Swiss Neobank Cost Comparison

Neobanks have become a steady fixture in the Swiss banking landscape. Cards from neobanks that have exceptionally low foreign transaction costs are particularly popular. Multiple moneyland.ch analyses have shown that nearly all neobanks have lower costs than conventional Swiss banks. But how do neobanks compare with each other in terms of costs?

moneyland.ch compared the cost of making purchases and cash withdrawals both in Switzerland and abroad (in euros, US dollars, and Thai baht), including exchange rate markups, using the neobanks Alpian, Coop Finance Plus, Kasparund, Neon, Radicant, Revolut, Wise, Yapeal, Yuh, and Zak. In a second analysis, moneyland.ch also accounted for bank accounts and interest rates. The moneyland.ch study did not account for possible additional services like consultation and insurance benefits.  

Important factors for choosing a neobank

Most of the neobanks included in the comparison have offers that do not have basic account fees, and these accounts performed the best in the cost comparison. Some neobanks offer premium packages that have annual fees in addition to their packages with no basic fees. These paid offers are also included in the comparison. Benefits included in premium packages include things like cheaper cash withdrawals and insurance coverages.

Quality of service is also a consideration when choosing the right neobank, but it is difficult to measure. “The cheapest offer is not always the best offer for each person. Some customers place more importance on user-friendliness, features, and quality customer service than on costs,” says moneyland.ch managing director Benjamin Manz.

Card comparison: Radicant is now the cheapest

For the comparison of neobank cards, moneyland.ch used the following profile: Purchases in Switzerland totaling 10,000 francs per year using the neobank card, plus the equivalent of 2000 francs of foreign purchases each in euros, US dollars, and Thai baht. Additionally, the profile user makes one cash withdrawal at a Swiss ATM and a total of six cash withdrawals at foreign ATMs.

moneyland.ch accounted for the possible costs over a period of one year. In addition to possible foreign transaction fees, the foreign transaction costs also account for markups over the interbank currency exchange rate. Currency exchange markups are calculated by moneyland.ch based on sampling across all of the analyzed neobanks and currencies on 16 different dates in May and June 2024. The different costs (basic fees, cash withdrawals, costs of foreign transactions, and one-time fees) are shown individually in Table 1.

The results show that Swiss neobank Radicant is the cheapest, with total costs of 45.40 francs with a physical card, or 35.40 francs without a physical card. Second in line is foreign neobank Wise, with costs totaling 51.55 francs.

These are followed by Revolut Standard (67.95 francs), Kasparund (79.55 francs), Neon Free (79.55 francs), Yapeal Loyalty (80.65 francs), Coop Finance Plus (84.95 francs), and Yuh (102 francs). Alpian is also affordable, with total annual costs as low as 72.25 francs (customers who use Alpian’s digital asset management service or have an account balance of 50,000 francs or more do not pay basic, ongoing fees).

The premium packages from Neon, Revolut, and Yapeal are somewhat more expensive, but include additional services.

Zak (267.80 francs of total costs) and Zak Plus (331.80 francs) are the most expensive offers in the neobank card comparison. “But the costs are still low compared to conventional banks,” says Manz.

Comparison 1: Neobank cards only

* Radicant: The one-time fees are 10 francs lower if you do not require a physical card.
** Alpian: Basic account fees range between 0 and 180 francs per year. Basic account fees are waived for two years for customers under the age of 26. Customers who use Alpian’s asset management services or have a minimum of 50,000 francs in their Alpian account do not pay basic ongoing account fees.

Second comparison: Cards and accounts

For the second comparison, moneyland.ch used this profile: Card use as per comparison one; additionally, the user receives their salary and pays bills using their neobank account. The user receives 20 incoming bank transfers and makes 50 outgoing transfers each year. Additionally, the user creates a standing order for the rent on their home. The profile assumes that the user has an average account balance of 10,000 francs, of which 5000 is in their savings account or the nearest equivalent of a savings account, when available. Interest earned on all interest-yielding account balances is accounted for.   

Only Swiss neobanks give you a bank account with a Swiss bank account number. Foreign neobanks Revolut and Wise do not have any offers that include a Swiss bank account. Swiss neobank offers Yapeal Loyalty (no basic account fee) and Kasparund do give users a Swiss bank account number, but the account cannot be used to pay bills or to make outgoing bank transfers to other people’s accounts. For that reason, those offers are not included in the card and account comparison.

The comparison results show that Radicant is the cheapest neobank, with annual costs totaling -54.60 francs (accounting for interest earned). If a physical card is required, the total costs are -64.60 francs. Thanks to interest earned, users matching the profile used would receive 54.60 francs on top of the amount required to cover the costs.

Alpian is the second-cheapest for customers who also use its digital asset management service, are younger than 26, or have at least 50,000 francs in their account. Customers who meet these criteria end with a net positive of 2.75 francs after covering the costs. Customers who do not meet the criteria for a basic account fee waiver pay between 90 and 180 francs more.

Next in line are Neon Free (34.55 francs of costs per year), Coop Finance Plus (39.95 francs), and Yuh (52 francs).

More expensive neobanks include Zak (152.80 francs), Neon Metal (191.95 francs), and Zak Plus (216.80 francs). But these are still much more affordable than many conventional bank accounts.  

Comparison two: Neobank cards and accounts combined

The total costs account for basic ongoing fees, cash withdrawal fees, foreign transaction costs, one-time costs, and interest earned.
* Radicant: The one-time fees are 10 francs lower if you do not require a physical card.
** Alpian: Basic account fees range between 0 and 180 francs per year. Basic account fees are waived for two years for customers under the age of 26. Customers who use Alpian’s asset management services or have a minimum of 50,000 francs in their Alpian account do not pay basic ongoing account fees.

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