Swiss Bank Accounts for Teenagers Explained

Many Swiss banks have special bank accounts for teenagers and young adults in their product lineups. These accounts offer many advantages over the standard accounts for adult customers.

What are the advantages of youth accounts compared to normal accounts?

Benefits vary between banks, but typical advantages of Swiss bank accounts for teenagers over regular accounts for adults include:

• No basic account fees for private accounts: You do not pay a monthly or annual account fee for your private account.
• No basic annual fees for cards: You get a debit card without an annual card fee. Some banks also give a prepaid card with no annual fee to customers aged 14 or older (aged 12 or older at some banks). Some banks give you a credit card with no annual fee (typically from age 18 onwards, with good creditworthiness).
• No fees for cash withdrawals: Some banks let youth account holders make cash withdrawals at all Swiss ATMs without any fees. That is a benefit because the standard adult private accounts from most Swiss banks have a fee for withdrawing money at ATMs belonging to other banks.
• Higher interest: There interest rates of private accounts and savings accounts for young people are higher than those of regular accounts for adults. This higher interest rate usually only applies to the part of your account balance that falls below a certain threshold – typically between 10,000 and 50,000 francs.
• Discounts: Many banks have special benefits for teenagers and young adults, such as discounts at certain restaurants and other merchants. Holders of youth accounts from some Swiss banks get benefits like free entries for cinema, a 50-percent discount on the Swiss Half Fare Card from the SBB/CFF, or free use of public transportation.

Important: Each individual bank has its own terms and conditions. Not all of the benefits listed above apply to all banks.

Up to what age can I use a youth account?

The age limits vary between banks. Customers of some banks can only use youth accounts up to the age of 20, while other banks have age limits of up to 30 years old.

What happens when I grow older and pass the age limit?

When you reach the age limit, the bank converts your youth account into a different kind of account. Some banks do this right on your birthday, while others only convert your account at a later date such as the beginning of the next calendar year.

Which kind of account you get after reaching the age limit depends on both which bank you use, and your personal situation:

• If you are still completing your education when you reach the age threshold, many banks will convert your youth account into a student account. Student accounts have the same or similar benefits and fees as youth accounts.
• Some banks have special accounts for people who are just beginning a career. Normally, these accounts have lower fees than standard accounts for adults. But they still have fees, and do not have the special perks that you get with youth accounts.
• Some banks will automatically convert your account to a standard adult account.

Do I get debit cards and credit cards with a youth account?

Youth accounts typically come with a debit card that does not have any annual card fee. Banks normally issue debit cards for customers that are 14 years old or older, though the exact age requirements for debit cards vary between banks.

While the debit cards that you get with youth accounts do not have annual card fees, that does not mean that using them is completely free. Banks may charge fees for cash withdrawals at other banks’ ATMs, or foreign transaction fees for using your card to make payments to foreign merchants.

Some banks also give you a credit card with your youth account. To be eligible, you must be at least 18 years old and have good creditworthiness. Not all customers are eligible for a credit card. Many Swiss banks offer prepaid cards as an alternative.

The credit cards and prepaid cards that come with youth accounts do not have any annual card fees. But you may be charged fees for cash withdrawals at ATMs and/or for using your card to pay merchants outside of Switzerland.

Is a youth account better than a regular account from a bank or neobank?

A youth account will have advantages compared to a standard adult bank account at the same bank.

However, it is impossible to make a blanket statement that applies across all banks. It depends on the exact offer and on your individual needs. In some cases, a standard account from one bank or neobank could be more attractive than a youth account from a different bank.

Are youth accounts free?

Youth accounts are often advertised as being free, and it is true that many of the fees that apply to regular bank accounts do not apply to youth accounts. But there are still certain fees that may apply.

While each bank has its own terms and conditions, fees that can apply include:

• Fees for withdrawing money at ATMs that do not belong to your bank.
• Fees for withdrawing money outside of Switzerland.
• Fees for making bank transfers from your savings account.
• Fees for international bank transfers.
• Fees for using your debit card to pay foreign merchants (online or when traveling outside of Switzerland).
• Markups on currency exchange rates.
• Fees for physical bank account statements on paper.

What is the difference between a private account and a savings account?

A private account – sometimes called a checking account, personal account, or current account – is designed for everyday financial transactions. In addition to receiving incoming transfers like salaries, a private account can also be used to pay bills. A private account can be linked to a debit card that you can use to pay at physical and online stores and to withdraw money from your account.

Important: Do not use your savings account to pay bills, because banks generally charge high fees for bank transfers from savings accounts. Only transfers from your savings account to your private account at the same bank are generally free of charge.

Some Swiss banks offer youth savings accounts that have higher interest rates than their regular savings accounts for adults. Here, you should note the threshold up to which the preferential interest rate applies (10,000 or 20,000 francs, for example). Also make sure to look at the limitations on withdrawals.

As with normal savings accounts, most Swiss banks do not charge any basic account fees for youth savings accounts.

Tip: The interactive private account comparison and savings account comparison on moneyland.ch include all accounts for people with your birth year – including youth accounts if applicable.

What should I know about bank packages?

Many Swiss banks offer bank packages. These typically bundle a private account, a savings account, a debit card, and a credit card. Most Swiss banks do not charge any monthly or annual fees for their youth bank packages.

Tip: The bank package comparison on moneyland.ch lets you compare bank packages that include savings accounts, private accounts, debit cards, and credit cards to find the best solution for your banking needs.

More on this topic:
Compare Swiss savings accounts now
Compare Swiss prepaid cards now
Compare Swiss bank packages now
Gift accounts for children explained
A guide to Swiss student accounts