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Neon Duo Review 2024 – First digital joint account

Baptiste Wicht | Updated: |

(Disclosure: Some of the links below may be affiliate links)

Neon is a tremendous digital bank in Switzerland that offers excellent prices and features. They just introduced Neon Duo, the first digital joint account in Switzerland.

In this article, I review Neon Duo thoroughly. By the end of the review, you will know whether you should use Neon Duo for your joint account.

About Neon Duo
Monthly fee 6 CHF
Users N/A
Card Mastercard Debit
Currencies CHF
Withdrawals in Switzerland 2 free withdrawals per month, then 2 CHF
Withdrawals abroad 1.5%
Languages English, French, German, and Italian
Custody bank Hypothekarbank Lenzburg
Depositor protection 100’000 CHF
Established 2024
Headquarters Zürich, Switzerland

Neon Duo

Best App to Pay, Save and Invest
Neon
5.0

All the services you need to pay, save and invest, in a neat package, with extremely good prices!

Use the poorswiss code to receive 10CHF!

Pros:
  • Pay abroad for free
  • Invest with great fees
Use the poorswiss code Read my review

Neon Duo was introduced in April 2024. It is the first real joint digital bank account available in Switzerland. I mention the first real joint account because there have been a few household or family accounts. However, these were not real joint accounts because they were legally owned by only one person.

The most important point about a joint account is that it has two owners. Both members of the joint accounts legally own this. It is essential because it is why many people want joint accounts.

And until that point, there was no digital joint bank account. Many traditional banks offer joint accounts. But to open them, you have to go to the bank in person, sign many things, and fill out many forms. A digital bank account allows you to do that entirely online.

It is worth mentioning that Neon Duo is currently in beta now. This should not make much difference for the app, but it means that each application is manually approved. So, onboarding will be slower during the beta.

An interesting point is that Neon Duo is available for two people under the same roof, not necessarily married. So, you could use that with your flatmate, for instance. The two people must be living at the same address.

Neon Duo Features

4.5/5
Neon Duo and Neon
Neon Duo and Neon

The Neon Duo has almost all the features of the Neon account.

You will access the Neon Duo account directly from your neon application. You do not need a second login, everything is done within your main account. The advantage is that you do not get a second app, and you can see both accounts from the same login.

You can make all your payments from the app, pay your ebills and do standing orders. This can be used to receive your salary and pay your bills, like another account. You can transfer money from and to your joint account directly and instantly.

You will get two cards with your account. And you can pay with these two cards or withdraw money. You can also pay abroad with these cards.

However, there are also some limitations with Neon Duo.

First, the Neon base account can be upgraded to both neon green and neon metal. Unfortunately, this is not available in the Neon Duo account.

Second, you cannot invest in your joint account. This means you will have to invest in one of the two private accounts instead.

Overall, the Neon Duo account has plenty of features, but it will not replace your two private accounts (especially since they are mandatory). I think it could have been simpler if the account became merged as an option. Many people will still want to have their personal accounts, but this means having two cards and two actual accounts.

I would also like to be able to use Neon Metal or Neon Green on the joint account. I was actually thinking of going Neon Metal on the joint account before. But having to pay twice the price if both our accounts become Metal is not acceptable for me.

Neon Duo Fees

4.0/5

We must now look at the fees of Neon Duo.

The base Neon account is free, but the Neon Duo account is not free. It costs 3 CHF per person, per month. So, it costs 6 CHF per month in total. And you will have to pay 10 CHF for each card, but this is a one-time fee.

Neon justifies these fees by mentioning that creating joint accounts is more administratively heavy than a single account.

Other than that, the fees are almost the same as for a standard Neon account. All standard operations like bank transfers are free within your account. You get 2 free withdrawals per month at any ATM in Switzerland. And if you pay abroad with your card, there is no extra currency exchange fee. You will pay the standard Mastercard surcharge, which is about 0.4% in average.

One difference is that Neon did not yet implement the international transfers through Wise. This means that international transfers out of your account are going through HBL (the custody bank) and this will cost you about 1.50%. However, they are planning to implement that for the Neon Duo account as well.

Overall, the fees are good. But there are some free joint accounts available in Switzerland. So, the 6 CHF per month cost is there to pay for the only digital bank account available. It will be up to you to decide whether you want to pay that premium.

How to create a Neon Duo account?

