Swiss neobank Neon is making changes to its pricing, terms, and conditions that will take effect on May 13. The neobank, which launched in 2018, now counts 237,000 customers. That makes Neon the second-largest Swiss neobank after Yuh, which says that it had 300,000 customers at the end of 2024.
Neon offers its services in collaboration with the Hypothekarbank Lenzburg.
Four different bank packages
The two existing packages, Neon Free and Neon Metal, will remain in place. But Neon is adding two new packages, Neon Plus and Neon Global.
From May 13, customers will be able to choose between these bank packages:
- Neon Free: The basic banking package without ongoing account fees will remain in place, but transactions outside of Switzerland will now be subject to a 0.35-percent currency exchange markup.
- Neon Plus: This package will cost 2 francs per month, which translates into 20 francs per year. There is no currency exchange markup for purchases and cash withdrawals outside of Switzerland. Cash withdrawal fees are waived for the first two cash withdrawals at Swiss ATMs per month. You also get phone-based customer support and electronic devices purchased with the Neon card benefit from an extended warranty.
- Neon Global: This package costs 8 francs per month (80 francs per year). It includes all of the same features as Neon Plus, but the card comes with additional insurance benefits, and the fees for international transactions are lower than those of Neon Plus.
- Neon Metal: This package costs 15 francs per month, or 150 francs per year. It includes the same benefits as Neon Global, but also gives you fee-free cash withdrawals, a card made out of metal, and additional insurance benefits.
The Neon Green package, which costs 5 francs per month, will no longer be offered as a stand-alone package. Instead, Neon will offer an optional Neon Green supplement that can be added to other plans for an added fee of 3 francs per month. Neon Duo, the joint account for couples, will also be offered as an optional supplement (also 3 francs per month) instead of a stand-alone package.
An overview of the most important changes
These are the main changes that are coming to existing Neon Free users:
- You will now pay a currency exchange markup of 0.35 percent when you use your card to pay for purchases in foreign currencies. Up until now, Neon Free users did not have to pay any foreign transaction fees.
- You will no longer be able to make any cash withdrawals free of charge. Up until now, there were no fees for the first two withdrawals at Swiss ATMs each month.
- Cash withdrawals at Swiss ATMs will now cost 2.50 francs per withdrawal. Up until now, the fee for additional withdrawals above the monthly allowance was 2 francs per withdrawal. Neon recommends fee-free cash withdrawals at supermarkets like Coop, Aldi, and Lidl as an alternative to using ATMs.
These are the most important changes coming to Neon Green users:
- Neon Green users will now receive a Neon Plus account with Neon Green as an optional supplement. The fees of 5 francs per month are the same as the previous fees for Neon Green, but are made up of the combined fees for the Neon Plus package and the Neon Green option.
- Cash withdrawals at Swiss ATMs will now cost 2.50 francs per withdrawal – up from the previous 2 francs per withdrawal. Neon recommends using fee-free withdrawals at Coop, Aldi, and Lidl supermarkets instead of ATMs.
Neon Metal users will benefit from cheaper international bank transfers.
An overview of the four Neon bank packages
All of the packages include certain basic services, such as fee-free transfers between Swiss bank accounts, eBill payments, and Spaces – the Neon alternative to savings accounts. The prices for securities investments and savings plans are identical across all packages. The table below offers an overview of the four Neon bank packages.
How Neon compares to the competition
In earlier moneyland.ch comparisons, Neon usually ranked in the upper midfield, depending on the user profile, and it was consistently cheaper than its main competitor Yuh. After the changes, using Neon would cost approximately as much as using Yuh, assuming the margins used for exchange rates have remained the same.
Among Swiss neobanks, Radicant continues to be the cheapest provider for basic banking services.
Conclusion by moneyland.ch expert Ralf Beyeler
Depending on how you use Neon, the changes can result in increased costs. Customers who make card-based payments and withdraw money in foreign countries, in particular, will experience a cost increase due to the new markup on currency exchanges. Customers who withdraw money at Swiss ATMs will also experience cost hikes. On the one hand, Neon is removing the two free withdrawals per month, and on the other hand, Neon is raising the cash withdrawal fee from 2 francs to 2.50 francs per withdrawal. If you are used to withdrawing money four times per month, you will now pay 10 francs for that service instead of the former 4 francs.
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