Swiss Bank Account Comparison 2024

Just use the interactive private account comparison on moneyland.ch to find the best private account for your specific needs.

There is no one private account that is the best fit for all users. Which account works best for you depends on these criteria:

• Costs: The costs of accounts and debit cards varies broadly between banks. Always choose the most affordable option which matches your needs.
• Mobile banking: If you use mobile banking, then this is an important criterion. Not all banks offer the same mobile banking services. Make sure to get informed about the apps and mobile banking solutions offered.
• Branch offices. If you use physical banking services like cash withdrawals and deposits, orders at the till, personal financial consultation and/or bank safe deposit boxes, then you will want to make sure that a bank has branch offices near you before you open an account. You should also note that some banks may require you to visit a branch office in person when you first open an account.
• Other services: If you want to get additional banking services from the same bank, then make sure to choose a bank which has favorable terms and conditions for all of the services you need. You can use our other moneyland.ch comparisons to compare: savings accounts; stock brokerage accounts; credit cards; mortgages; pillar 3a accounts; retirement funds; vested benefits accounts; fixed deposits; medium-term notes; safe deposit boxes; precious metal accounts; business accounts. It is important to understand that in almost all cases, there will not be one bank which has the most favorable terms and conditions for all banking services.

The interactive private account comparison on moneyland.ch is the most comprehensive Swiss bank account comparison.

The unbiased moneyland.ch comparison accounts for all relevant account fees and incidental transaction fees for bank and debit card transactions. It also accounts for interest and interest compounding.

In Switzerland, the term private account is often used to denote a bank account which is suited to frequent incoming and outgoing transactions. A Swiss private account is similar to a checking account (though it may not include checking services) or a current account (though it may not include an overdraft facility). The terms salary account, universal account, payment account and giro account are also sometimes used by Swiss banks to describe this kind of bank account.

Debit cards are linked to private accounts. Private accounts are less suitable for saving than savings accounts because money is more accessible and interest rates are typically much lower.

In Switzerland, banks differentiate between private accounts and savings accounts.

Private account:

• Private accounts typically have fewer limitations on withdrawals than savings accounts.
• Private accounts bundle convenient payment and money transfer services such as bank transfers, standing orders, direct debits, debit cards and mobile payments.
• Many private accounts have annual account fees.

Savings account:

• Savings accounts typically have more limitations on withdrawals than private accounts.
• Savings accounts are a vehicle by which you can invest in a bank and earn returns in the form of interest. But unlike fixed deposits, you can draw on your account balance within the withdrawal limitations.
• Savings accounts typically have higher annual interest rates than private accounts.
• Savings accounts do not come with linked debit cards (though some come with ATM cards for balance checks, deposits and cash withdrawals).
• Depending on the bank and account, services like bank transfers, standing orders and direct debits may not be possible.
• Most savings accounts do not have annual account fees.

moneyland.ch provides both a private account comparison and a savings account comparison. You can also compare bundled banking packages using the bank package comparison.

Many Swiss banks now offer bank packages. These typically bundle a private account, debit card, savings account and credit card into one package. You can compare bank packages here.

As a general rule, you can benefit from lower fees and/or higher interest by comparing each service (private account and debit card, savings account, credit card) separately and choosing the most favorable option for each.

Debit cards are linked directly to a private account. When you use a debit card to pay or withdraw money, the purchase or withdrawal is debited directly from your private account.

These debit card types are used by Swiss banks:

• Maestro card from Mastercard. In Switzerland this card is still sometimes referred to as an EC card after its Euro-Cheque predecessor. The Maestro card can be used to access accounts and cash at ATMs and to pay at POS terminals, but it cannot be used to make card-not-present transactions (like online purchases). Many Swiss banks are phasing out the Maestro card in favor of the Debit Mastercard.
• Debit Mastercard. This debit card from US payment service provider Mastercard can be used to access accounts and cash at ATMs, to pay at POS terminals, and to make card-not-present transactions like online or phone-based purchases. You can learn more about the Debit Mastercard here.
• PostFinance Card. Also called the Post Card. This Swiss debit card issued by the Swiss postal bank is widely accepted by Swiss merchants and ATMs. It can also be used to make cash withdrawals at Swiss Post Offices and at many Swiss supermarkets. The PostFinance Card is not a Visa or Mastercard debit card and cannot be used to pay at POS terminals outside of Switzerland. It can be used to make cash withdrawals outside of Switzerland at ATMs on the Visa PLUS network.
• V Pay. This debit card from US payment service provider Visa is only offered by a handful of Swiss banks. It can be used to access accounts and cash at ATMs and to pay at POS terminals, but it cannot be used for card-not-present transactions. It is gradually being phased out in favor of the Visa Debit card. You can learn more about V Pay cards here.
• Visa Debit: The Visa Debit card can be used to make online purchases and other card-not-present transactions in addition to payments at POS terminals and account access at ATMs.

