Guide to Choosing Your Deposit Account: How to Identify the Best One for You

Lapo Zarina
Oct 20
3 min read

Selection criteria and comparison of the best deposit accounts Switzerland

If you are looking for a safe place to grow your savings without taking risks, Swiss deposit accounts are the ideal solution. They offer capital security and a guaranteed return.

However, with the increase in market offerings, choosing the account best suited to your needs can become complicated. The key is not to focus only on the highest interest rate, but to evaluate the offer as a whole.

Here are the essential criteria for an informed decision.

1. Rates and Yield: Don't Just Look at the Number

The interest rate is the engine of your deposit account, but its analysis requires attention to two elements:

Gross vs. Net Interest Rate

The advertised rate (gross) is not the interest you will actually see in your account. You must always consider the tax impact. In Switzerland, you must take into account the Withholding Tax on interest income.

Tip: For an in-depth look at taxation, read our post: What Taxes Are Paid on Deposit Accounts in Switzerland?

Fixed vs. Variable Rate

Fixed Rate: Guarantees that your return remains unchanged for the entire duration of the contract, offering maximum predictability.
Variable Rate: Can increase or decrease based on bank decisions or market trends, offering earning potential in a rising rate environment, but also the risk of reduction.

2. The Liquidity Factor: Restrictions and Capital Access

The most important decision concerns your need to access money. If you anticipate needing the funds in the short term, liquidity is fundamental.

Unrestricted Account (Free)

Offers maximum freedom. You can withdraw the entire capital at any time without penalties. It is the ideal solution for your emergency fund. The downside is a generally lower interest rate.

Fixed-Term Deposit (Restricted Account)

Involves immobilizing the capital for an established duration (e.g., 12, 24, or 36 months). In return, the bank offers a higher rate. Caution: early withdrawal almost always entails significant penalties and the loss of accrued interest.

Tip: For a detailed explanation, consult our guide: Fixed-Term Deposit: What It Means?

3. Security and Deposit Guarantee

In Switzerland, deposit accounts are considered extremely safe instruments thanks to the deposit guarantee system (Esisuisse).

Coverage: The law protects deposits up to 100,000 CHF per client per bank.
Selection Criterion: Always ensure that the bank you choose adheres to the Swiss deposit guarantee system, although most institutions do.

4. Duration and Savings Goal

The duration of the restriction must be aligned with your financial goal.

Savings Goal	Ideal Duration	Recommended Account Type
Emergency Fund	Immediate (Maximum Liquidity)	Unrestricted Account
Short-Term Purchase (e.g., car in 6-12 months)	6 – 12 months	Short-Term Fixed Deposit
Medium-Term Goals (e.g., house down payment in 2-3 years)	24 – 36 months	Medium-Term Fixed Deposit
Diversification/Top Returns	Over 36 months	Long-Term Fixed Deposit

5. Costs and Accessory Conditions

A good deposit account should have minimal or no costs for its management.

Opening/Management Fees: Most deposit accounts do not charge annual fees. Check for any hidden costs for opening, closing, or sending documentation.
Minimum/Maximum Amounts: Some high-yield accounts impose a high minimum deposit or only offer the best rate up to a certain maximum amount. Verify that the offer suits the sum you intend to deposit.

Checklist: How to Choose the Most Suitable Deposit Account

Choosing a deposit account is not gambling, but a logical process that considers your needs for liquidity and return.

Define the Goal: What will the money be used for? (Emergency, future purchase, pure return).
Establish Liquidity: How many months (or years) can you do without those funds?
Compare the Net Rate: Calculate the effective return, considering the Withholding Tax and any potential costs.
Verify Security: Confirm Esisuisse coverage (up to 100,000 CHF).
Check the Details: Analyze minimum/maximum amounts and penalties in case of early withdrawal.

The Most Effective Way to Choose:

Manually analyzing the best offer by checking every bank's website can take hours. The most efficient and transparent solution is to use a specialized comparator.

Using the KreditSOS comparator allows you to: