Do you want to cut the cost of banking? This moneyland.ch guide provides the most important information about free accounts from Swiss banks, and explains the possible costs that can still apply.
Many Swiss bank customers pay basic, ongoing fees for their bank accounts. But there are a number of banks that offer free bank accounts.
What is a free bank account?
A free bank account is a bank account that does not have a basic, ongoing annual or monthly fee. But these accounts can still generate costs, as you may pay incidental fees for certain services. Fees vary between banks, so comparing offers is important.
Which banks offer a free private account?
Free bank accounts for young customers and students are widely offered in Switzerland. You can learn more about these in the guides to youth accounts and student accounts.
But there are also some Swiss banks that offer free private accounts for adult customers.
Among others, the Swiss banks listed below offer private accounts without basic account fees. The list does not include accounts for which the fees are only waived if additional criteria are met.
There are also Swiss neobanks that offer private accounts without any basic, ongoing account fees. Examples include:
Note that many of these banks also have paid accounts in addition to their free account offers.
Are there paid private accounts that are free of charge if certain conditions are met?
Yes. Some banks waive the basic account fees of their paid private accounts if you meet certain criteria.
Swiss banks that waive account fees under certain conditions
| Bank | Criteria for waiver of basic account fees |
|---|---|
| Alpian | Fees waived if you use asset management, investment advisory, or your account balance is at least CHF 50,000. |
| Basellandschaftliche Kantonalbank |
Fees waived if you use a mortgage, or have total assets of CHF 10,000 or more. |
| Graubündner Kantonalbank |
Fees waived if: 1. You use online banking, and 2. You use a debit card (at least 24 transactions per year) or a credit card, and 3. You have total assets of CHF 10,000 or more or a total volume of CHF 250,000. |
| Luzerner Kantonalbank |
Fees waived if you use a mortgage or have at least CHF 100,000 of securities in custody. |
| Raiffeisen * | Fees waived if: 1. You hold at least one share in a Raiffeisen cooperative, and 2. You receive at least CHF 1225 of incoming transfers every month, or you have savings, securities in custody, retirement savings, or a mortgage worth at least CHF 20,000. |
| Banque Cantonale Vaudoise | Fees waived if you have total assets of CHF 10,000 or more. |
* Recommendation to independent Raiffeisen cooperative banks from Raiffeisen Switzerland. Conditions vary between individual Raiffeisen banks.
Is using a free bank account completely free?
No. A free Swiss bank account does not have a basic monthly or annual account fee. You also generally do not pay fees to access online banking or to make or receive local bank transfers within Switzerland. Some banks also do not charge a basic monthly or annual fee for a debit card, while other banks do.
Even if you use a free account, the bank may still charge you fees for specific banking services. There are differences between banks, and not all bank charge fees for all of the services listed below. Fees that you typically do have to pay for even if you use a free bank account include:
Which Swiss banks offer free savings accounts?
Most banks do not charge basic account fees for savings accounts.
But you should pay attention to fees for making outgoing bank transfers from Swiss savings accounts. Typically, banks charge five francs per bank transfer. Only balance transfers from your savings account to your private account at the same bank are generally free of charge. The requirement is that both accounts are in your name. You also have to use the balance transfer function in online banking rather than making a bank transfer.
You also have to take care not to withdraw too much money from a savings account within a short amount of time. Banks have limits on how much money you can withdraw (between 5000 and 100,000 francs, for example) within a certain timeframe (between one and 12 months, for example). There are big differences in the limitations for withdrawals at different banks. If your withdrawals exceed the limit, you pay an early withdrawal penalty (typically two percent of the amount that exceeds the limit).
Are there any other free banking services?
Banking services, in addition to free private accounts and savings accounts, that may also be free of charge:
How to choose the right free bank account
It is important to choose an account that matches your individual needs. Check whether the services you need are included without additional fees. In some cases, you may have to be willing to adapt your banking habits somewhat. For example, you may have to limit yourself to making cash withdrawals at your bank’s ATMs only, even if using other ATMs may be more convenient.
It can be beneficial to have free accounts at several banks, and to use the most favorable account for each kind of banking service.
When choosing a savings account, the main thing to look at is the interest rate. But it is also important to look at the limitations for withdrawals, especially if you keep larger amounts of money in your savings account.
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