5/5

Opening a Neon Duo account is simple. As already mentioned, both people must already have a Neon account, so everything is done from the Neon app. If you do not have a Neon account, you can read my Neon review to get a bit more information.

Once you both have your neon account ready, you can get started with the creation of your Neon Duo account. For this, open your neon app, go to Home and then slide to Total on the top. From there, you should see a Joint Account button.

You can start the creation from here by opening a new joint account. This will ask you to verify the information they already have about you. And you will need to accept the usual disclaimers.

Once you have filled all the information, you will be able to generate an invitation code. And at this point, it is time for your partner to create the joint account. The only difference is that your partner must reuse your invitation code instead of creating a new one.

Once this is done, your account will be created shortly.

Once the account is created, the two cards will be sent separately by mail to each partner. Each partner will then have to activate the card on the app and then can start using it directly. In our case, it took 3 work days to get the card to our home.

Alternatives

Currently, there are no digital joint accounts alternatives. So, Neon Duo is the best digital joint account!

However, there are some good traditional joint accounts. So, we can compare Neon Duo with some traditional joint accounts.

Neon Duo vs Migros Bank

First, we can start comparing Neon Duo with Migros Bank. This is the joint account we have been using until now.

The Migros Bank joint account is free, there are no monthly or yearly fees, and you can get the card for free as well. This is compared to 6 CHF per month (and 20 CHF for the cards) for Neon Duo. Therefore, Migros Bank joint account is much cheaper than Neon Duo.

The Neon Duo card is much better to use abroad, with excellent fees.

You can open a Neon Duo account from your phone, but you need to go a Migros Bank office to open a joint account. You will need to fill forms and wait several days to get the account.

While Neon has some technical difficulties on their apps, they are still miles ahead of Migros Bank apps. Migros Bank apps are riddled with issues and are terrible to use, especially since they started introducing the new version, which made it worse.

Overall, between both, it will mostly depend on whether you want to pay 6 CHF per month or not. If you are ready to pay that, Neon Duo will be much better. Otherwise, if you are ready to use Migros Bank apps, it will be a fine joint account.

If you want additional information, read my review of Migros Bank.

Neon Duo vs ZKB

We can also compare Neon Duo with a cantonal bank, the Zürcher Kantonabank (ZKB).

With ZKB, you can open an account even if you are not living in the canton of Zürich. However, to open a joint account, you will have to go to a ZKB office (in Zürich). So, it will be much easier to open a Neon Duo account than a ZKB account.

The ZKB joint account is free, while Neon Duo will cost you 6 CHF per month (and 20 CHF for the cards). This makes ZKB significantly cheaper than Neon Duo.

Neon has some advantages for paying abroad and for international transfers. But besides that, most banks seem to be on the same level.

If you live in Zürich (or with close access to their offices), I think ZKB will be a better option. However, if you live far, Neon Duo will be better.

For more, you can read my ZKB Bank Review.

Neon Duo FAQ

How much does Neon Duo cost?

Neon Duo cost 3 CHF per month, per person, so 6 CHF per month in total. And ordering the cards costs 10 CHF per card.

Can you invest in your Neon Duo account?

No, you need to use one of the private accounts to invest.

Can you use Neon Metal or Neon Green on your Neon Duo account?

No, these can only be used on the private accounts.

Who is Neon Duo good foor?

Neon Duo is good for two people that want a digital bank account.

Who is Neon Duo not good for?

Neon Duo is not good for people that want a free joint account since it costs 6 CHF per month.

Neon Duo Summary

4.0/5
Neon Duo

Neon Duo is the first digital joint account in Switzerland. Is it as good as the standard Neon account? We find out in this in-depth review!

Product Brand: Neon

Editor's Rating:
4

Neon Duo Pros

Let's summarize the main advantages of Neon Duo:

  • Digital Joint Accout
  • Well integrated in Neon app
  • Easy to open an account
  • Can use the cards abroad for good fees

Neon Duo Cons

Let's summarize the main disadvantages of Neon Duo:

  • Not free
  • Requires a total of 3 accounts
  • Cannot conver the account to metal or green
  • Cannot invest in the joint account

Conclusion

Best App to Pay, Save and Invest
Neon
5.0

All the services you need to pay, save and invest, in a neat package, with extremely good prices!

Use the poorswiss code to receive 10CHF!

