Medium-Term Notes March 2026: Security Remains in Demand in Zero-Interest Environment

While the Swiss National Bank (SNB) continues to hold its key interest rate at 0%, interest rates for medium-term notes in March 2026 remain stable, but with significant differences between providers.

Following the return to zero-interest policy last year, the Swiss money market has stabilized. Savers seeking a secure alternative to savings accounts are increasingly looking at medium-term notes in March 2026. While these do not offer astronomical returns, they do secure a fixed income at a time when many savings accounts barely yield any interest.

Top Rates at a Glance

Interest rates vary depending on term and institution. Our medium-term notes comparison on Nexano shows that regional banks generally lead the field, while major banks remain more conservative.

Why Medium-Term Notes Can Make Sense Now

Despite nominally low interest rates, the real return (interest minus inflation) remains an important consideration. Since inflation in Switzerland is forecast at extremely low levels of 0.2% to 0.3% in March 2026, investors achieve a genuine purchasing power gain with medium-term notes above 0.5%.

Outlook

Many market observers currently assume that the Swiss National Bank could keep its policy rate at 0% until the end of 2026. Accordingly, no significant short-term rate moves are expected for medium-term notes. If you would like to lock in the current interest rate level, you can check whether taking one out at this time makes sense. Should the economy continue to weaken, further rate cuts would also be conceivable in principle.

Use our medium-term notes comparison now and calculate your return with our medium-term notes calculator.