The private account comparison accounts for debit cards, but not credit cards.

Good to know: You do not have to get your credit card in combination with your bank account, and you do not need to get a credit card from your bank. Many of the most favorable credit cards are available directly from card issuers.

You can easily find the best credit card for your needs using the interactive credit card comparison on moneyland.ch

The annual fees of private accounts range between 0 and more than 200 francs, depending on the bank and account.

In addition to basic account fees, there are also incidental fees which you may pay depending on the kind of transactions you make. You can compare the exact costs of accounts based on the specific banking transactions you make using the unbiased private account comparison.

The comparison accounts for these cost-relevant factors:

• Basic annual account fees.
• Possible account-opening fees.
• Fees for annual account statements.
• Fees for local bank transfers, standing orders, and direct debit orders (LSV+) within Switzerland ordered via online banking.
• Costs for international bank transfers (SEPA and non-SEPA) ordered via online banking.
• Basic annual debit card fees
• Cash withdrawals with debit cards at in-network and out-of-network ATMs in Switzerland.
• Cash withdrawals with debit cards at ATMs outside of Switzerland.
• Possible debit card fees for local purchases.
• Debit card foreign transaction fees for purchases from foreign merchants.

Currency exchange costs are not accounted for. You can find more information about the bases used for calculations here.

Costs vary depending on the kind of banking transactions you make. The total cost of using an account is determined by these factors, among others:

• Debit cards: Whether or not you need a debit card; whether you make cash withdrawals at in-network or out-of-network ATMs in Switzerland; whether or not you make cash withdrawals outside of Switzerland; whether or not you use debit cards to pay for purchases from foreign merchants.
• Banking: Whether or not you use standing orders, direct debit orders and other recurring transactions; whether or not you make international transfers within the SEPA region; whether or not you make international transfers outside of the SEPA region.
• Your total assets at the bank: Some banks waive certain fees if you hold large amounts of assets at the bank or if your private account balance exceeds a certain threshold.
• Online banking: Some banks offer “online banking only models” which have lower fees, but apply incidental fees when you use offline banking services.
• Mortgages or investments from the same bank: Some banks discount account fees if you also use their investment services or mortgage products.

The private account comparison makes it easy to find the cheapest private account for your specific banking needs.

Note that comparisons are based on fees for online banking. Many banks charge higher fees when you order transfers or recurring transactions at the till. If you do any serious amount of offline banking, make sure to review fees and charges for brick-and-mortar banking.

Yes. Many private accounts for young adults and students do not have basic account fees.

Most private accounts for adults have annual fees, meaning you pay a basic fee every month, quarter, or year whether or not you use your account.

But there are exceptions. Banks are increasingly offering no-annual-fee private accounts for adults. Note that while an account may not have an annual fee, you still pay incidental fees (for international transactions, for example).

Local transfers within Switzerland ordered via online banking are generally free of charge. This also applies to standing orders and direct debit orders in Swiss francs, when these orders are placed online.

Transfers within the SEPA region in euros are also often free of charge. However, some banks charge fees (between 30 centimes and 1.50 francs) for each SEPA transfer.

Transfers outside of the SEPA region are more expensive. You typically pay between 2 and 6 euros per transfer, depending on the bank.

Some private accounts for adults include debit cards on a complimentary basis. But most banks charge a debit card annual fee of between 30 and 50 francs per year. If you do not need a debit card, you can generally exclude this service from your private account in order to avoid this fee.

Private accounts for young people and students generally include debit cards free of charge.

The private account comparison on moneyland.ch automatically accounts for costs associated with debit cards.

Cash withdrawals in Switzerland in Swiss francs at ATMs which are operated by the same bank are generally free of charge. In some cases, you can also make free withdrawals at ATMs from partner banks (as is the case with cantonal banks).

