Comparison of 3rd pillar A accounts
The bank-based 3rd pillar A account is a form of tied pension provision in which assets are held in a blocked savings account, subject to an interest rate set by the financial institution. This type of account doesn’t offer high returns but ensures capital security and strong stability. It’s often used to hold assets over the short or medium term, particularly in anticipation of early withdrawal (such as for purchasing a home or becoming self-employed).
Conditions vary from bank to bank, particularly in terms of interest rates, online services and administrative flexibility. The table below compares the offers available in 2025.
3rd Pillar A Capital Calculator
| Service provider | Interest rates september 2025 |
Term capital |
|---|
What's the best 3a account?
In September 2025, the highest interest rate on 3a accounts is offered by the Caisse d'Epargne d'Aubonne (CEA) à 1.25%followed by Acrevis with 1.2%, and Allianz at 1%.
Beyond the interest rate, it’s essential to consider other factors, such as administrative flexibility and especially early withdrawal fees, which can reach up to CHF 500 depending on the bank. These fees are often overlooked but can significantly reduce the effective return in the case of a short-term withdrawal.
Contribution limits
In 2025, it will be possible to pay out the following amounts in tied personal pension plans:
- Employees affiliated to a pension fund: Up to CHF 7,258 / year
- Self-employed or employees not affiliated to a pension fund: 20% of income, maximum CHF 36,288
3a pension fund comparison
Conservative profile
- Fund
- TER%
- Actions%
- Management
- Perf. 3 years
- Perf. 5 years
- Perf. 10 years
Descartes Index 20
0.40%
20%
Passive
5.09%
0.97%
2.41%
Zurich Invest II - Target Investment Fund 25 C
25%
Active
-0.02%
2.32%
–
Migros Bank (CH) Fonds 25 V
0.93%
25%
Active
-0.02%
2.32%
–
Swiss Life Investment Foundation BVG-Mix 25
0.59%
25%
Active
UBS AST BVG-25 Aktiv Plus I-A1
25%
Active
15%
Active
1.74%
BEKB Strategiefonds Nachhaltig 20
1.18%
20%
Active
1.5%
–
1.13%
25%
Active
1.28%
1.74%
1.32%
Pax (CH) Sustainable Portfolio 25 ALV T
1.06%
25%
Active
1.86%
3.03%
1.69%
Balanced profile
- Fund
- TER%
- Actions%
- Management
- Perf. 3 years
- Perf. 5 years
- Perf. 10 years
Swisscanto (CH) IPF III Vorsorge Fonds 45 Passiv
0.04%
45%
Passive
5.67%
–
40%
Active
–
BCVs / WKB (CH) flex Pension 65 IP
0.95%
45%
Passive
5.67%
–
Swiss Life Investment Foundation BVG-Mix 45
0.59%
45%
Active
4.65%
40%
Passive
1.88%
–
Baloise LPP-Mix 40 Plus
40%
Active
1.40%
45%
Active
1.20%
50%
Active
3.54%
2.76%
1.09%
50%
Active
2.28%
6.17%
3.70%
Aggressive profile
- Fund
- TER%
- Actions%
- Management
- Perf. 3 years
- Perf. 5 years
- Perf. 10 years
Swisscanto (CH) IPF III Vorsorge Fonds 95 Passiv
0.40%
95%
Passive
11.09%
–
AXA (CH) Strategy Fund - Global Equity
0.16%
95%
Passive
4.21%
12.61%
–
Generali Multi Index 100
0.26%
100%
Passive
3.9%
11.7%
–
Helvetia Allegra 85 R1
1.03%
85%
Active
6.66%
–
75%
Active
–
75%
Active
–
PF Pension - ESG 100 Fund
1.27%
100%
Active
3.27%
–
1.30%
100%
Active
2.83%
9.90%
5.67%
AXA (CH) Strategy Fund Swiss Equity
0.39%
100%
Active
1.71%
8.51%
–
AXA (CH) Strategy Fund Sustainable Equity
0.26%
100%
Active
1.80%
9.97%
–
What should I bear in mind when choosing a 3a fund?
Investment horizon
Pillar 3a is a long-term investment. The more time you have before retirement, the more risk you can afford to take—especially by investing in funds with a high equity allocation.
The general rule is: the farther you are from retirement, the higher your equity allocation should be. As you approach retirement (within 5–10 years), your strategy should be adjusted, and the equity portion reduced to minimize risk. On the other hand, if you plan to withdraw funds within the next 5 years, it’s advisable to place that money in a 3a pension savings account.
Management type
Passive funds replicate an index (such as the SMI, for example) and are generally low-cost. They are well suited for a long-term strategy with reduced fees.
Active funds, on the other hand, aim to outperform the market through active stock selection. Some have succeeded in generating superior performance over 3 to 5 years, but they come with higher fees. However, despite occasional successes, the majority of active funds fail to consistently beat the market after fees are taken into account.
Fees
Fees directly reduce the performance of your savings. The best passive funds have TERs of around 0.4%while some active funds exceed 1%.
What types of 3rd pillar plans are available?
3rd pillar A
The 3rd pillar A is available in two types Pillar 3a bank and Pillar 3a in insurance. In banking, you can opt for a 3a savings account fixed-rate mortgages, which are safe but not very profitable, or for 3a pension fundinvested in the stock market with higher return potential but no capital guarantee.
On the insurance side, Pillar 3a takes the form of alife insurance mixedwhich combine savings with coverage in the event of death or disability. There are also fund-linked formulasto capture market returns, and flexible models customizable with various protection modules. Each3rd pillar insurance has its advantages depending on the policyholder's profile, investment horizon and objectives.
3rd pillar B
The 3rd pillar B is part of the individual pension plan freeunlike the 3rd pillar A, which is related subject to strict tax and withdrawal conditions. Pillar 3b covers all savings and insurance products that are not governed by the specific legislation of Pillar 3A: unrestricted life insurance, savings accounts, securities deposits and so on. It is not limited in amount, is not restricted to persons domiciled in Switzerland, and can be terminated at any time.
Unlike Pillar 3A, the tax benefits of the 3rd Pillar B are very limited and depend on the canton.
Frequently asked questions
Key elements to compare are: fees (TER), investment strategy (passive or active), equity component, payment flexibility, early withdrawal options, and insurance coverage and capital guarantee (if applicable).
Your choice should reflect your investment horizon, your risk tolerance and your possible need for insurance (death/disability risks).
The bank-based 3rd pillar focuses on pure savings and investment, offering great flexibility. The insurance-based 3rd pillar combines savings with risk coverage and guaranteed capital.
The choice between a 3a in a bank or insurance will therefore depend on your profile and goals.
The short-term risk is higher, but over a longer long horizon (15 to 30 years), equity funds have historically generated superior returns. Younger investors are therefore often advised to opt for a more dynamic allocation, provided they can accept temporary fluctuations.
With a high equity allocation, you face a significant risk of capital loss in the event of a stock market crash.
Yes, it is even recommended. It allows you to stagger withdrawals at retirement (to limit the progressive impact of taxes), diversify fund managers, and tailor strategies according to your goals. The law permits multiple accounts, as long as the total contributions stay within the annual contribution limit.
Equity funds (especially index funds or ETFs) are ideal for a long-term horizon, as they offer the best return potential. For conservative profiles or those nearing retirement, mixed or bond funds are more suitable. The choice depends on the level of risk you’re willing to take and the time remaining until retirement.
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