New Academic Year: Personal Finance Tips for Students in Switzerland

The start of the new academic year is the perfect time to review your personal finances. Analyses done by moneyland.ch show big differences in costs, particularly for bank accounts and mobile plans. Comparing offers is key to finding the most affordable solutions for your needs.

Swiss bank accounts for students

Nearly all established Swiss banks offer special student accounts for young people completing their education. These are often more favorable than standard accounts for adults from the same bank. Many do not have basic account fees, certain banking services cost less, and student savings accounts may have higher interest rates for part of the account balance. 

Additionally, loyalty programs from some banks entitle students to perks like discounts at certain restaurants, leisure activities, and stores, or to complimentary or discounted public transportation.

It is important to be aware, though, that special student accounts are not necessarily cheaper than the cheapest standard offers from other banks. It is advisable to include both student offers and standard offers in comparisons. 

Swiss banks are increasingly removing the basic, ongoing account fees that used to be the norm for standard private accounts for adults. Because of this trend, there are regular private accounts with no basic account fees that can be very affordable for students as well. Some banks do not charge basic card fees for debit cards either. Affordable neobanks are generally popular among young people, as they blend well with a digital lifestyle.

The table shows the total cost for a student under 30 years old with an average bank account balance of 3000 francs who makes bank transfers within Switzerland and makes debit card payments in Switzerland and abroad (10 foreign transactions worth 500 euros in total). Bank Wir is the most affordable for this profile, with total costs of 45 centimes. Next in line are Neon Free (3.50 francs) and Yuh (5.30 francs). If you were to remove the purchases from foreign merchants, the cost would go down to zero francs for nearly all of the accounts included in the analysis. Only the private account of Bank Cler, with its basic account fee of 12 francs per year, would still have a cost.

Common banking transactions that can generate costs include making payments or transfers outside of Switzerland, and making cash withdrawals both in Switzerland or abroad.

Payment cards and mobile wallets for students

Young adults are exceptionally likely to use the Twint mobile payment service. Debit cards and credit cards are also widely used – either in physical form, or via mobile payment services like Apple Pay and Google Pay. 

Affordable credit cards with reward programs are often the most favorable payment method, as rewards for purchases help counterbalance the costs. In the case of credit cards with no annual fee, users benefit right from the start. But it is important to be aware that using credit cards to make cash withdrawals or to pay foreign merchants will generate additional costs. Using a Swiss credit card to pay for purchases from Swiss merchants, on the other hand, is generally free of charge for you as the card user.

Important: Many students do not meet the creditworthiness requirements for getting a credit card. In this case, card issuers will usually offer prepaid cards, which are typically very expensive to use. If you do qualify for a credit card, there is a risk of creating credit card debt. That risk is exceptionally high for people who lack experience in managing their finances, and those who are tempted to spend money they do not have.

The Swiss mobile payment service Twint is very popular for transferring money within Switzerland. The advantage over regular bank transfers is that the sender only needs the recipient’s phone number, but not their bank account information. 

Mobile plans for students

For many students, unlimited mobile Internet within Switzerland is a must. Mobile plans that include unlimited local mobile data are available from just 13 francs per month. These affordable mobile plans are not only offered to students, but are available to all adults regardless of whether or not they are studying.

Galaxus Mobile offers a special discount for students with a Switch Edu-ID. Sunrise is the only carrier that has offers specifically for teenagers and young adults. The three mobile plans from Sunrise are available to people under the age of 27, regardless of whether or not they are studying. The monthly fees start at 34.95 francs for the cheapest plan, making them more expensive than competing offers without an age limit. The Sunrise plans entitle subscribers to a 50-percent discount on the Half Fare Card for Swiss public transportation.

Retirement planning for students

Although retirement may be many decades away, getting a basic understanding of retirement planning early on is worth it. As a student, you will want to make sure that your contributions to the Old Age and Survivor’s Insurance (OASI) and Disability Insurance (DI) are paid in full. While these contributions are generally mandatory, there are situations in which contributions may go unpaid. Consider contacting the compensation office and inquiring about possible gaps in your pension benefits. You can make up for missed contributions in arrears for up to five years from the time the gaps occurred.

Taking a look at the pillar 3a is also worth the time, even if you are unable to make contributions. For all years from 2025, you will be able to make the annual pillar 3a contribution in arrears up to 10 years after the gap occurs. If you have a low income during your studies, it can make sense to wait on making pillar 3a contributions and then close the gaps at a later time when you can get more benefit from the tax deduction.

Health insurance and other insurance products for students

Choosing the right mandatory health insurance can result in substantial savings. Although the insurance cover is identical across all mandatory health insurance offers, there are differences with regards to the insurance deductible, the process for getting medical care, and the premiums you have to pay. The premiums for 2026 will be made public in late September. You should mark the date and compare mandatory health insurance premiums once they are released. Additionally, you should also look into possible entitlements to health insurance premium reductions.

Non-compulsory insurance products that can be beneficial for students, in some cases, include personal liability insurance and household insurance. Personal liability insurance covers your legal liability for damages or injury to third parties. Household insurance pays out benefits if your personal possessions are stolen, or destroyed by fire, water, or certain other hazards.