What is the Best Swiss Bank in 2025?
| Updated: |(Disclosure: Some of the links below may be affiliate links)
Unless you live entirely off the grid and get paid in cash, you need a bank account. But which Swiss Bank should you choose?
There are tons of Swiss banks. After all, Switzerland is the country of banks. However, contrary to popular belief, Swiss banks are not great!
Most Swiss banks are costly and offer poor service. You can find much cheaper and better banks in other countries. Fortunately, this situation is improving with new banks trying to break the status quo.
Which is the Best Swiss Bank? But first, let’s consider how to choose a bank!
How to choose a bank?
You can use many criteria to compare banks. We see the most important parameters. Of course, your needs may be different from mine. So, the best Swiss bank for me may not be the best for you!
The parameters will also depend on what you need. But here are the things most people need from a bank:
- A checking account to get their salary.
- A debit card to withdraw cash when you cannot use your credit card.
- Possibly, a savings account. But not everybody needs one. I have not used one in years.
You will also need a credit card. However, the best credit cards are not the ones you can get from a bank! I would encourage you to have a separate credit card from your bank account. If you do not know which one to choose, you can read about the best credit cards in Switzerland. So, for our comparison of banks, we will ignore credit cards.
The Base Price
First, you need to consider the price of the bank account. These days, you can find free bank accounts in Switzerland. So there is no reason to pay anything for a bank account!
You need to be aware that some Swiss banks have conditions that make it free. For instance, my current bank, Migros Bank, used to be free only as long as I had 7500 CHF in my bank account (this fee has since been waived). These limitations were not an issue for me, as I generally keep about 10,000 CHF on my account. But it could be an issue for people having less than that.
So, before you choose a bank account, you need to know how much you will keep in your account.
The price of features
The base price of a bank account is essential, but we should also consider the prices of the features.
First, you want a free debit card. You can find several banks with free debit cards, so there is no reason to pay for a debit card! You should not use it too much, of course. You should only use it to withdraw money. And you can use it if you cannot use a credit card.
Of course, you want to be able to do bank transfers in Switzerland for free! You do not want to pay extra money to pay your bills! You will also need bank transfers to send money to your broker (Interactive Brokers, for instance).
You may want cheap bank transfers in Europe in euros. This feature is not mandatory since you generally do not want to use your bank account for this. For this, you probably want to use Neon to save on fees and bad conversion rates.
Finally, you want to be able to withdraw some cash for free! There are always some cases where you will need cash, and you do not want to have to pay to get some money!
The security of the bank
Even if you do not keep much money in your bank account, you want your money to be safe.
For that, you should keep your money in a Swiss bank account. All Swiss bank accounts are insured for up to 100’000 CHF. If your bank goes bankrupt, you still get your money back.
You must ensure the money is kept in an institution with a Swiss banking license. You should not consider small startups that may not yet have a banking license.
If you are serious about security, learn how to secure your online finances!
Access to the bank services
For this one, it will highly depend on you. You need to decide how much access you want to your bank account.
Some people want an actual office with people in case they have an issue. I do not care about that. But that is not the case for everybody!
And also, sometimes, people want a local bank. They feel like they can trust a regional bank more. We have plenty of cantonal banks in Switzerland, and people seem to like them. This would be one of the last points I would use to compare the two banks. But if you want, that is something you can consider! I prefer to look at the ATMs of that bank rather than the bank itself.
Some people want a mobile application, and some, like me, prefer a web application. If you want a mobile or web application, you may want to ensure it works well, but you do not need to use your bank application a lot.
I use my bank account monthly to pay all my bills. Except for that time, I rarely check my bank account. As long as I can do that relatively quickly, I do not care how to do that. But I want to be able to do that from home.
But some people check their bank accounts daily. For these people, it is essential to have a powerful application that works well. If you are one of these people, I encourage you to find reviews of bank mobile apps and maybe demos so that you can get a feel for them.
One important thing is where you can withdraw money for free! The lack of ATMs was a big issue for me with Postfinance. There were no ATMs close to where I worked or lived where I could withdraw cash for free. This could be vital if you withdraw money often!
Features of the bank
Finally, the least important thing about a bank is its features.
You do not need anything fancy with your bank. For instance, I only use four features with my bank:
- Getting my salary in.
- Paying my bills by scanning them with my phone or computer.
