Residents of Switzerland can use the pillar 3a to save for retirement on a tax-privileged basis. That makes it a widely-used vehicle for retirement planning. For many people, pillar 3a savings accounts that yield interest are the solution of choice. According to official figures, around two-thirds of all pillar 3a assets sit in these bank accounts.
Independent online comparison service moneyland.ch took a closer look at the interest rates of pillar 3a accounts. The analysis accounts for 93 pillar 3a savings account providers.
As much as one percent interest per annum
What stands out are the huge differences in the interest rates offered by different account providers. These differences are massive. The bank that pays the most interest on pillar 3a saving account balances is the Caisse d'Epargne D'Aubonne, a regional bank in western Switzerland. Cornèr Banca comes in second with 0.7 percent. Next in line are Crédit Agricole Next Bank, Hypo Vorarlberg Bank, Pilla, and Tellco, all of which pay 0.65 percent per year.
Most banks have much lower interest rates. 68 of the 93 account providers included in the analysis pay 0.2 percent per annum or less. Another two banks pay no interest at all.
"The differences are really large. Because pillar 3a account balances are typically large, changing accounts for more interest can make financial sense. Using higher-yield accounts will leave with more money in retirement," says moneyland.ch personal finance expert Ralf Beyeler.
You can get a full overview in the pillar 3a savings account comparison.
The average interest rate is just 0.21 percent per year
In October 2026, the unweighted average interest rate across Swiss pillar 3a accounts is just 0.21 percent per annum. In November 2025, the average was 0.27 percent. In January 2025 it was still 0.61 percent per annum.
The Swiss National Bank lowered its key interest rate by 0.25 percentage points once in March 2025, and again in June 2025. "Those changes resulted in lower bank interest rates. That affected both regular savings accounts and pillar 3a savings accounts, after some delay," clarifies Ralf Beyeler.
Larger banks pay less interest
It is interesting to look at the figures for 10 large and well-known Swiss banks. The average interest rate for pillar 3a savings accounts from the six countrywide Swiss banks with branch offices and the four largest cantonal banks is just 0.14 percent per annum. Of these banks, Bank Cler, Migros Bank, Raiffeisen, and Valiant pay the most interest for pillar 3a savings account balances, at 0.20 percent per annum. Postfinance and the Banque Cantonal Vaudoise pay the least, with 0.05 percent interest per annum.
"Moving your pillar 3a savings to different bank is simple and does not require you to change your main bank that you use for everyday banking," comments Ralf Beyeler.
Do not underestimate the compounding interest effect
Many savers underestimate the effect of interest compounding. An example based on a monthly payment of 500 francs into a pillar 3a account over a period of 30 years makes the difference more clear: If you earn 0.05 percent interest per year, on average, you will have total pillar 3a savings of 181,353 francs at the end of the 30 year term. If you earn one percent interest per year, on average, you will have 209,666 francs. That is over 28,000 francs more.
Investing in securities can yield higher returns
Over long terms, investing your pillar 3a savings in securities can deliver much higher returns. Online-only pillar 3a asset management services, in particular, offer broadly-diversified portfolios with relatively low fees.
If you were to pay 500 francs into a pillar 3a investment solution and earn an average return of 5.5 percent per year, you would end up with 445,000 francs after 30 years. However, it is also possible to make a much smaller return if markets develop negatively.
The value of securities can fluctuate in a big way. There is also a risk of losing money. However, if your money remains invested over very long terms, markets may well recover from negative fluctuations. Still, investment-based pillar 3a solutions are not a good fit for all retirement savers. Many people get nervous when the value of their assets sinks. Some even sell their investments out of panic. "For these customers, pillar 3a savings accounts are generally a better option, in spite of the low yields," says Ralf Beyeler.
Methodology
For this report, independent online comparison service moneyland.ch analyzed the interest rates of pillar 3a savings accounts using data from the interactive pillar 3a savings account comparison. The interest rates of 93 pillar 3a account providers served as the basis for the analysis.
The average interest rate across pillar 3a accounts is the unweighted, arithmetic average across all 93 service providers in October 2026.
You can see all pillar 3a account offers, with their interest rates and fees, in the interactive pillar 3a account comparison.
