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At ten banks there is at least half a percent on the Sparbatzen. (archive image)
It is once again worth storing money in the bank instead of at home in a safe: According to calculations, since the first interest rate hike by the Swiss National Bank (SNB) last summer, the population has brought ten billion francs back to the bank to benefit from the rising interest rates benefit.
A study by the Moneyland comparison service now shows which banks are the most worth saving at. On average, savings interest in January 2023 is 0.19 percent. Sounds like little, but it’s four times what it was a year ago, when the average was 0.04 percent, according to Moneyland.
According to the comparison, there are ten savings accounts with which adults receive at least half a percent base interest.
| Offerer | Account | Interest in the 1st year |
| Zug Cantonal Bank | Savings Account Plus | 0.65% |
| Lucerne Cantonal Bank | saving account | 0.60% |
| Schaffhausen Cantonal Bank | Savings Account Plus | 0.60% |
| Clientis Savings and Leihkasse Thayngen | Savings account top | 0.55% |
| Clientis BS Bank Schaffhausen | Savings account top | 0.50% |
| Credit Agricole next bank | Savings account Energy | 0.50% |
| Glarus Cantonal Bank | saving account | 0.50% |
| Schaffhausen Cantonal Bank | saving account | 0.50% |
| Yuh | Save up | 0.50% |
| Zürcher Kantonalbank | saving account | 0.50% |
However, it is 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 interest rate of 0.6 percent for the Savings Account Plus of the Schaffhauser Kantonalbank only applies up to an amount of CHF 20,000. Other top offers have a long notice period of twelve months.
There are even banks that offer even higher interest rates than those listed above – albeit with pitfalls. 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 because the preferential interest rate is only granted to those who hold shares in Bank WIR.
Striking: Most of the top 10 best savings interest rates are cantonal banks and other smaller financial institutions. If, on the other hand, one looks at the five largest banks in Switzerland, a completely different picture emerges. The Zürcher Kantonalbank offers the best savings rates of the big players. Postfinance also pays more than twice as much as the Swiss average. UBS, Credit Suisse and Raiffeisen, on the other hand, are stingy.
Savings interest at the largest Swiss banks
| Offerer | Account | Interest in the 1st year |
| UBS | Savings account CHF | 0.00% |
| CreditSuisse | saving account | 0.01% |
| Raiffeisen Switzerland (interest rate recommendation) | saving account | 0.10% |
| Zürcher Kantonalbank | saving account | 0.50% |
| Postfinance | saving account | 0.40% |
Young people benefit from significantly higher interest rates on savings than adults. Although interest rates rose less sharply than for adults after the SNB’s interest rate hikes, they are still at a higher level. On average, young people receive an interest rate of 0.52 percent on the savings account, according to Moneyland. A year ago it was 0.42 percent.
These are the best youth savings accounts
| Offerer | Account | Interest in the 1st year |
| Banca Stato (Ticino Cantonal Bank) | Conto Risparmio giovane | 1 % |
| Lucerne Cantonal Bank | Savings account Blu | 0.80% |
| Bern Cantonal Bank | youth savings account | 0.75% |
| Postfinance | youth savings account | 0.75% |
| Clientis Bank Aareland | Mymix save | 0.75% |
| Bank Avera | 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, it is still a long way from earning money with a savings account. “Because of inflation, which is currently almost three percent in Switzerland, you can’t make any real profits even with the currently best savings interest rates,” explains Moneyland Managing Director Benjamin Manz (42).
In addition, although savers are happy about the rising interest rates, the joy of the banks is likely to be even greater: they have not had to pay negative interest rates to the National Bank for months. They are only reluctant to raise interest rates on savings. In the case of mortgages, on the other hand, they immediately hit hard.
According to the mortgage broker Moneypark, 1.6 percent interest is currently due 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 shows that the banks rake in fat margins when they charge interest rates of more than 2 percent themselves – but only allow customers an average savings interest of 0.19 percent. (SDA/sfa)