- Transfer money to my broker.
- Withdraw cash from time to time.
That is it! And I do not think that people need any more features than that.
But if you need it, you could consider a few things.
One thing many people want to have is electronic bills. I do not like them. Using electronic bills will bind you with a bank. And that is bad. You want to be able to change to a new bank very easily. But some people like it and cannot live with it. So you could use that as an argument.
Some people also want to transfer transactions to their fancy budgeting tools, such as YNAB or Personal Capital. Once again, I do not think this is useful. You do not need any fancy budgeting tool. You need a simple spreadsheet. And you can even have some budget applications for free! I do not understand people willing to pay for a budgeting tool.
Managing your budget with a simple spreadsheet will take you fifteen minutes a month! But if you want, this could limit your bank choice. I do not think it is a good argument, but that is up to you!
Some banks have even more features than that. Some banks try to do your budget for you, for instance. Some banks have features to automate bank transfers between accounts. But do you need that? Ultimately, deciding which feature is worth it will be up to you.
The two Best Swiss Banks
Based on these arguments, here are the two best Swiss banks:
- Neon is the best digital Swiss Bank.
- Migros Bank is a good traditional Swiss Bank.
I decided to choose one digital bank and one standard bank. Because some people do not yet want to move to a digital bank, I can understand them. And as it turns out, there are still some great Swiss Banks!
Furthermore, digital banks currently have more limitations. So, it still makes sense to have a traditional bank account.
And, of course, there are other Swiss banks than these two. And some of them are pretty good. But I would rather not give you a list of too many banks. That would be a waste of time for you and me! There is more value in a shorter list with two good banks.
The Best Digital Swiss Bank in 2025: Neon
All the services you need to pay, save and invest, in a neat package, with extremely good prices!
Use code thepoorswiss to receive up to 100 CHF in trading credits!
- Pay abroad for free
- Invest with great fees
Neon is an entirely digital bank. That means they do not have any office that you can walk in. Of course, they have some form of customer service. But all your operations will need to go through the mobile app.
Neon does not offer a Maestro card. Instead, it provides a Mastercard prepaid card. You can use this card where you usually use a Maestro card, but there are some exceptions in places that only accept Maestro cards.
Since 2024, neon supports a joint account, neon duo. They are the first digital joint account of Switzerland. I will not go into too much detail since the features and fees are slightly different, but this is a great feature for many people looking for a good joint account.
Given its wide range of features and low price, Neon is currently the best digital Swiss bank.
If you open a Neon account, please use the code "thepoorswiss" during the registration process, and you will receive up to 100 CHF in trading credits. And I will also receive 15 CHF.
The Base Price
Price is where Neon excels! The base price of a checking account with Neon is entirely free! That’s right. You will not pay any management fees! And you do not need a specific amount of money on your account for this to be valid!
Not all operations are free. For instance, you will still have to pay to transfer money abroad or receive money in foreign currencies, but these are exceptional events.
The price of features
The price of features at Neon is also excellent! Pricing is where Neon shines compared to other Swiss banks.
You can make free payments in CHF in Switzerland. These payments are for all our bills and money transfers!
With your Mastercard, you can purchase things online and abroad in foreign currencies for free! These free purchases abroad are probably one of the most significant advantages of Neon.
If you transfer money abroad from Neon, you will profit from their partnership with Wise. So, you will also pay very low fees for transferring money to other countries.
Neon does not offer a Maestro card. Instead, it provides a MasterCard Debit. This is different from most Swiss banks. However, you may have to use cash in places that only accept Maestro. You will need to pay 20 CHF to get your card delivered.
You can also use your Neon card with Google Pay. So you can pay in many shops.
Finally, you can also withdraw money at any ATM for free! However, you only have two free ATM withdrawals per month. After this, you will have to pay 2 CHF for each withdrawal. If you are like me and trying to avoid cash, you should be more than okay with two monthly withdrawals. I generally withdraw money less than once a month.
The safety of the bank
All Swiss bank accounts are insured for up to 100’000 CHF. But Neon is not a bank. However, your funds are deposited in your name with the Hypothekarbank Lenzburg bank. This bank has a Swiss banking license.
So, as long as you do not have over 100’000 CHF, your money is fully insured!
Access to The Bank
Access to the features of the bank is entirely on your phone. That means that your bank is always in your pocket!
