Pillar 3a comparison: account, fund or securities?

A pillar 3a comparison is not about ranking providers but about the right dimensions: form of investment, costs, flexibility and the balance between security and return potential. Which weighting fits depends on your investment horizon and personal risk profile. This article explains what to look out for in a pillar 3a comparison in 2026.

To take account of demographic change, the pension system will have to be adjusted in the future. These changes mainly concern the financing of pensions. It remains a challenge to maintain the current pension level in the 1st and 2nd pillars in Switzerland’s 3-pillar system.

To ensure a secure financial retirement, it is therefore crucial that individuals take personal responsibility and plan accordingly. Voluntary saving in the 3rd pillar has become a cornerstone of personal retirement planning.

Pillar 3a serves as a solution to close pension gaps in the 1st and 2nd pillars. However, the large number of investment options makes the decision a complex one. We have therefore compared the various pillar 3a investments for you in terms of return potential, risks and fees. The comparison will help you find your personal investment strategy.

The most important facts in brief

• Pillar 3a is the private pension plan in Switzerland and is becoming increasingly important.
• A pillar 3a comparison comes down to four dimensions: form of investment, costs, flexibility and the balance between security and return potential.
• Maximum contribution 2026: 7,258 francs with a pension fund, up to 36,288 francs without a pension fund (source: FSIO, as of 2026).
• New 3a buy-back: since 1 January 2025, the revised OPP 3 ordinance allows missed pillar 3a contributions to be bought back. Only gaps from 2025 onwards are eligible, the first buy-back is possible in 2026 (retroactively for 2025), and the ten-year window only builds up over the years (source: FSIO, as of 2026).
• 3a savings accounts pay interest of around 0.27 percent on average in 2026 (source: moneyland.ch, 2026), with a range of roughly 0.05 to 1.25 percent.
• With a longer investment horizon and a higher equity component, higher return potential can be tapped over the long term, combined with larger value fluctuations.
• Contributions to pillar 3a are deductible from taxable income in every form of investment, so the tax advantage applies regardless of the solution chosen.

What should you look out for in a pillar 3a comparison?

Whether savings account, securities savings or fund account: if you are looking for the best investment for you, you first need to know which points to compare. These differ depending on the type of investment. One thing up front: Everon deliberately does not rank providers. The comparison meant here concerns the dimensions you can use to assess the right solution yourself.

The 3a savings account in comparison

With some providers, opening a pillar 3a savings account is generally only possible if other products are taken out with the bank, such as a private account. In addition, regional banks sometimes only offer 3a savings accounts to customers who live in the bank’s region.

In addition, the following points should be taken into account when making a comparison:

• Interest: A savings account is a safe investment, but the returns are very low. Nevertheless, the comparison is worthwhile, because the interest rates for 3a savings accounts range from about 0.05 to 1.25 percent in 2026, averaging around 0.27 percent.
• Account fees: Normally, no account management fees are charged. However, there are differences in the other fees. These are incurred, for example, in the event of closure on retirement and can amount to up to 100 francs.
• Fees for provider change: This is usually carried out free of charge. However, some providers charge up to 100 francs.
• Fees for early withdrawal: There are sometimes considerable differences between providers. The reason for the early withdrawal, for example taking up self-employment, acquiring owner-occupied property or moving abroad, plays a major role. The amount of the fees ranges from 0 to about 600 francs. In particular, moving abroad is associated with high fees at some providers and can cost as much as 950 francs. Read more about this in the article on the 3a payout.

3a funds and 3a securities solutions in comparison

Those who focus on returns with their 3rd pillar will invest in shares. When looking for the optimal investment strategy, it is important to keep in mind that investing in individual stocks is not possible in pillar 3a. This means: no trading as in a free custody account. Since pension assets must be invested in a diversified manner, only 3a funds or 3a investment strategies can be considered.

With 3a funds, performance and fees are responsible for success. The following details should therefore be compared when making a selection:

• Performance: Successful investments in the stock market require a long-term investment horizon in order to compensate for price fluctuations. The performance of 3a funds varies widely depending on the equity allocation, which makes a comparison worthwhile. Funds with a high equity allocation fluctuate more, but over long terms offer higher return potential than pure accounts.
• Total Expense Ratio (TER): This key figure reflects all ongoing costs of the fund that are incurred outside of the front-end load. The TER of 3a funds ranges from about 0.60 to 1.50 percent annually. Because the TER directly reduces the net return, it is one of the most important comparison figures.
• Issue fee and redemption fee: Even if these fees are only incurred once, they have an impact on the total return. Here, fees totaling 0 to 1.5 percent can be expected.
• Custody fees: The provider market has been on the move in recent years. With custody account fees at around 0 to 1 percent annually, a comparison is recommended here too.

