Best Free Bank Accounts in Switzerland for 2025
In this article, we will take a look at three free Swiss bank accounts to determine which is the best free bank account. They all come without an annual fee and include Visa or Mastercard. The accounts are from Zürcher Kantonalbank, Migros Bank, and WIR Bank.
Zürcher Kantonalbank (ZKB)
Zürcher Kantonalbank is the fourth largest Swiss bank. Since the end of 2023, ZKB has offered a free banking package. This is called “ZKB Banking.”
Advantages of the ZKB Banking Package
- Free account management
- Up to 3 free personal accounts
- Free savings account
- Up to 2 free Visa debit cards
- ZKB Twint
- Modern web and mobile eBanking
The Visa debit card has the following conditions:
- Free payments in Swiss francs
- Free cash withdrawals at cantonal banks
- Cash withdrawal at other Swiss banks costs CHF 2 per withdrawal
- Payments abroad cost 1.25%, maximum CHF 1.5 per transaction
- Cash withdrawals abroad cost a flat fee of CHF 5 per withdrawal
Disadvantages of the ZKB Banking Package
If you want a ZKB credit card, it quickly becomes expensive. Either you have to switch to a paid ZKB banking package, or pay the high annual fee for the credit card. Neither is ideal. Instead, it is wise to take a free credit card from another bank. These cards can easily be linked directly to your ZKB account via LSV or eBill. Here’s our overview of the best credit cards for Swiss residents.
Moreover, the banking package is not suitable for use abroad. Sending payments abroad incurs fees. The same applies to the Visa debit card. Both making payments and withdrawing cash abroad are expensive.
Migros Bank
Migros Bank is the eighth largest bank in Switzerland. It has 75 branches nationwide. Its private account is completely free without any account management fee. Let’s take a closer look at this account now.
Advantages of Migros Bank’s Private Account
- Free account management
- Optional free savings account
- Free Visa debit card
- Migros Bank Twint
- Free Visa credit card without annual fee
The Visa debit card has the following conditions:
- Free payments in Swiss francs
- Mobile Pay (Apple Pay, Google Pay) and online payments possible
- Free cash withdrawals at Migros ATMs and stores (Migros, Denner, and more)
- Cash withdrawal at other Swiss banks costs CHF 2 per withdrawal
- Payments abroad cost CHF 1.5 per transaction
- Cash withdrawals abroad cost a flat fee of CHF 5 per withdrawal
- Additional card for CHF 30
Disadvantages of Migros Bank’s Private Account
Since Migros Bank has fundamentally renewed its eBanking, there are hardly any disadvantages to this package. However, as with ZKB, the bank account is not suitable for use abroad.
WIR Bank
WIR Bank is a Swiss cooperative bank founded in 1934, headquartered in Basel with 9 branches throughout Switzerland. With the “Bankpaket top” package, WIR Bank offers an attractive, free private account.
Advantages of the WIR Bank Bankpaket top
- Free account management (with monthly incoming payments of CHF 1500 or purchase of a share certificate for CHF 200)
- Free Debit Mastercard without card fee
- Bank WIR TWINT
- Optionally available as a joint account for two people
The Debit Mastercard has excellent conditions, particularly for use abroad:
- 0% commission on card payments in Switzerland and abroad
- No surcharge on the exchange rate - currency exchange at the most favorable foreign exchange mid-rate (interbank rate)
- 24 free cash withdrawals worldwide per year, then CHF 2 per withdrawal
Disadvantages of the WIR Bank Bankpaket top
The Bankpaket top is only free if one of the following conditions is met:
- Monthly incoming payments of at least CHF 1500
- Retirement funds of at least CHF 20,000 with WIR Bank
- A mortgage of at least CHF 300,000 with WIR Bank
- Purchase of a share certificate for CHF 200 (becoming a cooperative member with voting rights)
If you decide to use WIR Bank as your salary account, you don’t need to worry about this. Another good option is purchasing a share certificate for CHF 200, which makes you a cooperative member of the bank with entitlement to dividends.
Conclusion
We have now looked at three free Swiss bank accounts. All have their advantages and are generally recommendable.
The ZKB Banking Package is ideal for anyone living in the greater Zurich area who prefers an established cantonal bank. It impresses with its modern eBanking and solid infrastructure. The only drawbacks are the lack of a free credit card and the high foreign fees.
Migros Bank offers branches nationwide and the opportunity to obtain a free credit card. The renewed eBanking is modern and user-friendly. However, fees for foreign transactions also apply here.
The WIR Bank Bankpaket top is the best option for anyone who frequently travels abroad or shops online at foreign retailers. The Debit Mastercard offers genuine 0% fees abroad with the most favorable exchange rate (interbank rate) - without hidden costs. The one-time investment of CHF 200 for the share certificate (alternatively: monthly incoming payments of CHF 1500) pays off quickly if you regularly make payments or withdraw cash abroad. With 24 free cash withdrawals worldwide per year, it is also ideal for travelers.