Savings interest rates have hardly moved for many years. After the SNB raised the key interest rate in 2022 and 2023, this is now changing. Many banks  increased interest rates at the beginning of May.

Savers are finally receiving more interest  after many years of low savings rates. On an unweighted average, interest rates on savings accounts for adults now amount to almost 0.50% per year, say the experts at moneyland.ch. However, they warn that the money will still be worth less at the end of the year because of high inflation.

Numerous banks are now raising interest rates

On the more than 100 savings accounts included in the savings account comparison at moneyland.ch, interest rates have increased since May 2023. Of the largest banks operating throughout Switzerland, Raiffeisen and Bank Cler increased the interest rate on savings accounts at the beginning of May. At Raiffeisen Switzerland, this is now 0.85% instead of 0.50% on the member savings account. This applies up to an amount of 100'000 francs. The individual local Raiffeisen banks set the interest rate themselves; depending on the regional Raiffeisen bank, the interest rate can therefore also be lower or higher.

At Bank Cler, interest rates on normal savings accounts have increased to 0.45%, which is more than double. Previously, Bank Cler paid 0.20% in interest. With the savings account Plus, customers now receive an interest rate of 0.65%, instead of 0.30% as before. For new deposits, Bank Cler pays an additional 1% interest. However, there are certain restrictions with the Savings Account Plus.

It pays to compare

However, there are  large differences between the individual banks. At some banks, there is still no interest on  savings accounts. Other banks are more generous and pay an interest rate of well over 1%. A comparison is worthwhile, because at 1% interest and a deposit of 10'000, savers still receive 100 francs per year.

Moneyland.ch advises that it is also possible to open a savings account with a bank other than one's own house bank without changing it. However, one should inquire about the withdrawal conditions and notice periods of the savings account, because some banks additionally require the opening of a private account - in this case the overall costs must be considered.

Interest rates also increased for pillar 3a and vested benefits accounts

Interest rates are not only being increased on savings accounts, but also on pillar 3a retirement savings accounts and on vested benefits accounts. On average, interest rates on pillar 3a savings accounts are now just under 0.60% per year, and for vested benefits accounts to slightly less than 0.30%.