How much interest does a 3a account earn in 2026?

In 2026, the interest rates for 3a savings accounts average around 0.27 percent (source: moneyland.ch, 2026). The interest level has thus weakened further compared with previous years: at the start of 2025, the average was still around 0.61 percent. Rates above 1 percent are the exception, while some providers pay only around 0.05 percent.

Inflation in Switzerland is low in 2026, at around 0.6 percent year on year as of May 2026 (source: FSO, 2026). Even at this low rate, an average 3a interest rate of 0.27 percent means that the purchasing power of the balance is barely preserved in real terms. The ratio of interest to inflation varies over the years, but meaningful real wealth accumulation through a pure savings account is rare.

The advantage of 3a interest accounts is thus limited to that of a low-risk investment. A noteworthy return can only be achieved with a certain degree of risk. Long-term comparisons show that with sufficient diversification and an investment horizon of more than ten years, investments in the stock market have produced a positive return over such periods in the past. Past results are not a guarantee of future performance, however.

How does a pillar 3a investment develop over time?

The differences between the forms of investment become clear in a model example. The following overview compares the development of a deposit of 10,000 francs over various terms. These are historical comparison figures for illustration, not a forecast.

Payout after term of ..	Interest account (average interest in the respective terms)	Fund defensive (up to 15 percent shares, example Zürcher Kantonalbank)	High-opportunity fund (up to 45 percent equities, example Zürcher Kantonalbank)
5-year term (2017 to 2022)	10’000	9’827	11’757
10 years maturity (2012 to 2022)	10’513	11’521	15’883
20-year term (2002 to 2022)	12’213	15’101	18’536

What role does the equity component play for retirement provision?

The above comparison illustrates in particular the following past results:

• Interest accounts are suitable for keeping funds safe in the short term. If liquidity is needed in the near future, there is no risk of having only a reduced capital available due to price drops.
• Over an investment horizon of 10 years, taking inflation into account, pure interest investments usually result in a real loss in value.
• The level of the equity component is a key factor in determining possible returns.
• Low proportions of equities and high proportions of fixed-income securities do not protect against price losses in the case of short maturities.

With investment strategies too, it is helpful to look at the past. This is no guarantee for the future. It does, however, show how an asset management company has worked in recent years. Comparison is made more difficult by the fact that not all providers openly communicate their performance.

Providers, products, risk and taxes: further comparison points

As developments in Switzerland’s neighbouring countries also show, the pension system faces further adjustments. These include an increase in the retirement age. The pension funds also have to face the challenges. The conversion rate essentially determines the amount of the retirement pension: the pension fund balance is multiplied by this rate to calculate the pension. Many pension funds are forced to reduce the conversion rate.

Private pension provision is therefore becoming the key to a financially secure retirement. To ensure that the return is right, comparing pension products and providers is crucial. Below are basic points to look out for when comparing.

Bank or insurance company: key differences

For many years, life insurance was considered an essential component of a private pension plan. However, the market has changed and thus the importance of 3a insurance policies has decreased accordingly.

The reasons for this are:

• Insurance policies can generate hardly any appreciable returns on the invested capital due to their investment regulations.
• All insurance benefits have to be financed by contributions, which place an additional burden on the return.
• The costs of an insurance policy are less transparent than those of bank products.
• Separate coverage of risks is usually cheaper than a combination of insurance and savings.

Bank products are focused on asset growth. The focus is therefore on how much capital will be available at retirement, and how securely.

Which products fit my personal investment strategy?

Strategies are not necessarily good or bad. Rather, they must fit the personal requirements. The choice of products is therefore crucial.

The main differences between the products are:

• 3a retirement account as an interest account: It is the simplest solution with a high degree of security. The returns are very low, but investors at least generate tax savings. Although the assets are not covered by the deposit guarantee, they fall into the second bankruptcy class in the event of bankruptcy (maximum 100,000 francs per insured person). This means investors are served immediately after wages and pension fund contributions and before all other creditors. 3a savings accounts are a suitable solution, especially for investors with a short-term investment horizon, in order to take advantage of tax benefits.
• 3a funds: Funds offer investors with a longer investment horizon higher return prospects and tax-free dividends.
• 3a investment strategies: This provides investors with asset management within pillar 3a. The portfolio can also be implemented with direct securities on the stock market. Innovative digital asset management already allows an investment from assets of CHF 30,000.
• 3a insurance: The policy combines insurance protection, for example in the event of death, with a savings investment for old age. As described above, the separation of insurance coverage and retirement savings is today usually more efficient and more transparent in terms of costs.

