SNB lowers threshold for sight deposit remuneration
The Swiss National Bank (SNB) has lowered the threshold factor for remunerating sight deposits from 16.5 to 15. This adjustment, effective March 1, 2026, aims to maintain effective monetary policy implementation and support an active money market.
Remuneration threshold factor lowered
The SNB is lowering the threshold factor for remunerating sight deposits from 16.5 to 15, effective March 1, 2026. This applies to account holders subject to minimum reserve requirements.
The calculation basis for the threshold remains a moving average of minimum reserve requirements over three years, multiplied by the factor.
Deposits up to the threshold are remunerated at the SNB policy rate, while those above receive the policy rate minus a discount.
Deposits held for minimum reserve requirements are not remunerated.
Counteracting previous adjustments
This adjustment counteracts an increase in thresholds that resulted from a raising of the minimum reserve requirement on July 1, 2024. The SNB states that the change ensures effective monetary policy implementation and supports an active money market.
The central bank regularly reviews its remuneration of sight deposits and will make further adjustments if needed.
Technical, not directional
This adjustment is a technical recalibration rather than a shift in monetary policy direction.
While it ensures operational effectiveness, it does not signal any change in the SNB's broader stance.
For market participants, this reinforces the SNB's commitment to a stable money market framework.