Swiss Banks Show Deficits in Online Account Opening

Digitization may be all the rage, but opening a bank account online at many Swiss banks as a new customer is still impossible, or is only partially possible. The independent comparison service surveyed Swiss banks about the possibility of opening private accounts, savings accounts, and pillar 3a accounts online.

The results show that around one-third of the conventional banks included in the survey offer online account opening for private accounts. Online account opening for savings accounts and pillar 3a retirement accounts is much less widely offered. Only nine out of 31 conventional banks let you open a stand-alone savings account without a private account via their websites or mobile apps. Only seven of the 31 banks let you open a pillar 3a account online. Swiss living outside of Switzerland are the most affected by the lack of digital account-opening solutions. Practically all banks only open accounts for non-residents in person at a branch office in Switzerland.

“By failing to offer online account opening, many banks are missing out on a chance to onboard new customers,” believes moneyland.ch CEO Benjamin Manz. For him, it is clear that the future of banking is digital. That also applies to opening Swiss bank accounts.

Opening private accounts online is only possible at two out of every three banks

Of the 31 conventional Swiss banks included in the survey, 19 banks let new customers open a private account for financial transactions online (see Table 1). The moneyland.ch survey primarily included larger Swiss banks. It is likely that many smaller banks also do not yet offer online account opening. Neobanks, by definition, only let you open an account online. For that reason, they are not mentioned as a separate category in this study.

19 banks offer a fully-digitized online account opening process. This typically requires a self-portrait or a video call interview. Two other banks let new customers apply and complete the identification process online, but a signed form must be sent to the bank by mail or brought to a branch office in person before the account can be opened.

Seven banks let you apply for an account online, but the account-opening process is done by mail. New customers must sign the forms that they receive by mail and return the signed form to the bank by mail along with a copy of their ID. In many cases, a certified ID copy is required.

“Most consumers today expect to be able to open an account online without having to sign and send papers,” says Ralf Beyeler from moneyland.ch. “Nearly two-thirds of the banks included in our analysis now offer a fully-digital account opening process without paper,” says Beyeler.

Many Swiss banks are working towards introducing online identification in the future. The Glarner Kantonalbank, Thurgauer Kantonalbank, and Urner Kantonalbank all told moneyland.ch that they expect these services to launch at some point in 2024. The Zürcher Kantonalbank plans to introduce fully-online account opening process without the need to sign documents by hand in the future.

Lack of digitization in account opening processes for savings accounts

Opening a savings account online is generally possible at 17 of the 31 conventional banks. But only ten banks let consumers open a savings account without also opening a private account or bank package. “Many banks require you to visit a branch office to open a savings account without a private account or bank package,” says Ralf Beyeler from moneyland.ch. While savings accounts from most banks do not have any basic account fees, private accounts and bank packages typically have ongoing fees.

Opening pillar 3a accounts online is still hardly possible

Being able to open a pillar 3a account online is even less likely than opening a savings account online. Only seven of the 31 conventional Swiss banks let new customers open a pillar 3a account online. An additional three banks do offer online pillar 3a account opening, but only when you open a private account or bank package online. “An increasing number of consumers want to be able to open a savings account or a pillar 3a account online. But in many cases, that still is not possible,” says Benjamin Manz.

Opening a Swiss bank account online is almost impossible for non-residents

If Swiss living abroad want to open an account at a conventional Swiss bank, they will normally have to visit Switzerland and go to a branch office in person. Of the 31 conventional Swiss banks included in the survey, only CA Next Bank lets customers who live in France, Germany, or Italy open an account online. Only applicants who have financial affairs in Switzerland are accepted. Applicants who live in other countries can apply for an account online, but the bank reviews these applications on a case-by-case basis.

Neobanks Yapeal and Yuh let applicants who live in countries bordering Switzerland open an account online. “That is not only advantageous for Swiss living abroad, but also for other residents of those countries who plan to move to Switzerland in the future,” says Ralf Beyeler.

Table 1: Swiss banks that let you open an account online

The table below lists Swiss banks that offer a fully online account opening process.

¹ A savings account or pillar 3a account can only be opened online in combination with a private account.
² A pillar 3a account can be applied for online, but the account-opening process is done by mail.
³ If the account is opened via the website instead of the mobile app, it is necessary to visit a post office or a Postfinance branch office to complete the account opening.
⁴ It is possible to open a savings account without a private account, but only in combination with a bank package. Bank packages have monthly fees.
⁵ You can only open a savings account online in combination with a Standard Set. The Standard Set includes a private account, debit card, online banking, and Twint.

More on this topic:
How to open a Swiss bank account online
How to open a Swiss savings account
How to open a pillar 3a account