How do risk and retirement provision go together?

The investment options within pillar 3a are associated with different risks. In principle, the same applies here as is generally the case with all investment strategies: more opportunities for returns also mean increased risk. However, avoiding all risk is not always the best approach. Rather, the investment risk must match the personal risk profile. Asset management companies offer structured procedures to help find the right investment strategy.

In principle, it can be said: the longer the investment horizon, the lower the investment risk associated with price fluctuations and the better the return tends to be. Price slumps have generally been offset again for maturities of around ten years or more with appropriate diversification. However, the closer retirement approaches, the more one should switch to low-risk strategies.

Individual asset strategy

3a investment strategies such as those offered by Everon allow for a match with personal wishes and needs. In this context, sustainable investments (ESG), for example, have gained in importance.

Domicile of the pension company

The tax rate is largely determined by the cantons. Therefore, foreigners should consider the domicile of the pension company. If they leave Switzerland before retirement, the tax rate of the canton in which the pension company is domiciled will apply.

Are there alternatives to pillar 3a?

If you are a trader on the stock market, you will not be able to do much with the investments on the capital market within pillar 3a. However, this does not argue against pillar 3a, but rather for a sensible division of assets and retirement planning.

• Take advantage of tax benefits with pillar 3a: Tax savings are an essential part of retirement planning. These tax advantages, which are missing with free investments, would first have to be earned there. Furthermore, the different marginal tax rates in the different phases of life are optimally exploited. Tax advantages are particularly effective in periods of higher income, i.e. during working life. Tax burdens, in turn, are mitigated by a low tax rate when income is lower, as in retirement.
• Take advantage of extended return opportunities with free investments: There are plenty of desirable goals before retirement too. Since pillar 3a is limited to a maximum annual amount, it is also important to use free capital investments to save capital for later years.
• Buy back contribution gaps retroactively. With the revised OPP 3 ordinance, in force since 1 January 2025, missed 3a contributions can, under certain conditions, be bought back, in addition to the annual maximum amount. Only contribution gaps from 2025 onwards are eligible; gaps that arose before 2025 remain excluded. The first buy-back is possible in 2026 (retroactively for 2025), and the retroactive window then grows year by year up to a maximum of ten years (source: FSIO, as of 2026). This opens up new planning options for savers who have gaps from 2025 onwards.

Are savings accounts soon suitable for a long-term investment after all?

In 2026, interest rates on savings deposits are low and close to or below inflation. A look at the past shows that pure savings accounts have only generated satisfactory returns for short-term or at most medium-term maturities. As long as the interest level remains low, real wealth growth through a savings account remains limited. For long-term asset accumulation, capital market investments therefore belong in every pillar 3a solution.

Frequently asked questions about the pillar 3a comparison

What matters most in a pillar 3a comparison?

Four dimensions: the form of investment (savings account, 3a fund or securities solution), the costs (interest, TER, custody and withdrawal fees), the flexibility (switching, early withdrawal, moving abroad) and the balance between security and return potential. Which weighting fits depends on your investment horizon and personal risk profile.

Savings account or securities solution in pillar 3a, which is better?

Neither form is generally better. A 3a savings account offers high security but little yield: in 2026 the average interest rate is around 0.27 percent. A securities solution with an equity component offers higher return potential but fluctuates in value. For short horizons the account often makes sense, for horizons beyond ten years securities tend to fit better.

How high is the pillar 3a maximum contribution in 2026?

In 2026, employed persons with a pension fund may pay in up to 7,258 francs. Employed persons without a pension fund, such as the self-employed, can pay in up to 20 percent of their earned income, but no more than 36,288 francs. The amounts are set annually by the Federal Social Insurance Office (as of 2026).

Is a 3a savings account still worthwhile in 2026?

As a short-term, safe place to park pension money, yes, because the tax advantage applies regardless of the form of investment. As a long-term investment, the account is weak: the average interest rate of around 0.27 percent is close to or below inflation, so little real wealth is built up.

Which costs should I look at in a pillar 3a comparison?

With a savings account, mainly withdrawal and switching fees. With fund and securities solutions, the ongoing total expense ratio (TER) as well as any custody, issue and redemption fees. Because costs directly reduce the net return, a careful comparison of fees is decisive, especially over long terms.