Cash withdrawals in Switzerland in Swiss francs at ATMs which are operated by other banks (out-of-network ATMs) typically cost 2 francs per withdrawal. Some accounts have out-of-network cash withdrawal fees as high as 3 francs per withdrawal. Some accounts let you make withdrawals at any ATM in Switzerland without paying cash withdrawal fees. Some let you make a limited number of cash withdrawals at out-of-network ATMs each month.

Swiss banks typically charge a fee of 5 francs per withdrawal for cash withdrawals at ATMs outside of Switzerland. Some charge an additional fee as a percentage of the withdrawn amount (5-franc minimum fee plus 0.5% of the transacted amount, for example). In addition to cash withdrawal fees, you also pay hidden fees in the form of markups on currency exchange rates.

Some Swiss private accounts have more favorable international cash withdrawal fees. The unbiased private account comparison calculates the exact costs based on the kind of cash withdrawals you make.

Important: Foreign ATM operators may charge ATM fees when you use their ATMs to withdraw money. These ATM fees apply in addition to the fees charged by your Swiss bank.

In most cases, you do not pay fees when you use Swiss debit cards to pay for purchases from Swiss merchants.

When you use a debit card to pay for purchases from a foreign merchant (either online or when traveling), you typically pay a foreign transaction fee. Foreign transaction fees vary between banks and accounts. In addition to the foreign transaction fee, you also pay hidden fees in the form of markups on currency exchange rates.

Many Swiss banks charge a foreign transaction fee of 1.50 francs for each purchase from a foreign merchant charged to a debit card. Some banks charge 2 francs, 2.50 francs, or 3 francs per foreign transaction.

Some banks charge percentage-based debit card foreign transaction fees. For example, you may pay a fee equal to 1% of the transacted amount, with a minimum fee or 1.50 per purchase in a foreign currency.

Other banks charge a fixed foreign transaction fee plus an additional percentage-based foreign transaction fee. For example, you may pay 1.50 francs plus 0.5% of the transacted amount.

A handful of Swiss private accounts do not have any foreign transaction fees for debit card transactions.

The moneyland.ch private account comparison calculates the foreign transaction fees for each individual account, and cost comparisons account for these. You can also find foreign transaction fees listed on the information pages of accounts in the comparison.

Banks may use different currency exchange rates for different kinds of transactions. Most banks apply the forex rate when you use a debit card to pay foreign merchants or withdraw money outside of Switzerland. Banks may use a less favorable banknote rate when you exchange foreign currency at the till or withdraw foreign currency at their ATMs. Both forex rates and banknote rates vary between banks and currencies, and are subject to change on a daily basis.

You can find useful information about Swiss forex rates and banknote rates here.

Many Swiss banks now charge fees for account statements on paper by mail, or charge you for the postage. Paper account statement fees range between 0.85 and 1.85 francs per statement (including postage). Many banks do not apply these fees to youth and student accounts.

Electronic statements which are accessible through online banking are generally free of charge.

If you choose the “online banking only” option in the private account comparison, the comparison assumes that you will use electronic statements only, and paper statement fees are not accounted for.

Important: Some banks send you paper account statements by default, and charge the fees to your account. In this case, you will have to specifically deactivate paper account statements if you do not need them.

It is worth noting that there are Swiss banks which do not charge fees for paper account statements.

Some Swiss private accounts include an overdraft facility which you can draw on, or give you the option of applying for one. When you use this line of credit, you pay interest on the negative account balance. Overdraft interest rates typically range between 8% and 12% per annum, depending on the bank. The high interest rates make overdrawing your account a poor financial move.

You can find more information in this guide to account overdrafts.

Many Swiss banks do not charge any fees to close your private account. However, some banks do charge account closure fees. For example, you may pay a fee of 10 or 20 francs to close your account.

There are also banks which do not charge fees to close private accounts, but do charge a fee when you terminate your banking relationship (close all business with the bank) or charge a fee to transfer your balances to a different bank. Banks which charge these fees typically charge between 10 and 50 francs.

The comparison includes the following account types:

• Standard private accounts for adults
• Student private accounts
• Youth private accounts
• Sustainable private accounts
• App-based private accounts

Yes. Many Swiss banks offer special youth accounts for young people up to the age of 20 or 25 years old. These accounts generally have much more favorable fees and interest rates than standard adult accounts.

