These Are the Best Swiss Neobanks

The summer holiday – and the travel season that accompanies it – has begun. Cards from neobanks are substantially cheaper for making payments abroad than most credit cards from conventional banks, as multiple moneyland.ch studies have shown. But which of the neobanks has the lowest costs?

moneyland.ch compared the costs of making payments and cash withdrawals in Switzerland and outside of Switzerland (in euros, US dollars, and Thai Baht). The comparison included the neobanks CSX (Credit Suisse), Neon, Revolut, Wise, Yapeal, Yuh (Swissquote and Postfinance), and Zak (Bank Cler). In a second analysis, moneyland.ch also accounted for account-based services and interest rates.

Card transactions: Neon and Revolut are the cheapest

For the first comparison, moneyland.ch used the following user profile for calculations: Every year, the profile user uses a card from a neobank (in most cases a debit card) to make 10,000 francs of payments in Switzerland, and the equivalent of 2000 francs of transactions each in euros, US dollars, and Thai baht while traveling. The person also makes one cash withdrawal in Switzerland, and a total of six cash withdrawals at foreign ATMs.

The moneyland.ch comparison accounted for all applicable costs during one year. Calculations of foreign currency transaction costs also account for markups on interbank currency exchange rates. These markups were determined by moneyland.ch based on samplings of currency exchange rates across 12 different days in June, 2023.

The results: “Neobanks have now become established in Switzerland,” says moneyland.ch CEO Benjamin Manz. “But even between the affordable neobanks, there are still price differences.” The cheapest solutions are the Neon Free account from Swiss neobank Neon, and the Standard account from foreign neobank Revolut. Both of these have total costs of 57 francs for users matching the profile.

Next in line are foreign service provider Wise and the Loyalty account from Swiss neobank Yapeal, both with total costs of 69 francs. The most expensive neobank accounts for this user profile are Zak Plus (318 francs) and CSX Black Debit Mastercard (264 francs).

* Total costs are rounded to the nearest 1 franc
** Neon has a standard one-time fee of 10 francs for newly-issued cards. This fee is waived when you open an account via moneyland.ch and various other channels.

Card transactions and bank accounts: Yuh is the cheapest

For the combined comparison of card transaction and bank account costs, moneyland.ch used this user profile: The profile user makes the same card transactions as in the first comparison, but they also receive their salary and pay their bills with their neobank account. The profile user receives 20 incoming bank transfers and makes 50 outgoing bank transfers per year. They also have a monthly standing order for their rent. The average balance of their private account is 5000 francs. Calculations account for interest earned on their account balance.

Only Swiss neobanks offer bank accounts with Swiss bank account numbers. Foreign financial service providers Revolut and Wise do not offer Swiss bank accounts. The Loyalty account from Yapeal has a Swiss bank account number, but cannot be used to pay bills or to transfer money to other bank accounts. For these reasons, those offers were not included in this comparison.

The results: Yuh is the cheapest, with total costs of 51 francs per year after deducting interest earned. It is followed by Neon, with 57 francs of total costs. Yapeal, with total costs of 111 francs, takes third place. The most expensive accounts are Zak Plus (281 francs) and CSX Black Debit Mastercard from Credit Suisse (264 francs).

* Total costs are rounded to the nearest 1 franc

Differences in features and transparency

Most of the neobanks included in the comparison have offers that do not have basic account fees. These accounts rank the highest in the cost comparisons. But in addition to these accounts with no basic account fees, some neobanks also offer premium accounts that have annual fees. These are also included in the comparisons. Advantages of premium accounts include lower cash withdrawal fees and additional features.

For example, Neon offers a sustainable account with a 60-franc basic annual account fee. Holders of this account indirectly finance the planting of trees. Accounts with payment cards made out of metal are offered by Neon (180-franc basic annual account fee) and Revolut (191.90-franc basic annual account fee).

There are also differences in transparency. Revolut is particularly lacking in this regard, as pricing and other conditions for Swiss customers are not communicated clearly, and in some cases can only be obtained through the mobile app.

More on this topic:
Neobanks in Switzerland: A comprehensive guide