a broker or in a regular savings account?

A key trait prosperous investors share is cultivating patience while anticipating investment opportunities. However, when the moment arrives, swift action is crucial to capitalise on it.

Storing the cash designated for investments in a standard savings account poses a challenge, as transferring funds from your savings account to your brokerage account may take a few working days, potentially causing you to miss out on opportunities.

Opting to keep these funds directly in your brokerage account enables quicker response times, allowing you to seize opportunities promptly. This proactive approach ensures you stay ahead in the dynamic landscape of investments.

Are there viable substitutes for savings accounts?

While the yields on savings accounts are on the rise in Switzerland, if the returns still fall short of your expectations, consider exploring the following alternatives:

  • Certificates of Deposit (CD)
  • Money market funds
  • Corporate Bonds
  • Real Estate Investment Trusts (REITs)
  • Exchange-Traded Funds (ETFs)
  • Stocks

Each of these investment options comes with its own risk and potential returns. The crucial step is assessing your risk tolerance and selecting the best investment product with your financial goals.

Conclusion

In the dynamic landscape of Swiss financial platforms, both international and national, choosing the right high-yield savings account can be challenging. However, this article simplifies decision-making by presenting a curated ranking of alternatives tailored to your savings needs. 

The decision to earn interest on uninvested cash can be optimised by selecting the platform that aligns with your financial goals, risk tolerance, and withdrawal preferences. Whether you choose the speed of Trading 212, the diverse offerings of Interactive Brokers, the tiered rates of Saxo Bank, the stability of Next Bank Crédit Agricole, the global presence of UBS, or the local expertise of Banque Cantonale du Valais, each option comes with its unique features and benefits. Assessing these factors is essential to make an informed decision and enhance your financial growth.

Mariana Vilaça
Fintech Analyst

Mariana is currently a finalist in Management program at the University of Minho, and she also serves as a digital ambassador for a leading Big4 company in the field of financial consulting, Ernst & Young.

Mariana's primary areas of interest revolve around the exact sciences, numbers, and the financial sector. Presently, Mariana holds the position of COO at a junior initiative within her university, dedicated to promoting financial literacy among the youth and addressing the educational challenges faced in Portugal.

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