)
You’ve just arrived in Switzerland, set up your salary account, and paid your first bills. But now the question arises: What should you do with the money still sitting in a savings account abroad in euros, dollars, or pounds? Should you transfer it to Switzerland? And if so, can you even earn a return on it?
There’s no one-size-fits-all answer, it depends entirely on your personal situation. Differences between savings accounts are significant. And for expats managing money in multiple currencies, choosing the right account is essential.
This article explains which savings accounts are worth considering in 2025, what to look for when comparing them, and how to find one that suits your currency needs and financial goals.
Table of Contents
- Can expats open a Swiss savings account?
- Which is the best savings account in Switzerland?
- How to compare Swiss savings accounts properly
- Key points explained
- Swiss savings account overview
- Is saving still worth it despite low rates?
- Three common scenarios and how a savings account can help
- Conclusion: The best savings account for expats? The one that fits your life.
Can expats open a Swiss savings account?
Short answer: Yes. With a Swiss residence permit, a local address, and valid ID, it’s usually very straightforward often fully digital.
Many banks, especially digital providers, allow you to open an account via app. Traditional banks may still require a branch visit. Important: most banks require a Swiss address. If you're still abroad, you can usually prepare the account but may need to submit documents later.
Which is the best savings account in Switzerland?
Short answer: It depends on your needs and currencies. If you want to hold multiple currencies and need flexibility, a multi-currency account is often the best option.
Interest rates on CHF savings accounts average around 0.35 % in 2025. For EUR or USD, rates can go up to 2.0 %, but this comes with exchange rate risk. For example, if you earn interest in USD but later need CHF or EUR, currency fluctuations may affect your returns.
Some savings accounts support foreign currencies like EUR or USD. Providers like Alpian offer interest on CHF, EUR, and USD, paid out monthly. Key questions to ask yourself:
How long do you plan to keep the money in savings?
Will you need access to a specific currency later?
Are withdrawal limits a concern for you?
How to compare Swiss savings accounts properly
Not all interest rates are created equal, especially when tied to conditions or restrictions. A meaningful comparison should consider the following factors:
Key points explained
Interest rate: How much will you earn? Not all accounts offer the same rate. Some use tiered systems, others cap interest after a certain balance. Check whether the rate is fixed or subject to change.
Interest payment: Monthly or yearly? In Switzerland, interest is typically credited once per year usually on December 31. Some banks, like Alpian, pay interest monthly. This can improve your return thanks to the compounding effect.
Access: How fast can you get your money? Traditional accounts often have withdrawal limits, e.g. 25’000 CHF/month. Exceeding that may require advance notice or trigger penalty fees. Digital accounts tend to have clearer rules, though not always more flexibility.
Fees: Are there hidden costs? Some savings accounts are only free if linked to a personal account or if a minimum balance is maintained. Fees can also apply for inactivity or paper statements. Always read the fine print.
Deposit protection: Is your money safe? In Switzerland, deposits up to 100,000 CHF per person and per bank are protected by esisuisse. If you plan to save more, consider spreading your funds across multiple banks.
Swiss savings account overview
Important: There is no one-size-fits-all solution. Depending on your life stage, savings volume, and flexibility needs, certain accounts may suit you better.
Note: The rates, currencies, and conditions in this table are based on publicly available information (as of May 2025) and are subject to change. This overview is for informational purposes only and does not constitute a product recommendation or financial advice. Please verify current conditions directly with the bank.
Is saving still worth it despite low rates?
Yes, especially if you pay attention to fees, access conditions, and interest. While returns are lower than in the past, a savings account still offers stability and security. For people with international lives, it's often the smartest way to maintain liquidity without unnecessary risk.
Three common scenarios and how a savings account can help
Scenario 1: “I want to set money aside but keep access.”
You’re saving for a move and want to stay flexible without waiting 3 months to withdraw. Look for accounts without withdrawal restrictions that still offer good rates.
Scenario 2: “I’m saving for a house in my home country.”
Ideally, you’ll want the funds in EUR or USD without constant currency conversions. A multi-currency savings account can help, especially if you can convert within the app. Look for interest on foreign currencies and check how the exchange rate is managed.
Scenario 3: “I want to manage everything digitally.”
No branch visits, everything from your phone. Key points to check: how does onboarding work? Is the app multilingual? How responsive is customer support? Simplicity is great but not at the cost of security or service.
Conclusion: The best savings account for expats? The one that fits your life.
As an expat navigating life in Switzerland, a reliable savings account isn’t just a product, it’s a tool for clarity, control, and financial peace of mind.
Alpian offers a solution tailored for this:
CHF, EUR, and USD in one place
Monthly interest for real compounding
No withdrawal limits or penalty fees
Fully digital, multilingual, and user-friendly
)
Open your free multi-currency bank account in only 10 minutes.
)
)
)
