As observed in many advanced economies during the COVID-19 pandemic, Swiss households accumulated substantial additional savings. This resulted from an unprecedented and involuntary decline in consumption concurrent with fiscal support that compensated households for their loss in income. Households accumulated between CHF 30 and 40 billion in savings in excess of what the pre-pandemic trend would have predicted. These so-called pandemic savings correspond to between 4% and 5% of the annual GDP. In this Economic Note, I show that pandemic savings were primarily invested in equities and, to a lesser extent, debt securities. Since equities and debt securities are typically long-term investments, these pandemic savings appear unlikely to translate into a consumption boom in the near term.