Pros:
  • Pay abroad for free
  • Invest with great fees
Use the poorswiss code Read my review

It is great that Neon Duo introduced the first digital joint account in Switzerland. Having real digital joint accounts was something really missing, and I am glad Neon is paving the way for innovation there. Many people did not use Neon as their main account because of the lack of joint accounts.

The Neon Duo has all the necessary features you would want from a bank account. And it is really well integrated into the Neon app so that you do not need a second login and that you can see both accounts at the same time.

On the other hand, it is not free. While I understand the need for Neon to make money (they would not be here without it), I am still torn with the price of this account. There are quite a few free joint accounts (not digital) available in Switzerland. So, it is difficult to really see the benefit to having this account.

If you are pleased with your private Neon account, it makes sense to use your joint account as well with them. But if you are already happy with your current joint account, and it is free, Neon Duo does not provide much to justify switching to it. If your current joint account is not free, then it could become interesting to switch.

In our case, we have a new Neon Duo joint account. Since I am not satisfied with our current account at Migros, I have decided to make Neon Duo joint account. Being able to stop using Migros Bank horrible app is worth 6 CHF per month for me.

I would have appreciated being able to convert the joint account to Neon Metal so that we could both profit from the insurance advantage, but I will not pay for it twice.

What about you? What do you think about Neon Duo?

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Baptiste Wicht started thepoorswiss.com in 2017. He realized that he was falling into the trap of lifestyle inflation. He decided to cut his expenses and increase his income. This blog is relating his story and findings. In 2019, he is saving more than 50% of his income. He made it a goal to reach Financial Independence. You can send Mr. The Poor Swiss a message here.

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6 thoughts on “Neon Duo Review 2024 – First digital joint account”

  1. I completely agree with Andreas. I’ve been using Neon since moving to Switzerland, but it feels like Swiss banking is lagging behind. Neon’s latest product release is a clear example. Back in Australia, I’ve had multiple joint accounts with various banks for over 15 years without ever being charged for such a basic service.

    I understand Neon’s aim to disrupt the market, but they have numerous simple issues to address before introducing new products and charging for them. Now, they’re lowering interest rates on savings accounts too. Despite their claims of being new and small, both Neon and the banks are making plenty of money. They need to stop using their size as an excuse for new fees and reduced rates.

    While I use Neon for what it offers, it increasingly feels like a bait and switch. It’s baffling to see them promoting products and services as innovative when, in reality, they should be standard in the banking world.

    1. Hi Luke

      I both agree and disagree :)
      Yes, Swiss banking is horribly lagging behind, no doubt. And I also agree that even neon (among the best in my opinion) is lagging behind other countries even though it’s much ahead of most Swiss banks.

      I still think it makes sense for them to promote these products as innovative since they are innovative in the context of Switzerland. They should not compare themselves with banks outside of Switzerland.
      I also disagree on your fee statement, Neon is still among the cheapest options and I would be surprised if they are doing much money.

      1. Thank you for the feedback. I agree Neon is among the best banks in Switzerland. As you pointed out, Swiss banking is terribly behind, which I found incredibly surprising when I moved here.

        Neon needs to set themselves apart by aiming higher than just being half a step ahead of traditional banks. While they are among the cheapest options, they should aim to set new standards, not just beat the already low ones.

        I would love a joint account, but charging 6 CHF per month is excessive. A one-time fee for the card would be more reasonable.

        I will continue to be a free Neon user ;-)

      2. Yes, many people are surprising by how bad our banking is. People say Switzerland is the country of banks, but our banks are pretty limited :(

        Let’s see what happens in the future with their future offers. Now that there is more competition, it may help move everybody faster.

  2. I was longing for the joint account for quite some time, but I’m kind of disappointed with it.

    Although I do understand the “core” meaning/purpose of a joint account, where I come from a joint account is a very common thing within families, so that both partners have access to the same funds in case of an emergency or human loss. It basically is a savings account but with two beneficiaries.

    I am a Neon customer since the first day I stepped foot in Switzerland and Neon Duo is definitely an innovation in digital banking, but I can’t help thinking that only a traditional bank can offer to me what I’m looking for.

    1. Hi Andreas

      You could still use the joint account as your emergency fund, but it would not earn any interest. So, it’s currently a joint checking account. I hope they will allow joint savings accounts (spaces) in the future as well.

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