Swiss Student Bank Accounts Explained

Many Swiss banks offer special education accounts or student accounts to young customers who are busy completing their education.

What is the difference between an education account and a student account?

The terms education account and student account both describe the same kind of bank account. These accounts are generally designed for people who are studying and fall below certain age limits.

What are the advantages of a student account, compared to regular private accounts?

The student accounts offered by Swiss banks are often more favorable than regular bank accounts for adult customers. Offers vary from bank to bank, but typical student account benefits are:

• No account fees: You do not pay any basic, ongoing account fees for student private accounts.
• Debit cards, prepaid cards, and credit cards: Student account holders receive one or more cards with no annual fees.
• No-fee cash withdrawals: A few banks let student account holders make complimentary cash withdrawals at all Swiss ATMs without any fees. However, many other banks only have no-fee withdrawals at their own in-network ATMs.
• Preferential interest rates: Student private accounts and savings accounts have higher interest rates than regular accounts for adults. Normally, the higher interest only applies to the part of your account balance that falls below a certain threshold (typically between 10,000 and 50,000 francs).
• Discounts: Many banks offer their student account holders a number of discounts for purchases from certain stores and dining establishments, among other merchants. Some banks offer free printing of certain key educational documents. Some offer student account holders free cinema visits, a 50-percent discount on the SBB half-fare card, or free use of public transportation. You can learn more about these discounts in the guide to student benefits from Swiss banks.

Important: Student benefits vary between banks. Not all banks offer all of the perks listed above.

What are the age limits for using a student account?

The age limit for holding a student account is 30 years old at most banks. But there are some banks that have different age limits. 

What happens when I pass the age limit or finish my studies?

When you reach the age limit, the bank automatically migrates your student account to a standard adult account. The same applies when you finish your studies. After the change, you will have the same terms and conditions as non-student adults.

Regular bank accounts are often much more expensive than student accounts. That is partly because you are charged basic, ongoing account fees and card fees – which are waived for student accounts from most banks.

Some banks have special conditions. For example, the Aargauische Kantonalbank lets you continue benefiting from the same student terms and conditions for up to a maximum of three years after finishing your studies.

Tip: Take the time to compare private accounts again before you reach the age limit or finish your studies.

Which debit cards and credit cards do I get with a student account?

Typically, your student account or student bank package includes a debit card (Debit Mastercard or Visa Debit) with no monthly or annual card fees. However, certain card fees may apply, such as fees for payments and cash withdrawals outside of Switzerland.

Student accounts and bank packages often include a prepaid card or a credit card. Some banks let you choose between a prepaid card and a credit card. Other banks give you the option of getting both a prepaid card and a credit card.

Good to know: Not all students are eligible for credit cards. Whether or not you can get a credit card depends on your creditworthiness.

Are student accounts better than regular bank accounts and neobank accounts?

A student account is more favorable than a regular bank account from the same bank.

However, a student account at one bank may or may not be advantageous compared to regular accounts from other banks. You have to look at the exact terms and conditions of student accounts and compare them with private accounts from other banks, especially free bank accounts, and neobanks.

There are also banks that do not offer student accounts at all, but instead offer youth accounts with similar age limits. Valiant customers, for example, can keep their youth accounts until the age of 28. The age limit for youth accounts from the Berner and the Zürcher Kantonalbank is 30 years old.

Are student accounts free of charge?

Banks often like to use the term free in their marketing campaigns. While it is true that many fees which apply to regular bank accounts are waived for student accounts, there are still costs which may apply depending on how you use your account.

Fees that apply to student accounts vary between banks, but typical fees include:

• Fees for withdrawing cash at out-of-network ATMs.
• Fees for withdrawing cash at ATMs in foreign countries.
• Fees for international bank transfers.
• Fees for using your debit card to pay at foreign merchants.
• Markups on currency exchange rates.
• Fees for paper account statements.

Why are banks so generous with students?

Student accounts are part of banks’ marketing strategies. Students generally have relatively small budgets, but a lot of potential for future financial growth. People with higher education, in particular, tend to become profitable customers, so attracting these customers early on pays off for banks.

Which students are eligible for student accounts?

Many banks do not clearly define which kinds of education entitle you to a student account. Students at Swiss universities, technical colleges, or colleges are generally accepted. A common requirement is that the program must last for at least one year. Apprentices can open student accounts at some banks, but not all.

Tip: Ask the bank directly whether your specific studies entitle you to a student account.

What should I know about private accounts and savings accounts?

Private accounts are designed for everyday financial transactions, such as receiving salaries and paying bills. Debit cards, which can be used to pay at online and brick-and-mortar stores, are also linked to your private account.

Important: Do not use savings accounts to pay bills. As their name implies, savings accounts are designed for saving, and have very high fees for outgoing transfers. Always transfer money from your savings account to your private account and pay your bills from that account. Transfers between your savings and private account at the same bank are normally free of charge.

Some banks offer student savings accounts. Like youth savings accounts, student savings accounts have higher interest rates than regular savings accounts at the same bank. Be aware that the higher interest rate only applies to the part of your account balance that falls below a certain limit (10,000 or 20,000 francs, for example). Pay attention to limitations on withdrawals.

Tip: Student accounts are included in the private account comparison and savings account comparison on moneyland.ch if you are eligible based on your age and educational status.

What should I know about student bank packages?

Many Swiss banks offer bank packages that include a private account, a savings account, a debit card, and a credit card. Student bank packages typically do not have any basic monthly or annual fees.

Tip: The bank package comparison on moneyland.ch lets you compare bundled savings account, private account, debit card, and credit card offers to find the most affordable package for your needs.

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