Best Swiss bank (Updated 2025)

Last updated: May 11, 2025

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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 you are there to serve them, rather than vice versa.

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 checking account, but two accounts with all the bells and whistles, including American Express. The high life.

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:

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!

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 best Swiss bank account:

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 daily 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 four listed below.

But these four 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: tools you don’t need

Whether it’s sophisticated dashboards or artificial intelligence assistants, I don’t need any of that for my bank. I just want to be able to receive money and do my banking stuff.

Then, for all my budget management, I use YNAB (or you can do this via a spreadsheet or one of these other methods).

So I prefer that my bank use this cash to keep its fees minimal instead.

Pointless criterion 3: attractive interest rates

As a Mustachian, you want to put your money to work somewhere other than standard banks, particularly in the stock market, where the growth potential is much better.

And if you’re looking for the best savings account to store money for the longer term, then I recommend checking out my guide to finding the best bank savings account here.

Pointless criterion 4: cutting-edge marketing

When I say marketing, I mean the negative side of it, such as:

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:

Here are the logos of these banks:

Bank WIR logo

Neon logo

Logo Zürcher Kantonalbank

Zak logo

Yuh logo

Migros Bank logo

Revolut logo

N26 logo

Alpian logo

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:

Comparison of the best banks in Switzerland (click to enlarge)

Comparison of the best banks in Switzerland (click to enlarge)

Which online bank to choose in Switzerland: my choice for 2025

Bankpaket top from Bank WIR

Bankpaket top from Bank WIR

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 offers the best banking services for a Mustachian:

The only three things we would ask them to improve are:

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.

Bank WIR referral code: Unfortunately, Bank WIR does not offer a promo code as such (but with such a great offer, I can't blame them). However, if you would like to support the blog, you can use my Bank WIR partner link below and start saving on your banking fees with the Bankpaket top: MP link to open a Bank WIR account >

You will find a detailed guide on the Bankpaket top package (private account and joint account) at this link.

Secondary bank: neon free

Neon is no longer my choice for the best Swiss bank account since May 2025. On that date, they added a +0.35% surcharge on foreign currency transactions with the neon debit card (unless you pay CHF 20 per year with the “neon plus” plan). In comparison, with the Bankpaket top from Bank WIR, there is no additional exchange margin. It’s sad that neon had to make this change to be profitable, because I really like neon, and their integration with Wise is super convenient!

But 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.

The 'neon free' bank account offer

The 'neon free' bank account offer

We therefore have a neon free account in Mrs. MP’s name and one in my name. We closed our joint neon duo account when we switched to the Bankpaket top from Bank WIR.

Neon bank code: you can enter the promo code "neonMustachian" to get the neon Debit Mastercard for free (instead of CHF 20) + a welcome bonus of CHF 10 in cash when you create your neon account (must be entered during registration as it cannot be added later).

(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)

Other secondary online bank options

Each neo bank listed below is, in my opinion, equivalent to neon for my purposes: a backup bank account for my day-to-day transactions in Swiss francs only (including QR invoices).

I have added my notes for each institution so that you can choose the account that best suits your situation.

Yuh review

The neo bank Yuh was born out of a project between Swissquote and PostFinance. Your bank account is held by Swissquote, which is regulated by FINMA (guaranteeing the protection of your assets up to CHF 100'000).

Yuh competes well with neon as a solution with no annual fees. For basic use as a secondary Swiss bank, it can do the job — as long as you don’t use it for foreign currency payments.

If I weren’t emotionally attached to neon, I might choose Yuh as my backup bank account — which is also available in English for expats.

Open a Yuh account >

Migros Bank review

Migros Bank is a traditional bank that stands out as one of the most affordable, thanks to its free account management. With a physical presence through its branches, it fully plays its role as an “official” bank. It also offers free domestic payments and transfers, as well as a dedicated TWINT mobile app.

Like Yuh, I would choose Migros Bank as my second bank account if I weren’t attached to neon.

Open a Migros Bank account >

Zak review

Zak and neon are two excellent Swiss mobile banking options, perfectly suited as secondary banks. They offer very similar services and are equally good for everyday use, especially as a backup solution in case your main online bank goes down.

The only real difference is for expats: unlike neon, Zak does not offer its app or website in English. If you are not comfortable with German, French, or Italian, neon is clearly the better choice for you.

Open a Zak account >

(I’ve also negotiated CHF 25 welcome cash for you if you use the code “Y06JPR” during the account opening process.)

ZKB Banking review

ZKB Banking, the free offering from the Zurich Cantonal Bank, includes a free account, a free debit card, a dedicated TWINT mobile app, and standard e-banking services. It’s a solid option, but with high fees for foreign currency payments (1.25% compared to 0.35% at neon) — not really a problem for a backup bank.

That said, ZKB Banking is only available in German. So if you’re fluent in Swiss German, ZKB and neon (“free” plan) are equally good options as a secondary bank. But for everyone else — French speakers, Italian speakers, or English-speaking expats — neon remains the best choice thanks to its multilingual mobile app.

Open a ZKB Banking account >

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: Best Swiss bank account

When asked, “Which bank offers the best Mustachian bank account 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!

Our salaries get deposited every month into it.

And I pay all of our invoices (eBill for the win!) and do our domestic bank transfers in CHF via the Bank WIR app.

I use the WIR Debit Mastercard in Switzerland to withdraw money at ATMs, and to pay in shops when credit cards aren’t accepted (see my credit card strategy in this article.

Abroad, the Bank WIR’s credit card is the single one I need for all purchases in foreign currencies.

And for online payments, I use it also for foreign currency payments (else I use another credit card when paying online in CHF).

Account opening process for Bank WIR's Bankpaket top

Account opening process for Bank WIR's Bankpaket top

Bank WIR referral code: Unfortunately, Bank WIR does not offer a promo code as such (but with such a great offer, I can't blame them). However, if you would like to support the blog, you can use my Bank WIR affiliate link below and start saving on your banking fees with the Bankpaket top: MP link to open a Bank WIR account >

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?


FAQ

Online banks: checklist for switching banks

I remember when I switched banks for the first time, I was pretty stressed out. I was afraid that a payment would go through while my old bank account was empty, that I would forget to notify an organization that wanted to transfer money to me, or that I would have to reconfigure all my eBills manually…

As well as being stressful, it can seem daunting… but in fact, with a little preparation, it’s really easy to do. And above all, it’s definitely worth it if you want to save on bank fees.

And I know what I’m talking about! Since embarking on my journey toward financial independence, I’ve changed bank accounts five times: I started with Credit Suisse, then BCV, Zak, neon, and finally Bank WIR.

So here’s my checklist for changing bank accounts in Switzerland to make sure the transition goes smoothly:

1. 📲 Open your new bank account

2. 🧾 Take stock before switching banks

3. 💸 During the first month after switching banks

💳 4. Activate and use your new card

🔁 5. Transfer your standing orders and direct debits

👀 6. Keep an eye on your accounts

📨 7. Update your information with service providers

📂 8. Transfer all your eBills and documents

✅ 9. Close your Swiss bank account

By following this checklist, you can switch banks without stress. And you’ll enjoy the benefits of your new banking solution sooner, whether it’s 100% digital or a mix of branches. It’s also a good opportunity to clean up your finances ;)



As usual, I only write and review things that I use in my personal daily life, or that I trust.

Thank you for reading!