Neon Duo Review 2024 – First digital joint account
| 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.
| 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 |
| Customers | 200’000 |
| Established | 2024 |
| Headquarters | Zürich, Switzerland |
Neon Duo
All the services you need to pay, save and invest, in a neat package, with extremely good prices!
Use code thepoorswiss to receive 100 CHF in trading credits!
- Pay abroad for free
- Invest with great fees
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
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.
Another major limitation is that you cannot use Spaces in Neon Duo. This means it is not very efficient to hold your emergency fund there.
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
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 20 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?
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. 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.
What happens if one of the two partners die?
If one of the two partners dies, the account will be blocked until the estate is resolved. This rule is from the custody bank (HBL) to protect heirs. However, this means that you should not hold your emergency fund there, since it would be unavailable when necessary.
Neon Duo Summary
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
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
All the services you need to pay, save and invest, in a neat package, with extremely good prices!
Use code thepoorswiss to receive 100 CHF in trading credits!
- Pay abroad for free
- Invest with great fees
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. It is disappointing that you cannot use Spaces in Neon Duo.
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 our main 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?
Recommended reading
- More articles about Best banks
- More articles about Save
- CSX Review 2024 – Digital Bank account by Credit Suisse
- Migros Bank Review 2024 – Good Traditional Bank in Switzerland
- PostFinance Bank Review 2024 – Pros & Cons
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
I see at the moment three big problems with the neon joint account.
1. The fees of CHF 6 per month are far too high compared to competitors such as Migros Bank. So, if they were reduced to 3 per month, that would be okish considering you would have all in one place.
2. No shared spaces available, which is in my opinion mandatory for a joint account.
3. And probably the biggest concern is that it can’t really be used as an emergency fund for a family. If one partner of a joint account dies, the joint account is usually blocked for both partners until the estate is settled. For a married couple, this would mean that the partner would have to wait until the certificate of inheritance is issued, which can take up to several months. According to Neon, it is possible that certain payments may still be made after consultation with Neon/HBL. In such a situation, I wouldn’t want to go back and forth with the bank about which bills can and can’t be paid, plus you have to inform the possible heirs about the account movements. If you use a Migros joint account, the account will not be blocked, i.e. you will have full access to the money. Nevertheless, you must inform the possible heirs of the account movements.
In my case, I stick with Migros Bank, even if it’s not as sexy as Neon, at least there are no monthly fees, free sub-accounts (emergency fund, savings, travel) and full access to the accounts in case of emergency. I currently only use Neon for traveling and personal matters not related to family expenses.
Hi,
I would not say they are big problems, but they are indeed obstacles to many people.
1) I agree that 2 or 4 CHF per month would be better suited
2) Definitely agree
3) I did not think of that. But you are right, after reading the FAQ, it seems to be an issue. I wonder why other banks are doing it differently. I guess this is a limitation of the HBL custody bank.
Here is the feedback I got from Neon regarding point 3.
Most banks block the joint account because they fear being held liable to heirs if the surviving spouse draws too much money and the claims of the other heirs can no longer be covered. However, there are also banks – such as Migros Bank – that do not block it.
With regard to possible payments, this is clarified by the HBL on a case-by-case basis. For more information, you are welcome to contact our partner bank.
I was wondering how you handle this with your family?
Regards
HI Marco
Thanks for sharing! It makes some sense from the bank standpoint, but it is still a strong limitation; I will mention it in the article.
Currently, my thinking is that I will split my emergency fund in two parts, one half in each of our neon accounts and this will definitely help. We then have our investment accounts as well, which I will also have to validate how it works in case one of us dies.
I fully agree. That was my point as well on my initial comment.
I could not quickly find from your Migros bank review article the fee for payment abroad. For ZKB, I saw from your article that it is 1.5%. For Neon it’s 0.4%.
So the cost for neon is: 72 + A*0.004
Where A is expenses abroad. For simplicity I’m ignoring the additional 20 chf for the first year.
For ZKB, the cost is: A*0.015.
That means that as long as A*0.015 is less than 72 + A*0.004, ZKB is still cheaper than Neon.
A*0.015 = 72 + A*0.004
A*0.011 = 72
A = 6545.45
That gives that for A (expenses abroad) lower than 6545 chf, ZKB is still cheaper than Neon. Possibly you could even pair ZKB or Migros Bank with another free credit card that has lower fee than 1.5% (I did not look into that). Maybe you could suggest the cheapest setup here?
This is the type of comparison I’ve become used to expect from your blog and surprised to not see any of it in these joint account posts…
Our household is not spending that much abroad so the monthly fee for Neon is unfortunately a no-go, while it might still be a great solution for those spending more abroad. Of course at worst case Neon is only costing 72 more per year, which is also not huge, but I could see that being relevant on tight budget.
Just wanted to share this cutoff that might be helpful to aid others decide what makes more sense for their family and kindly request you to consider adding this kind of analysis in your posts as I really enjoy the ones that include those.
Thanks,
Hi Mikasa
I am not sure that’s a fair comparison in this case. Because you could use ZBK as your joint account and Neon as your payment account and you would have even better fees. If you really want to optimize fees, a single account is not optimal.
Also, ZKB is actually 1.25% with a maximum of 1.50 CHF. But customers are reporting that there is also a surcharge on the exchange, but this is not transparently shared, so I am unable to do a full comparison.
Also keep in mind that Neon Duo vs ZKB is only a small section of this entire article, I cannot go into details. If I ever do an article comparison between these two, this kind of things will be included.
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.
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.
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 ;-)
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.
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.
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.