Taux Radar · rates as of 24 October 2026, 07:17
SARON rate today and the SNB policy rate
SARON is the reference rate behind SARON mortgages in Switzerland. Here you will find the current SARON rate, the SNB policy rate, how both have moved and what a SARON mortgage costs today, based on the rates Taux Radar records every day. We track the market for you.
First meeting at no cost, no commitment
SARON today
−0.05 %
SNB fixing of 16 October 2026
SNB policy rate
0.00 %
In force since 20 June 2025
SARON mortgage, average
1.08 %
Average of published rates, from 0.77 % to 1.49 %
Current SARON rate
At the latest known fixing, on 16 October 2026, SARON stands at −0.05 %, 0.05 pt below the SNB policy rate (0.00 %).
SARON (Swiss Average Rate Overnight) is the average overnight rate of the Swiss franc money market. Calculated and published by SIX, it is based on actual transactions and binding quotes in the repo market. At the end of 2021 it replaced CHF LIBOR as the reference rate.
The SNB does not set SARON. It sets a policy rate, introduced in June 2019, and acts to keep SARON close to it. It assesses monetary policy every quarter, in March, June, September and December.
SARON moves every day with the money market. This page shows observed values, not rate forecasts.
SARON and SNB policy rate over time
Month-end values of SARON and the SNB policy rate. First value in the series: 28 June 2019.
- SARON
- SNB policy rate
Show month-end values
| Date | SARON | SNB policy rate |
|---|---|---|
| 16 October 2026 | −0.05 % | 0.00 % |
| 30 September 2026 | −0.07 % | 0.00 % |
| 31 August 2026 | −0.06 % | 0.00 % |
| 31 July 2026 | −0.05 % | 0.00 % |
| 30 June 2026 | −0.04 % | 0.00 % |
| 29 May 2026 | −0.06 % | 0.00 % |
| 30 April 2026 | −0.05 % | 0.00 % |
| 31 March 2026 | −0.07 % | 0.00 % |
| 27 February 2026 | −0.08 % | 0.00 % |
| 30 January 2026 | −0.07 % | 0.00 % |
| 31 December 2025 | −0.08 % | 0.00 % |
| 28 November 2025 | −0.05 % | 0.00 % |
| 31 October 2025 | −0.05 % | 0.00 % |
| 30 September 2025 | −0.05 % | 0.00 % |
| 29 August 2025 | −0.06 % | 0.00 % |
| 31 July 2025 | −0.03 % | 0.00 % |
| 30 June 2025 | −0.03 % | 0.00 % |
| 30 May 2025 | 0.21 % | 0.25 % |
| 30 April 2025 | 0.20 % | 0.25 % |
| 31 March 2025 | 0.21 % | 0.25 % |
| 28 February 2025 | 0.43 % | 0.50 % |
| 31 January 2025 | 0.43 % | 0.50 % |
| 31 December 2024 | 0.45 % | 0.50 % |
| 29 November 2024 | 0.94 % | 1.00 % |
| 31 October 2024 | 0.95 % | 1.00 % |
| 30 September 2024 | 0.96 % | 1.00 % |
| 30 August 2024 | 1.22 % | 1.25 % |
| 31 July 2024 | 1.21 % | 1.25 % |
| 28 June 2024 | 1.22 % | 1.25 % |
| 31 May 2024 | 1.45 % | 1.50 % |
| 30 April 2024 | 1.44 % | 1.50 % |
| 28 March 2024 | 1.46 % | 1.50 % |
| 29 February 2024 | 1.70 % | 1.75 % |
| 31 January 2024 | 1.70 % | 1.75 % |
| 29 December 2023 | 1.70 % | 1.75 % |
| 30 November 2023 | 1.70 % | 1.75 % |
| 31 October 2023 | 1.70 % | 1.75 % |
| 29 September 2023 | 1.71 % | 1.75 % |
