When Mrs. MP and I received our first paychecks, we had to choose a Swiss bank. Except that most Swiss banks are too expensive and believe that you are there to serve them rather than the other way around.
Who says serious banks must have nice offices, free coffee, and shiny Amex cards?
At the time, we got caught up in the slick marketing of one of the two (former!) “big” Swiss banks. You know, the ones with their classy dark blue branding, chic branches, and the nice little coffee during the account opening meeting. They knew how to make you feel important, especially when you came in to open not one, but two accounts with all the bells and whistles, including American Express. The high life, basically.
Except that this little comfort (and ego boost) was costing us CHF 15 per month each, or CHF 180 per year… If you factor in compound interest, we’re talking about potential savings of CHF 2'314 over 10 years!
But once you dive into the FIRE universe, you start to question a lot of things. So I reviewed all the banks using comparison tools and the websites of various banks.
Everything I’m telling you dates back to 2014, and at that time, the offerings were still pretty standard, especially in Switzerland.
A decade later, we are lucky to have much better offers for end customers, i.e. you and me!
When I say better offers, I mean free basic banking packages, rather than unnecessary customer service in branches.
Who is this Swiss bank comparison for?
Before going into detail about my comparison of the best banks in Switzerland, I want to clarify who this article is aimed at:
- You are a Swiss Mustachian
- You want the most efficient banking solution in terms of banking fees
- You want to set up a minimalist banking system with as many services as possible from a single provider (to avoid having to remember lots of cards and logins)
Mustachian banking strategy: simple and effective, so you can focus on the important things in life, such as hiking at the Etang de la Gruère!
If this doesn’t match your vision (because you like to meet with your banker and guide you through your personal finances), then I’d advise you not to waste your time reading any further, as it won’t be right for you.
For everyone else, let’s take a look at the relevant criteria I use to compare the best banks in Switzerland (and I’ll also mention the other, more useless criteria).
What are the important criteria for choosing your online bank in Switzerland?
Here are all the criteria I take into account when choosing my Mustachian bank:
No basic fees
I don’t want to pay any basic fees to my bank, as they can be passed on to other services with higher added value.
Mobile and digital banking
I mainly use my bank online when I’m on the go or at home. So I want a neo-bank that I can access from my smartphone.
Secure
I keep my salary and savings in my bank account. My neobank must be regulated by FINMA (so that my assets are protected up to CHF 100'000 by esisuisse), store my data in Switzerland, and offer two-factor authentication.
Personal and registered IBAN
Not a shared IBAN like some other neo-banks, where you have to add a special reference for each payment (which is usually not possible for salary payments).
Bank transfers in Switzerland and the eurozone
These must be free of charge, with euro transfers via SEPA.
Low-cost international transfers
I want to be able to send money internationally with optimal exchange rates and little or no fees (and definitely no hidden fees).
Free debit card
To be able to pay in CHF on a daily basis without additional fees.
Optimal exchange rate fees
When I pay in foreign currencies, I want the interbank exchange rate without any hidden exchange rate surcharges.
Free ATM withdrawals
To be able to withdraw cash free of charge when I need it.
Free cash deposits
When I sell something on Anibis or elsewhere, I want to be able to deposit cash free of charge.
QR code bill payment
Because scanning a QR code to pay a bill is just so convenient!
eBill support
To automate the receipt and payment of my bills as much as possible.
Pot system or CSV export
I want to be able to use “pot” systems to better manage my budgets, or at least be able to export my transactions to CSV to sync with YNAB.
Download account statements in PDF format
To archive my statements and provide proof to other services if necessary.
Push notifications
I want to receive real-time alerts to track my spending and income.
Mobile payment methods
Compatibility with Apple Pay, Google Pay, Samsung Pay, Garmin Pay, SwatchPAY!, etc.
A dedicated TWINT app
So I can pay without cash even where bank cards are not accepted.
Available in FR / DE / IT
And bonus points if the app is also available in English for my expat readers.
What criteria are NOT important when choosing your online bank?
There are certainly more than the two listed below.
But these two criteria are often the ones that make people choose one bank over another.
Except that they can come with additional costs that you can do without.
Pointless criterion 1: a bank with a physical location
This criterion was important to me in the past, but with the advent of digital banking, banks have redundant systems that ensure availability rates close to 100%.
