The Swiss National Bank has cut the threshold factor used to remunerate sight deposits for account holders subject to minimum reserve requirements to 13.5 from 15, with effect from 1 August 2026. The underlying calculation method is unchanged: for these account holders, the threshold remains the moving average of minimum reserve requirements over the preceding three years multiplied by the applicable factor, while other sight deposit account holders continue to face a fixed threshold. Sight deposits up to the threshold are remunerated at the SNB policy rate, while balances above the threshold are remunerated at the SNB policy rate minus a discount. Sight deposits held to meet minimum reserve requirements are not remunerated. The SNB said the lower factor is intended to offset the rise in thresholds caused by the increase in minimum reserve requirements from 1 July 2024, in order to maintain effective monetary policy implementation and support an active money market. It added that the adjustment does not change the current monetary policy stance.
Swiss National Bank2026-06-22
Swiss National Bank lowers sight deposit remuneration threshold factor to 13.5 from 1 August 2026
The Swiss National Bank will lower the threshold factor for remunerating sight deposits of account holders subject to minimum reserve requirements to 13.5 from 15 from 1 August 2026. The calculation basis is unchanged, and other sight deposit account holders keep a fixed threshold. The move is meant to offset threshold increases linked to the 2024 rise in minimum reserve requirements and does not alter the monetary policy stance.