Some youth accounts come with bonus features, such as discounts and/or credits.

Youth accounts typically do not have annual account fees. They also typically yield relatively high interest.

You can find more information about youth accounts here.

Yes. Many Swiss banks offer special student accounts. At some banks, students can hold student accounts up to the age of 30. The fees and interest rates are often identical to those of youth accounts.

Student accounts generally do not have account fees, and typically have relatively high interest rates. Some student accounts include additional features like discounts or credits.

You can find detailed information about Swiss student accounts here.

Many Swiss banks have phased out their special private accounts for seniors in recent years. But there are still some banks which offer special private accounts for adults above certain age thresholds. These accounts are accounted for in the private account comparison if you are eligible for them based on your age.

Swiss private accounts typically have fewer limitations on withdrawals than savings accounts. Some private accounts do not have any limits on withdrawals. Other accounts have monthly limits for notice-free withdrawals (100,000 per month or 500,000 francs per year, for example).

Youth accounts and student accounts often have more limitations on withdrawals than standard adult accounts.

Notice periods vary between private accounts. Some accounts do not have notice periods at all, while others have notice periods of 1 month, 3 months or 6 months.

However, notice periods only apply to withdrawals which exceed the notice-free-withdrawal limits.

The private account comparison only includes private accounts denominated by Swiss francs (CHF). However, some Swiss banks do offer private accounts denominated by other currencies. Euro and US dollar private accounts are the most widely offered foreign currency accounts.

You can select from a number of different predefined user profiles for fast comparisons. These profiles are: average user; frequent user; infrequent user; Switzerland-only user; abroad-only user. For a more accurate comparison, you can select the individual profile option and create a custom profile based on your exact banking needs.

You can also compare costs based on online-only banking, and with or without debit cards. Private accounts from some banks work out cheaper if you only use online banking or if you do not need a debit card.

Your age is accounted for to determine whether you are eligible for youth, student or senior accounts. If you are currently studying, you can select this criterion to have the comparison include student accounts.

Good to know: Account costs can vary depending on the amount of assets you hold at a bank. These discounts are automatically accounted for in the comparison based on your account balances.

You can find more information about user profiles here.

The private account comparison on moneyland.ch includes private accounts from these Swiss banks:

Aargauische Kantonalbank (AKB), Alternative Bank Schweiz, Appenzeller Kantonalbank (APPKB), Banca Popolare di Sondrio (Suisse), BancaStato, Bank CIC, Bank Cler, Cash Bank Zweiplus, Basellandschaftliche Kantonalbank (BLKB), Basler Kantonalbank (BKB), Berner Kantonalbank (BEKB), Credit Suisse, Freiburger Kantonalbank, Banque Cantonale de Genève (BCGE), Glarner Kantonalbank, Graubündner Kantonalbank (GKB), Hypothekarbank Lenzburg, Banque Cantonale du Jura (BCJ), LLB (Switzerland), Luzerner Kantonalbank (LUKB), Migros Bank, Neon, Neuenburger Kantonalbank (BCN), Obwaldner Kantonalbank (OKB), PostFinance, Raiffeisen Schweiz Genossenschaft, Schaffhauser Kantonalbank (SHKB), Swissquote, Schwyzer Kantonalbank (SZKB), St. Galler Kantonalbank (SGKB), Thurgauer Kantonalbank (TKB), UBS, Urner Kantonalbank (URKB), Valiant Bank, Banque Cantonale Vaudoise (BCV), Banque Cantonale du Valais (BCVS), Yuh, Zuger Kantonalbank, Zürcher Kantonalbank (ZKB).

Many Swiss banks have additional requirements for non-resident applicants. For example, you may need to bring a minimum amount of assets to the bank or subscribe to the bank’s asset management services in order to open a private account. Many banks charge high non-resident fees which apply in addition to standard account fees. These non-resident fees also apply to Swiss nationals residing abroad.

You can find a list of the additional non-resident fees charged by Swiss banks here.

Opening a Swiss private account is easy. You can easily find the best private account for your needs using the private account comparison on moneyland.ch.

When you change private accounts, you have to cancel existing standing orders and direct debit orders, and set them up again in your new account. You also need to inform anyone who may pay money into your account and make sure your account information is updated. You can find a practical checklist here.