- Keep about 3 months of expenses in an account available straight away, 6 months if your income is variable.
- With the SNB at 0%, an emergency fund earns almost nothing, wherever you put it: that is the price of safety.
- The real lever: invest what exceeds the reserve, rather than chasing a few tenths of a percent.
How much to keep
About 3 months of expenses for an employee with a stable income, rather 6 months with a variable income, a single salary in the family or self-employment. Count your real fixed costs: rent, insurance premiums, taxes, loans, food. Example: with 7'000 francs of spending a month, a 3-month reserve is about 21'000 francs.
This reserve saves you from two expensive things: selling your investments at the wrong moment, and borrowing, for example with a consumer loan, when something unexpected happens.
What the options pay in 2026
With the SNB policy rate at 0% since mid-2025, no risk-free option pays much. The average savings account was around 0.1% in early 2026, with a few offers reaching about 1%. And inflation was 0.8% in August 2026: your reserve loses a little purchasing power, which is the price of having it available.
| Option | Availability | Worth knowing |
|---|---|---|
| Savings account | Immediate, sometimes with a withdrawal limit | The simplest. Low, variable rates, worth comparing |
| Term deposit | Locked for the chosen period | A rate known in advance, but the money is no longer a reserve during that time |
| Money market fund in francs | Within a few days | Pays roughly the SNB rate minus its fees: around zero in 2026 |
| Current account | Immediate | Often no interest: handy for one month of spending, not for the whole reserve |
SNB policy rate: 0%, kept on 24 September 2026. Average savings account rate: Moneyland, January 2026.
The real lever: do not keep too much
On a 20'000-franc reserve, half a point more interest earns about 100 francs a year. Investing the money that sits idle beyond the reserve earns far more over 20 years. Finding the best savings account is worth a few minutes. But what matters is not leaving in an account the money you will not need for years: see the risk of not investing.
Three safety rules
- Stay under CHF 100'000 per bank: that is the amount guaranteed per client and per bank if it fails.
- Separate the reserve from your current account: a separate account you do not see every day stops you dipping into it for ordinary spending.
- Not in the stock market, not in the 3a: the reserve must be available straight away, with no risk of a fall and no lock-in.
Going further
Check the withdrawal conditions. Some savings accounts limit withdrawals without notice, for example to a few tens of thousands of francs a year. For a reserve, that matters more than the rate.
Readjust once a year. If your spending rises, so does your reserve; if it has grown beyond what you need, invest the surplus, for example in your 3a or an ETF.
Just arrived? Building the reserve comes first, even before the 3a: the first months in Switzerland often bring deposits, a rent guarantee and furniture. The order of the steps is in the 5 first moves.
Is your reserve in place?Your 3a gives you back part of every contribution in tax.
Work out my savingYour next step
To do, at your own pace:
Path “The basics” · step 2 of 8
Frequently asked questions
How much should I keep as an emergency fund?
About 3 months of expenses for an employee with a stable income, rather 6 months with a variable income, a single salary for the family or self-employment. Beyond that, money left idle loses purchasing power.
How much does a savings account pay in 2026?
Very little: with the SNB policy rate at 0%, the average savings account was around 0.1% in early 2026 according to Moneyland, with a few offers up to about 1%. Inflation was 0.8% in August 2026.
Is my money protected if the bank fails?
Yes, up to CHF 100'000 per client and per bank, thanks to the deposit guarantee (esisuisse). Above that, splitting your reserve between two banks is generally enough.
Can I keep my emergency fund in the stock market?
No. An emergency fund must be available immediately and safe from falls: it is precisely when markets fall that you are most likely to need it, for example after losing your job.
Should part of my reserve be in my home currency?
If you have regular expenses in another currency, a mortgage, family support or a planned move, keeping part of the reserve in that currency avoids converting at a bad moment. Otherwise, francs are the natural choice.
Sources: SNB, monetary policy assessment of 24 September 2026 (policy rate, inflation, forecast) ; Moneyland, analysis of savings account rates (January 2026) ; Banking Act art. 37a and esisuisse (deposit guarantee) ; BVV 3 / OPP 3 art. 3 (3a withdrawal).