| 31 August 2023 | 1.71 % | 1.75 % |
| 31 July 2023 | 1.70 % | 1.75 % |
| 30 June 2023 | 1.71 % | 1.75 % |
| 31 May 2023 | 1.44 % | 1.50 % |
| 28 April 2023 | 1.42 % | 1.50 % |
| 31 March 2023 | 1.42 % | 1.50 % |
| 28 February 2023 | 0.94 % | 1.00 % |
| 31 January 2023 | 0.95 % | 1.00 % |
| 30 December 2022 | 0.94 % | 1.00 % |
| 30 November 2022 | 0.46 % | 0.50 % |
| 31 October 2022 | 0.47 % | 0.50 % |
| 30 September 2022 | 0.44 % | 0.50 % |
| 31 August 2022 | −0.20 % | −0.25 % |
| 29 July 2022 | −0.19 % | −0.25 % |
| 30 June 2022 | −0.20 % | −0.25 % |
| 31 May 2022 | −0.69 % | −0.75 % |
| 29 April 2022 | −0.70 % | −0.75 % |
| 31 March 2022 | −0.70 % | −0.75 % |
| 28 February 2022 | −0.70 % | −0.75 % |
| 31 January 2022 | −0.70 % | −0.75 % |
| 31 December 2021 | −0.68 % | −0.75 % |
| 30 November 2021 | −0.68 % | −0.75 % |
| 29 October 2021 | −0.69 % | −0.75 % |
| 30 September 2021 | −0.67 % | −0.75 % |
| 31 August 2021 | −0.72 % | −0.75 % |
| 30 July 2021 | −0.72 % | −0.75 % |
| 30 June 2021 | −0.72 % | −0.75 % |
| 31 May 2021 | −0.73 % | −0.75 % |
| 30 April 2021 | −0.73 % | −0.75 % |
| 31 March 2021 | −0.72 % | −0.75 % |
| 26 February 2021 | −0.73 % | −0.75 % |
| 29 January 2021 | −0.73 % | −0.75 % |
| 31 December 2020 | −0.73 % | −0.75 % |
| 30 November 2020 | −0.72 % | −0.75 % |
| 30 October 2020 | −0.72 % | −0.75 % |
| 30 September 2020 | −0.71 % | −0.75 % |
| 31 August 2020 | −0.71 % | −0.75 % |
| 31 July 2020 | −0.70 % | −0.75 % |
| 30 June 2020 | −0.66 % | −0.75 % |
| 29 May 2020 | −0.66 % | −0.75 % |
| 30 April 2020 | −0.66 % | −0.75 % |
| 31 March 2020 | −0.67 % | −0.75 % |
| 28 February 2020 | −0.71 % | −0.75 % |
| 31 January 2020 | −0.70 % | −0.75 % |
| 31 December 2019 | −0.66 % | −0.75 % |
| 29 November 2019 | −0.71 % | −0.75 % |
| 31 October 2019 | −0.73 % | −0.75 % |
| 30 September 2019 | −0.75 % | −0.75 % |
| 30 August 2019 | −0.75 % | −0.75 % |
| 31 July 2019 | −0.75 % | −0.75 % |
| 28 June 2019 | −0.74 % | −0.75 % |
SNB policy rate changes
Effective date, new rate and change for each move in the policy rate.
| Effective date | New rate | Change |
|---|---|---|
| 20 June 2025 | 0.00 % | −0.25 pt |
| 21 March 2025 | 0.25 % | −0.25 pt |
| 13 December 2024 | 0.50 % | −0.50 pt |
| 27 September 2024 | 1.00 % | −0.25 pt |
| 21 June 2024 | 1.25 % | −0.25 pt |
| 22 March 2024 | 1.50 % | −0.25 pt |
| 23 June 2023 | 1.75 % | +0.25 pt |
| 24 March 2023 | 1.50 % | +0.50 pt |
| 16 December 2022 | 1.00 % | +0.50 pt |
| 23 September 2022 | 0.50 % | +0.75 pt |
| 17 June 2022 | −0.25 % | +0.50 pt |
| 13 June 2019 | −0.75 % | Policy rate introduced |
SARON mortgages: what lenders publish
Every day, Taux Radar records the SARON rates published by Swiss banks, insurers and pension funds. Here are the average, the range and the trend, lender margin included. An average by type of lender is shown only when at least three institutions publish a SARON rate.