You can use all ATMs in Switzerland to withdraw money, which is great because this is not the case for many banks!
Another great thing is that the website is entirely translated into all national languages and English! The application itself is also available in English! If you are an ex-pat and do not yet speak one of the national languages, this could be very important to you!
Finally, customer service is available by email and by phone. But you will not be able to talk to people in person since they do not have offices for the customers.
Features
Overall, Neon has more than enough features for most people. The mobile application is excellent and very easy to use.
You can scan your bills with your phone to get the reference number! This feature can save you a lot of time, but nowadays, it is almost present in all mobile banking applications.
Also, you can easily download account statements in PDF. This feature is essential if you want to archive them! You can also receive an SMS notification when something happens to your account. This feature could be helpful.
Neon is also the only digital Swiss bank with support for e-bills. On top of that, Neon has a few extra features. For instance, you can send money directly to other Neon users.
A good traditional Swiss Bank in 2025: Migros Bank
If you prefer a standard brick-and-mortar Swiss Bank, Migros Bank is an interesting option. I am using Migros Bank as my main bank account.
I would not say Migros Bank is the best traditional bank because it has some significant issues (mostly its apps). However, options in traditional banks are not great.
You can get both individual and joint accounts with Migros Bank. The conditions are the same.
One thing you need to be aware of is that the application is not available in English. If you are an ex-pat and do not speak one of our national languages, I recommend going with Neon instead.
The Base Price
We start with the base price. Checking and savings accounts are free.
The price of features
Most of the features you use are free with Migros Bank.
First, you can make payments for free in CHF in Switzerland. So you can pay your bills and transfer money for free!
The Visa debit card is free. You must pay 30 CHF per year if you want an additional card. Their credit cards are not free either. But they are not great, so you do not wish to use them anyway!
Withdrawing money in all the places I mentioned before is free of charge. You can withdraw money as many times per month as you want! But if you want to withdraw from another ATM, you will pay 2 CHF per withdrawal.
However, SEPA payments in euros are not free! You will pay 0.30 CHF per payment in EUR abroad. I think this fee is a bit disappointing. But it should not be an issue if you do not get too many incoming payments.
You should not use the Migros Bank card to make payments abroad. They will be costly. Neon is much better for this.
The safety of the bank
Migros Bank is a licensed Swiss bank. As such, your money is protected for up to 100’000 CHF. This protection is the best security you can get for your money in Switzerland.
Access to The Bank
Since Migros Bank is a standard brick-and-mortar Swiss bank, you can access its service in offices. That means you can do transactions in the office and get customer support there. Actual customer support is the main difference with a fully digital bank.
There are plenty of Migros Bank offices in Switzerland. If you live in a city, you should have access to one. Otherwise, the nearest town should have one!
And, of course, you will also have access to the bank services through the Migros Bank mobile application. And they also have a desktop application for Windows and Mac.
Finally, if you want to withdraw money, you have many choices! You can withdraw cash with your Migros Bank debit card in:
- Migros Bank offices
- Migros shops
- Migrolino shops
- Migrol shops
- Denner shops
This list makes up many places where you can withdraw money! It takes time to get used to it since people are used to withdrawing cash from banks. But now, I always withdraw money in Migros shops.
Features
For features, nothing is missing with Migros Bank.
All the basic features are here. You can get report statements in PDF, scan bills with your phone, and access electronic bills (e-bills).
However, the mobile application of Migros is much worse than the mobile app of Neon. It is not intuitive at all. And it does not look good at all, either.
The biggest problem is what they call two-factor authentication. You need a second computer, mobile phone, or tablet with the application to validate transfers from the main. This limitation is a big issue for me because my computer runs Linux. And Migros Bank does not support Linux!
For me, this system is a big concern with Migros Bank. I had to install the application on my wife’s phone to use it. It is terrible! If you do not have two phones or a tablet and a phone, you cannot use Migros. Even if you install it on your computer, you must still install it on your phone to confirm transactions.
In 2023, they have released a new version of their apps, and it actually made everything worse. They even had to delay the upgrade because they added too many issues.
