Trading Study 2025: The Costs of Investing With Swiss Banks

Investing in securities like stocks and ETFs has become increasingly popular. Media pieces with investment tips and information about specific stocks are often well received. But the costs involved are often neglected. moneyland.ch analyzed the securities brokerage services from leading Swiss banks based on two user profiles to determine the fees charged for buying, holding, and selling stocks.

The results show huge differences in the cost of investing with different Swiss banks. The most expensive bank can be up to seven times more expensive than the cheapest bank. For the frequent trader profile, the cost of using the most expensive bank can be 7400 francs higher, compared to the cheapest Swiss bank.

The fees charged by banks

Banks charge you a brokerage fee when they buy or sell assets on your behalf. The size of these brokerage fees differs massively from one Swiss bank to another. What is more, the same bank may use different brokerage fees depending on the type of security (whether you trade a stock or an ETF, for example), the value of a trade, and which exchange the trade is made on. No matter which Swiss bank you use, you must pay a government stamp duty in addition to the brokerage fee. Additionally, most Swiss banks also charge custody fees to hold and administrate your stocks and other securities. Only a handful of Swiss banks do not charge custody fees. At all other banks, these fees can add a substantial cost.

“Comparing stockbrokers can easily save you hundreds of francs per year,” says moneyland.ch expert Benjamin Manz. “In addition to costs, it is also worth looking at the services provided.” Important aspects to consider include the usability of online trading platforms, and the availability of different securities.

moneyland.ch compared the costs that apply to both occasional investors and to frequent traders. Both profiles are based on investments in Swiss stocks and ETFs, as well as European and US stocks.

The cheapest banks for occasional investors

The cost comparison for the occasional trader profile is based on a portfolio with Swiss stocks worth 25,500 francs, Swiss ETFs worth 14,000 francs, European stocks worth 7500 euros, and US stocks worth 9000 US dollars. Brokerage fee calculations are based on 12 trades per year. The details are explained in the methodology box at the foot of this report.

With total costs of 231.40 francs, Saxo Bank is the cheapest option for the occasional trader profile. Next in line are Cornèrtrader (298.65 francs), Cash - Banking by Zweiplus (610.15 francs), and Postfinance (613.05 francs). Refer to table 1 for a full overview.

The cheapest bank for frequent traders

The cost comparison for the frequent trader profile is based on a portfolio with Swiss stocks worth 40,000 francs, Swiss ETFs worth 15,000 francs, European stocks worth 20,000 francs, and US stocks worth 20,000 US dollars. Brokerage fee calculations are based on 62 trades per year. The methodology is explained at the foot of this report.

For frequent traders too, Saxo Bank is the cheapest stockbroker, with total costs of 1230.50 francs. It is followed by Cornèrtrader (1588.50 francs), Swissquote (2659.60 francs), and Trade Direct from Banque Cantonale Vaudoise (2667.05 francs). Refer to Table 2 for a full overview

Investing with neobanks: Neon and Yuh

Some Swiss neobanks now offer stock and ETF investment services. These neobanks are not accounted for in the analysis because their investment services and the selection of available securities is very limited. But if the securities you want to invest in are available and you only invest small amounts of money, then these neobanks are also worth considering. Neon and Yuh are two examples of Swiss neobanks that let you invest in specific stocks and ETFs. An advantage shared by both of these neobanks is that they do not charge any custody fees. With brokerage fees typically ranging between 0.5 percent and 1 percent, these neobanks can be cheaper than dedicated stockbrokers – at least for small transactions.

Using foreign stockbrokers can also be an affordable option, largely because you do not have to pay Swiss stamp duties. But it is imported to understand that foreign stockbrokers are not regulated in Switzerland, which can lead to added difficulties in the case of disputes or if the stockbroker becomes insolvent.

How to move to a different stockbroker

Before you migrate to a different bank, it is advisable to first test its brokerage services. This can be done using free demo accounts with mock trading, or by opening a real account and making a few test investments using small amounts of money. Aspects like which services are provided, how user-friendly the platform is, and the features (the types of orders available, for example) can also be important. The cost of transferring your portfolio also plays a role. The transfer fees charged by your old bank to send your assets to your new stockbroker can be very high. The total cost of transferring a portfolio typically depends on how many different securities titles you hold. If you hold many different stocks, then it is often cheaper to simply sell your existing investments, and then buy all of the same assets again using your new stockbroker. That way, you avoid the transfer fees entirely. On the other hand, if you hold just a few different securities, then it can be cheaper to transfer them to your new custody account, in spite of transfer fees. Some Swiss banks will cover part of the transfer fees charged by your old bank when you transfer your portfolio to them. It is advisable to ask your new stockbroker whether they offer this benefit. 

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