1.08 %
Market average
StableRange of published rates
0.77 %1.49 %
Average published only when at least three institutions offer the term
Published SARON rates range from 0.77 % to 1.49 %, while SARON today is −0.05 %. The gap largely reflects each lender’s margin.
Average SARON mortgage rate over time
- SARON mortgage
- 5-year fixed
SARON mortgage by type of lender
- Large and online banks0.97 %
How a SARON mortgage rate is calculated
Compounded SARON
Lender’s margin
Your SARON mortgage rate
A SARON mortgage rate equals the compounded SARON over the interest period, plus the lender’s margin. Compounded SARON accumulates the daily fixings of the period, so the final rate is only known at the end of the period.
The margin is set in the framework agreement, which most often runs for 2 to 5 years. In most contracts a negative SARON counts as 0%: you then pay the margin alone. Margin and terms vary from one lender and one application to another.
Example of interest cost
On a mortgage of 800’000 CHF, the average of 1.08 % represents 8’640 CHF in interest per year, or 720 CHF per month.
Illustrative example, interest only, excluding amortisation. Your rate will depend on your application.
SARON mortgage or fixed rate: today’s gap
A fixed rate locks in your rate for the chosen term. A SARON mortgage follows the money market. Here is what each fixed term costs today, on average, against the SARON mortgage.
- 2-year fixed rate
1.57 %
The 2-year fixed rate costs 0.49 pt more than the SARON mortgage on average today.
- 5-year fixed rate
1.78 %
The 5-year fixed rate costs 0.70 pt more than the SARON mortgage on average today.
- 10-year fixed rate
1.96 %
The 10-year fixed rate costs 0.88 pt more than the SARON mortgage on average today.
This gap shows what the market asks today to lock in a rate. It changes every day and says nothing about where SARON will go next.
The right choice depends on your horizon, on whether you could absorb a rise in rates and on how long your plans run. An advisor can work through both scenarios with you, with no commitment.
SARON frequently asked questions
What is the SARON rate today?
According to the SNB data portal, SARON stands at −0.05 % (fixing of 16 October 2026). The SNB policy rate is 0.00 %. SARON mortgages tracked by Taux Radar average 1.08 % (indicative rates, lender margin included).
Who calculates SARON?
SIX Swiss Exchange calculates and publishes SARON (Swiss Average Rate Overnight) every business day, based on actual transactions and binding quotes in the Swiss franc repo market. It replaced CHF LIBOR as the reference rate at the end of 2021. The SNB does not set SARON: it sets its own policy rate.
What is the difference between SARON and the SNB policy rate?
The policy rate is decided by the SNB, in principle every quarter. SARON is a market rate, calculated every day from actual transactions. The SNB acts to keep SARON close to its policy rate, though the two are not always identical.
Why is my SARON mortgage rate higher than SARON?
SARON is only a reference rate. Your mortgage rate adds the compounded SARON of the period and your lender’s margin, which is set in the framework agreement. The margin varies from one lender and one application to another.
What happens when SARON is negative?
In most contracts a negative SARON counts as 0%. You then pay the lender’s margin. The exact terms are those of your framework agreement, which an advisor can go through with you.
When does the SNB review its policy rate?
The SNB assesses monetary policy every quarter, in March, June, September and December, and then decides whether to keep or change its policy rate. The exact dates are in its official calendar. This page contains no rate forecasts and shows the effective date of each change.
Sources
- Swiss National Bank (SNB), data portal data.snb.ch: SARON and policy rate
- SIX Swiss Exchange: calculation and publication of SARON
- Taux Radar by RealAdvisor Finance: SARON rates published by lenders, collected daily
Indicative, non-binding figures, taken from the rates published by Swiss institutions. They are neither a financing offer nor personalised advice. The rate you are offered depends on your application and on the lender’s agreement. Taux Radar methodology