In recent years, online banking has become very popular and offers are increasing.
Between the online bank accounts from traditional banks and the Swiss virtual banks (neobanks), you are spoilt for choice.
As a result, you may not know which one to pick and that’s understandable!
Suggesting the “perfect” Swiss online bank is not easy because on one hand, offers are constantly changing (this article was updated in March 2024) and on the other hand, the choice of your future bank is a personal decision that has to be made according to your own situation.
This is why it is difficult to establish an objective ranking of Swiss online banks.
So, before going on to our comparison of Swiss online banks, we’ll invite you to ask yourself a few questions and we’ll give you the elements to take into account when making your choice.
The qualities of a solid Swiss online bank
A big general advantage of online banks is that they have the potential to make the banking experience more enjoyable, transparent, simple and advanced.
However, not all online banks are created equal as the usability, functionality and services offered vary from bank to bank.
Moreover, the perfect Swiss online bank does not exist. If it did, it would probably have all the qualities listed below, but today you will have to settle for a middle ground based on the qualities that attract you most.
- No charge for opening an account
- No account maintenance fees
- Free debit card
- High quality (reliable, ergonomic, intuitive) and secure mobile application
- Free bank transfers in Switzerland but also in the SEPA zone
- Geographical availability of ATMs offering free withdrawals
- Bunch of useful features (live push notifications, eBill, categorisation of expenses, quick download of account statements,…)
- Accessible online and telephone support
- Physical presence (branches) when needed
- Adherence to the deposit guarantee scheme (your money is guaranteed in case the bank fails)
Questions to ask yourself when choosing a Swiss online bank
Sit back, it’s time to ask yourself some questions.
As we said in the intro, the best Swiss online bank for me, or your neighbour’s, will not necessarily be the best option for you. It is a personal choice, depending on your needs and expectations.
So, you will have to ask yourself some questions when establishing your personal Swiss online bank ranking.
What are the conditions for opening an account and for getting it for free?
For example, is there a minimum monthly income required for access?
How important is the proximity of your bank and an advisor to you?
Even if a 100% online bank offers 24-hour remote support, this support is rather impersonal and you may prefer a face-to-face relationship with a dedicated advisor.
Do you need a credit card?
Compare the different offers in terms of fees and services. Will you have enough with a “basic” credit card, or do you need the extra services offered by premium credit cards?
Do you withdraw cash often?
If so, consider a bank that offers free withdrawals at many ATMs, including competing ATMs.
Would you like to save with this bank?
If so, which savings products are you interested in? Don’t forget to compare rates, as they vary widely from one bank to another.
Would you like to invest or take out a loan with this bank?
If so, a bank with a branch near you is probably best. But again, fees and commissions vary from bank to bank, and some banks will specialise in one financial product rather than another.
What age group are you in?
Offers often differ depending on your age, income or employment status. Some banks have offers that are more suitable for young people, while others target professionals with higher incomes.
How important is it to you to manage your account via a mobile app?
The mobile apps of traditional banks (when they offer them) are improving, but they are still far behind neobanks in terms of ergonomics and functionality.
Are you comfortable with managing your bank account only on your smartphone?
This is often the case with neobanks…
Do you often have to make transfers outside the Euro zone?
Beware of exchange rates and transfer fees of traditional banks!
Do you often travel outside the SEPA zone?
Think about withdrawal/payment fees abroad!
Do you want to block bank overdrafts or do you want the authorised overdraft option?
If you prefer the latter, compare the overdraft fees charged by the different banks, as well as the fees for exceeding the overdraft.
Finally, will this bank be your primary or secondary bank?
The expectations and services needed will obviously be different. For your main bank, it is probably in your interest to choose a Swiss online bank that is well established, so that you have access to a personal advisor in case of doubt or need for more complex financial services (loans, investments, savings, etc.). Whereas for a secondary bank (for travel or for your daily expenses, for example), 100% online banks and neobanks are probably more attractive, due to their free and easy-to-use features.
Our comparison of Swiss online banks
Given the differences between the services offered by the “traditional” Swiss banks with an online offering and the Swiss neobanks, it seemed more logical to compare them separately.
🔎 Note also that the data in our tables correspond to the “basic” offers of the various banks. Most of them also have offers adapted to different targets (students, young workers, self-employed, …), or more complete “Premium” offers.
Traditional Swiss banks with an online offer
| Migros | Valiant | UBS e-banking | |
| Free account | Free account opening and maintenance (from CHF 7,500) | Free account opening but maintenance starts at CHF5/month | Free account opening but maintenance starts at CHF5/month |
| Free withdrawals in Switzerland | Yes, at Migros ATMs and associated shop registers | Yes, at Valiant ATMs | Yes, at UBS ATMs |
| Free debit card | Yes. Visa Debit | Yes. Mastercard | No. Paid – CHF50/year (Visa or Mastercard) |
| Credit card available | Yes: Visa or Mastercard (premium available) | Yes: Visa or Mastercard (premium available) | Yes: Visa or Mastercard (premium available) |
| Branch offices | Yes | Yes | Yes |
| Financial product offer | Comprehensive: Investments, credits, mortgages… | Comprehensive: Savings, investments, pensions, financing | Comprehensive: Investments, pensions, mortgages… |
| Digital offer | E-banking & mobile app | E-banking & mobile app | E-banking & mobile app |
Best Swiss neobanks
| Zak | Neon | CSX (Crédit Suisse) | Yapeal | Yuh | |
| Free account | Free account opening and maintenance | Free account opening and maintenance | Free account opening and maintenance | Free account opening and maintenance | Free account opening and maintenance |
| Free withdrawals in Switzerland | Yes, at Cler ATMs | Yes, 2 free withdrawals per month | No. CHF2 at Credit Suisse ATMs (free with their Premium plans) | No. CHF2 all over Switzerland | Yes, 1 free withdrawal per week |
| Free debit card | Yes. Visa Debit | Yes, Mastercard (but one-off payment of CHF10 “for the plastic”) | Yes. Mastercard | Yes. Visa (but CHF7 issuing fee) | Yes. Mastercard |
| Credit card available | No | No | Yes (3 plans) | No | No |
| Branch offices | Yes (Cler) | No | Yes (Crédit Suisse) | No | No |
| Financial product offer | Limited: Pension | No | Comprehensive: Investments, savings, mortgage, pension (Credit Suisse) | Limited: 3a pension | Savings and investments |
| Bank licence (security of your money) | Yes: Cler Bank | No. But funds insured by Hypothekarbank Lenzburg | Yes: Crédit Suisse | No. Fintech License | Yes: Swissquote |
Your next Swiss online bank: a final word
As you can see, choosing the best Swiss online bank is a personal task for which you will have to make compromises.
On the one hand, opting for the online offering of a traditional Swiss bank has the advantage of offering the support, physical presence, security, and range of financial products of that bank. But these advantages usually come with higher fees and a digital platform that is less user-friendly and offers fewer features.
On the other hand, Swiss neobanks are free or cheaper (in Switzerland and abroad) and focus on offering a user-friendly application with more advanced features. But this usually means little or no physical support, advice and more complex financial products. Plus, it’s all on your smartphone. Not everyone loves it.
Finally, neobanks are a revolution, but they remain 100% virtual and they (and therefore you) are never safe from a hacker attack or a bug that makes the application unavailable. Therefore, we recommend that you do not put all your eggs in one basket and turn to a neobank mainly as a secondary bank. Indeed, because of their free features and benefits abroad, they are perfect as a free Swiss online bank for your daily expenses and travel.
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