So I prefer to use my alternative of having a primary bank and a secondary backup bank. Both can be digital and 100% online, which suits me fine.
Pointless criterion 2: cutting-edge marketing
When I say marketing, I mean the negative side of it, such as:
- Sponsoring major soccer teams
- Free coffee in branches
- (Supposedly independent) advisors available to help me with my personal finances (and sell me their products…)
Instead, I prefer an efficient and frugal bank that offers products so good that word of mouth does their marketing for them.
Candidates for the title of best Swiss bank in 2025 (for a Swiss Mustachian)
After hours of research and compiling bank fees, here are the candidates for my ranking of the best online banks:
- Bank WIR
- neon
- ZKB (Zürcher Kantonalbank)
- Zak
- Yuh
- Migros Bank
- Revolut
- N26
- Alpian
Here are the logos of these banks:
If you don’t see the online bank you’re looking for, send me an email, as I may have missed a new mobile neobank!
Comparison of the best banks in Switzerland
Without further ado, here is a summary of my analysis of the best Mustachian bank in Switzerland:
Which online bank to choose in Switzerland: my choice for 2025
Bank WIR got it right with the launch of its Bankpaket top. It’s the best bank for a Mustachian, whether it’s for a private account or a joint account.
This account ticks all the boxes for a Mustachian:
- 100% free
- Available as a private account, as well as a joint account, free of charge!
- Debit card with no exchange rate surcharges (their single card is all you need for all your expenses)
- Has all the features you need to manage your day-to-day banking in Switzerland
- Available in all Swiss languages
The only three things we would ask them to improve are:
- Integrate a solution like Wise (but/and you can use it alongside if necessary)
- Have everything in one app, not three (!): the Airlock 2FA mobile app for authentication (only the first time), and the free debiX+ app from SIX to receive push notifications from your Debit Mastercard. It’s too much, even if it’s OK once they’re installed.
- Translate their entire app and website into English (for expat readers who are just arriving) — but as a lifelong Mustachian learner who values effort, it’s a good reason to master German, French, or Italian!
Bank WIR with its Bankpaket top package has been our new bank at the MP family since 2025. It’s the bank I recommend to everyone I know since the start of the year.
You will find a detailed guide on the Bankpaket top package (private account and joint account) at this link.
Secondary bank: neon free
As I mentioned earlier, I like to have a secondary bank account in case there is a problem with my main bank.
We therefore decided to keep our neon free account and the associated debit card.
We therefore have a neon free account in Mrs. MP’s name and one in my name. We closed our joint neon duo account (https://www.mustachianpost.com/blog/neon-duo-review/) when we switched to the Bankpaket top from Bank WIR.
(N.B. the app may not show the bonus straight away, but it will be taken into account; I have checked with their support team)
Special mentions: Migros, neon, ZKB, and Zak
I would like to highlight the following banks if you do not need to make foreign currency transactions or send money abroad:
- Migros Bank: for offering a very good overall and comprehensive solution
- neon: for shaking things up until today, and changing practices in the banking sector
- Zürcher Kantonalbank: if you speak Swiss German fluently and live in the Zurich area
- Zak: also a very good solution, although it does not offer joint accounts
Notes on Revolut and N26
Although Revolut and N26 offer innovative banking solutions, they are not suitable for everyday use in Switzerland.
For example, neither bank offers a personal IBAN in CHF.
With Revolut, you have a shared Swiss IBAN, which often causes problems when receiving your monthly salary (because you have to specify special information in the “Message to recipient” section, and this is not always possible with automated salary payment systems).
As for N26, their IBAN is denominated in euros, so it’s not ideal for living in Swiss francs.
And you have the same kind of limitations with the lack of eBill or TWINT.
Finally, Revolut and N26 do not have a banking license in Switzerland, which may be a deal-breaker for some.
Conclusion
When asked, “Which bank is the best Mustachian bank in Switzerland?”, I would answer that Bank WIR comes out on top with its Bankpaket top without hesitation. This applies to both private and joint accounts!
Mrs MP and I switched to this bank after spending the last few years with neon. However, we remain attached to this neobank and have our backup bank accounts there.
And you, which Swiss bank do you use to receive your salary and carry out your daily banking transactions?