Swiss Banks Summary
We can summarize our findings with this comparison table of the best Swiss banks:
|
Best Digital Bank
|
Good traditional bank
|
|
5.0
|
4.0
|
|
Free
|
Free
|
|
|
|
|
- Pay abroad for free
- Transfer money abroad for a good fee
- Everything from your phone
- Good mobile application
- Cannot deposit cash easily
- Mobile-only
- High limits
- Good withdrawals
- Can deposit cash easily
- Mobile and desktop applications
- Expensive purchases abroad
- Expensive transfers abroad
- Poor mobile app
And here are the compared fees of both banks:
| Bank | Neon | Migros |
|---|---|---|
| Management fees | 0 CHF | 0 CHF |
| Incoming transfer | 0 CHF | 0 CHF |
| SEPA payment | 0 CHF | 0.30 CHF |
| Foreign currency or abroad payment | About 0.4% | About 2.0% |
| Foreign currency transfer | About 0.8% | About 2.0% |
Alternatives
Of all the banks I considered, these two were the best.
There is one group of banks we need to mention: cantonal banks. Cantonal banks are generally providing great value for money. I did not mention any cantonal bank in this article because they are, by definition, local banks. I would have to make one article per canton.
But for instance, the Zuger Kantonalbank provides excellent value, and so does the Freiburg Kantonalbank from my canton, Fribourg. You can read my Zürcher Kantonal Bank review for an example.
I have also reviewed other brick-and-mortar banks, such as Raiffeisen and PostFinance. And I also compared some other digital banks like Yapeal and Yuh. But they are not as good as Neon or Migros. If you want me to compare other Swiss banks, let me know in the comments below, and I will see what I can do.
What about the most famous Swiss banks: UBS (my UBS review) and Credit Suisse? These banks are not bad, but they are expensive. I do not believe they provide enough value to justify their price. So, you can get much better value for your money by using the two best Swiss banks I have outlined in this article.
Conclusion
All the services you need to pay, save and invest, in a neat package, with extremely good prices!
Use code thepoorswiss to receive up to 100 CHF in trading credits!
- Pay abroad for free
- Invest with great fees
The best Swiss bank is currently Neon. And a good traditional bank is Migros Bank.
The choice of a Swiss bank currently boils down to whether you want a digital bank. If you want a Digital Swiss Bank, you can go with Neon. If you prefer a Swiss Bank with an office, choose Migros Bank.
These Swiss Banks are cheap and offer a good amount of features.
I use both banks. I was with Migros Bank before discovering Neon. Then, I opened a Neon account to test it, and I like it. I pay all my bills on my Neon account.
Today, I would probably use Neon as my primary bank account if I had to choose. The main advantage is the mobile app, which is ten times better. However, there are a few things that keep me at Migros:
- The limits of Neon. Generally, 30’000 CHF per day should be more than enough. But there are some cases where I had to do larger transfers than this, for instance, for my downpayment. So, this limit could be a blocker for some people.
- The fact that my mortgage is at Migros Bank.
Overall, Neon is much better than Migros Bank for me, mainly because of the issues I have with the Migros Mobile Application.
Learn more about these Swiss banks with my detailed reviews:
If you want to create an account at Neon, do not forget to enter the code “poorswiss” during registration. You will receive 10 CHF once you start using your account. And I will get 10 CHF as well.
What about you? Which of these two Swiss Banks do you prefer?
More reading
wiLLBe Review 2025 – Pros & Cons
wiLLBe is an account by the LLB, in Liechtenstein, with a nice interest rate, low fees and good withdrawal limits. We review it in details.
Wise Review 2025 – Pros & Cons
Wise (formerly TransferWise) lets you hold many currencies in your account for a great price: My in-depth review will help you decide to use Wise.
Zürcher Kantonal Bank (ZKB) Review 2025
The Zürcher Kantonal Bank is the largest cantonal bank in Switzerland. It is any good? This in-depth review analyzes this bank account in detail.
Learn easy ways to optimize your finances and save thousands in Switzerland with our exclusive e-book. Learn about the most cost-effective financial services tailored for savvy residents and expats!
Get Your FREE Swiss Money-Saving Guide
Hi Baptiste.
I was looking for a valid bank alternative to UBS and considered the following digital banks (I don’t need a bank with an office):
Yuh
Radicant
Alpian
Neon free
wiLLBe
ZAK
ZAK plus
In the end, I went for Yuh because compared to Neon free it has:
0.25% interests on both CHF and EUR accounts (Neon free = 0% on both);
1 free ATM withdrawal per week (Neon free only 2/month);
no costs for the physical credit cart (Neon free charges Fr. 20.- for it).
