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 Neon.

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 up to 2 free Visa debit cards have the following conditions:

• Free payments in Swiss francs
• Mobile Pay (Apple Pay, Google Pay) and online payments possible
• Free cash withdrawals at cantonal banks
• Cash withdrawal at other Swiss banks costs CHF 2 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. Paying in foreign currencies costs 1.25%, with a maximum of CHF 1.50 per transaction. Additionally, it is assumed that the conversion rate is not favorable, which means the actual costs are even higher.

Conclusion on the ZKB Banking Package

Overall, the free ZKB Banking Package is an excellent choice. It allows one to have a completely free Swiss banking package including personal accounts, a savings account, and a debit card. ZKB eBanking is modern and equipped with all features - both on the web and on the smartphone app. If you regularly are in the Zurich area, you can also benefit from consultation and services in 51 branches distributed across the canton.

Migros Bank

Migros Bank is the eighth largest bank in Switzerland. It has 70 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
• Additional card for CHF 30

Disadvantages of Migros Bank’s Private Account

The biggest disadvantage of this account is probably the eBanking. Currently, in spring 2024, Migros Bank is gradually rolling out its new eBanking. It is modern, easy to use, and can be used both in the browser and as a smartphone app. Once this eBanking is available to everyone, I can readily recommend Migros Bank. If you do not yet have access to the new eBanking, you must use an outdated desktop version for Windows and Mac - which I cannot recommend.

Conclusion on Migros Bank’s Private Account

Overall, the offering from Migros Bank is also an excellent option. Unlike the ZKB package, here you get nationwide branches and the possibility to get a free credit card.

Neon

Neon is one of the most popular neo-banks on the Swiss market. It is a full-fledged Swiss bank account that you operate entirely via an app. There are no branches. Everything happens digitally. Their basic offer is completely free.

Advantages of Neon

• Free account management
• Free savings account (Spaces)
• Free MasterCard
• Cost-effective international payments

The conditions of the Neon MasterCard are very good, ideally suited for use abroad:

• No fees for payments, both in Switzerland and abroad
• 2 free cash withdrawals in Switzerland per month
• Flat fee of 1.5% for cash withdrawals abroad

Disadvantages of Neon

• No proprietary Twint app
• No web banking
• No branches

Looking at these disadvantages of Neon, you can see that it does not quite keep up with the traditional offerings of ZKB and Migros Bank. Many want to handle their banking on a computer. With Neon, this is not possible, as it is only available as a smartphone app. Additionally, Neon does not have its own Twint app, which means you are reliant on Twint Prepaid or UBS Twint. This is more cumbersome and, in the case of UBS Twint, comes with lower limits for receiving and sending money.

Conclusion

We have now looked at three free Swiss bank accounts. All have their advantages and are generally recommendable. Overall, the ZKB banking package is the best free private account for most Swiss residents in 2024. Especially for those living in the greater Zurich area. It impresses with its modern eBanking. The only drawback is the lack of a free credit card. However, there are various other providers of free credit cards that can easily be linked to the ZKB account.

As soon as Migros Bank rolls out its new web-based eBanking widely, I can also recommend it. Unlike ZKB, Migros Bank has branches nationwide and the opportunity to obtain a free credit card.

Neon is an excellent secondary account, especially for use abroad with the MasterCard. As a primary account, I cannot recommend it due to the lack of web banking and a Twint app. For those who absolutely want only one account and travel abroad, Neon is the best option.