Savings accounts sit between everyday checking accounts and longer-term investments. They keep capital nominally safe (deposit insurance protects up to CHF 100,000 in Switzerland and EUR 100,000 per bank in the EU), pay variable interest that the bank can change at short notice, and are accessible within one or two business days. Many Swiss savings accounts cap free withdrawals at CHF 50,000 per calendar year — beyond that a 1–2% fee applies.
The interest you earn on a savings account is taxable. In Switzerland it is added to ordinary income; in Germany the Sparer-Pauschbetrag of EUR 1,000 per person shields the first slice each year. Because rates lag inflation in most environments, a savings account is the right home for an emergency fund (3–6 months of expenses) but a poor choice for long-term wealth building.
Compare savings accounts on three dimensions: headline interest rate, withdrawal restrictions, and how transparent the bank has been about changing the rate. A 'promo' rate that drops 80% after six months is worse than a steady-but-honest 1.2% rate. Online banks and neobanks typically pay 0.5–1.0 percentage points more than incumbent retail banks because their cost base is lower.
A saver deposits CHF 30,000 into a Migros Bank savings account paying 1.25% annual interest. Over one year they earn CHF 375 in interest, which they must declare on the tax return. If inflation is 1.5%, the real return is about –0.25%, illustrating why savings accounts protect liquidity but not purchasing power.