Isn’t therefore Yuh the better option compared to Neon free?
Thanks for sharing your choice!
Yuh’s interest rate is now 0.10%.
I think one major difference that you are missing is the exchange rate on foreign currencies. At Neon, it costs 0.40% (will go up to 0.75% in May) while it costs 0.95% at Yuh. But this is not a huge difference, depending on how much you spend abroad and in foreign currencies.
Both options are good, and I think there is value in both banks.
Sure thing – I didn’t need any currency conversion or managing foreign currencies as I have Wise for my EUR account and that’s I think the best when it comes to currency exchange rates and fees. I just needed it for CHF and thus Neon wasn’t good enough because of the ATM withdrawals.
Well done for considering everything properly!
What do you think of CSX and Zak in comparison with Neon?
They are both decent banks, but in my opinion, they are both inferior to Neon. Also, we can’t open CSX accounts anymore since the merger of UBS/CS.
* Zak Review 2025: Free Bank Account from Bank Cler
* CSX Review 2025 – Digital Bank account by Credit Suisse
Thanks!
I opened an account at Migros following your advice, but the apps are not only horrible but won’t let you switch languages. Have you found a workaround for that? I’d like to have them in French instead of German.
There is actually a workaround. If you go into the app before the login, there is a button (about the app) on top right. You can click there and change the language. This is the most stupid thing, you cannot change from within the app itself and it’s not intuitive to find this feature. It took me a long time of using the app in German because of that…
if you are on iOS, there’s a way to do it directly in the systems settings > Apps > Migros Bank. There you can change the language under “preferred langage”.
Thanks for sharing, this is a great tip! It’s what is necessary to change the language of MB TWINT.
Oh great! That worked perfectly, thanks.
Is there a similar setting in the Migros Twint app? I couldn’t find it either. I remember finding a way on my previous phone that had to do with changing the app’s default language in the phone’s settings, but that option is nowhere to be found on the Samsung phone I’m using now.
Anyway thanks for the help.
There is no similar settings. You have to use the logic described by Raphael. You can go to Settings -> Apps. Then, you scroll down to MB Twint and there is a Language selector.
That’s probably the setting I remember changing on my previous phone. Sadly it is absent from the Samsung I’m currently using. Oh well…
That’s weird indeed. It works on my Samsung phone. Maybe you can ask the support or in one of their offices.
Have you looked into the “Lila set” offer from Valiant Bank? Not sure there’s an English version, but it might be a equally interesting alternative to offers like Neon’s.
https://www.valiant.ch/clients-prives/paiements-paquets-bancaire
Good point. This offer is now really good.
I would add an important point: the usage of Twint.
Twint is a messy project. Each big bank has its version of Twint with its own rules.
If you have a bank account with Neon, you have to use Twint prepaid.
(https://www.neon-free.ch/en/faq/?faq-category=7&faq-entry=53)
The limits for Twint Prepaid are lower than Twint developed by individual banks.
Migros Bank has their own Twint.
https://www.migrosbank.ch/de/privatpersonen/konten-karten/zahlen/twint.html
Hi Maya,
Yes, TWINT is quite stupid in requiring an app for each bank (that’s how they make a lot of money). And small banks are put at a huge disadvantage because they have to develop their own apps, which is expensive.
You can also use the UBS TWINT app with Neon card if you want (only with the old card).
And I agree that this is an advantage for Migros here for heavy users of
Hi.
How about Sygnum?
What is your view especially with their cryptocurrency friendly policy (custody)? Is there another crypto friendly bank that also handles traditional banking stuff (bank account, debit/credit cards, payments)?
Hi Frank
I had never heard of them before and I don’t have a point of view about them. I should look more.
But since I don’t care about the crypto stuff, I am not sure that’s a bank I would really dig into.
Hi Baptiste, I believe you’ve updated this article with 2025 data but the table of content and some in-text sentences still refer to 2022. Just FYI – it may confuse the readers!
You have a keen eye, Mara! Thanks for letting me know, I will address this.
I presume that these two banks are for those who reside in Switzerland. How about a review of Swiss banks available to non-Swiss non-residents?
There you go: What is the best Swiss bank for non-resident?
P.S. The search function does work most of the time :)