Free Bank Accounts in Switzerland

Many Swiss bank customers pay basic, ongoing fees for their bank accounts. But there are a number of banks that offer free bank accounts.

There are also some Swiss banks that offer free private accounts for adult customers.

What is a free bank account?

A free bank account is a bank account that does not have a basic, ongoing annual or monthly fee. But these accounts can still generate costs, as you may pay incidental fees for certain services. Fees vary between banks, so comparing offers is important.

Which banks offer free private accounts with a free debit card?

Among others, the Swiss banks listed below offer private accounts without basic account fees as well as a debit card whithout basic card fees. The list does not include accounts for which the fees are only waived if additional criteria are met.

• Aargauische Kantonalbank
• Basler Kantonalbank (Privatkonto, Spezialkonto, IV-Rentenkonto)
• Bank Wir («Bankpaket Top»)    
• Berner Kantonalbank (Zero, Zero Duo)
• Migros Bank (Privatkonto, M+)
• Swissquote (Light, includes a virtual debit card)
• UBS (Key 4 Banking Pure)
• Valiant (Lila Set)
• Zuger Kantonalbank (Fix)
• Zürcher Kantonalbank (ZKB Banking)

Bank Wir lists terms of use (for example, a minimum monthly deposit of 1,500 Swiss francs). However, according to Bank Wir, these do not affect any account maintenance fees that may be incurred.

There are also Swiss neobanks that offer private accounts without any basic, ongoing account fees. Examples include:

• Alpian (includes a virtual debit card)
• Yuh
• Zak

Note that many of these banks also have paid accounts in addition to their free account offers.

Which Swiss banks offer a free private account but charge a fee for a debit card?

Some Swiss banks offer private accounts with no account maintenance fees. However, if you need a debit card, you will be charged a basic fee. At Thurgauer Kantonalbank, the debit card costs 18 or 24 francs per year (9 or 12 francs for a virtual debit card without plastic card), while at Freiburger Kantonalbank, the debit card costs 40 francs per year; and at St. Galler Kantonalbank it costs 50 francs. With Neon Free, you pay 20 francs per card and 10  francs each time the card is replaced upon expiry (after four years).

However, if you don't need a debit card and only use your private account to receive money and pay bills via e-banking, then this type of account could be an attractive option for you.

• Freiburger Kantonalbank (“salary account”)
• Neon (Free)
• St. Galler Kantonalbank
• Thurgauer Kantonalbank

Are there paid private accounts that are free of charge if certain conditions are met?

Yes. Some banks waive the basic account fees of their paid private accounts if you meet certain criteria.

Swiss banks that waive account fees under certain conditions

¹ or building loan
² Recommendation to independent Raiffeisen cooperative banks from Raiffeisen Switzerland. Conditions vary between individual Raiffeisen banks.

Is using a free bank account completely free?

No. A free Swiss bank account does not have a basic monthly or annual account fee. You also generally do not pay fees to access online banking or to make or receive local bank transfers within Switzerland. Some banks also do not charge a basic monthly or annual fee for a debit card (see list above), while other banks do.

Even if you use a free account, the bank may still charge you fees for specific banking services. There are differences between banks, and not all bank charge fees for all of the services listed below. Fees that you typically do have to pay for even if you use a free bank account include:

• A basic monthly or annual fee for your debit card.
• Fees for cash withdrawals at ATMs, especially ATMs from other banks.
• Postage for physical documents sent by mail.
• Surcharges for transactions you make in person at a branch office.
• Foreign transaction fees for using your debit card to pay outside of Switzerland.
• Currency exchange markups when you use your debit card outside of Switzerland.
• Fees for credit cards.
• Fees for international bank transfers.

Which Swiss banks offer free savings accounts?

Most banks do not charge basic account fees for savings accounts.

But you should pay attention to fees for making outgoing bank transfers from Swiss savings accounts. Typically, banks charge five francs per bank transfer. Only balance transfers from your savings account to your private account at the same bank are generally free of charge. The requirement is that both accounts are in your name. You also have to use the balance transfer function in online banking rather than making a bank transfer.

You also have to take care not to withdraw too much money from a savings account within a short amount of time. Banks have limits on how much money you can withdraw (between 5000 and 100,000 francs, for example) within a certain timeframe (between one and 12 months, for example). There are big differences in the limitations for withdrawals at different banks. If your withdrawals exceed the limit, you pay an early withdrawal penalty (typically two percent of the amount that exceeds the limit).

Are there any other free banking services?  

Banking services, in addition to free private accounts and savings accounts, that may also be free of charge:

• Free credit cards
• Free trading

More on this topic:
Compare Swiss private accounts now
Compare Swiss savings accounts now
Swiss neobanks compared