Best Bank Accounts for Students and Young Adults in Switzerland
As a student or young adult, you can benefit from various discounts in Switzerland. Banks are no exception. While most banks charge various fees for regular accounts—such as account management and card fees—you can get these for free at many banks as a young adult. Furthermore, some banks offer additional benefits, including higher interest rates, more cashback, or other perks such as free printing of thesis papers. In this article, I will show you which banks offer the best benefits for students and young adults.
What Makes a Good Bank Account for Students and Young Adults?
The Basics:
- No account management fees
- Free debit card
- Free credit card
Further:
- No fees for card payments abroad
- High interest on savings accounts
- Cashback on cards
- Free cash withdrawals
Let’s evaluate the best banks for students and young adults based on these criteria. All the banks presented here do not have any account management fees.
ZKB Banking Young
Interest Rates
- Private Account: 0%
- Savings Account: 0.10% up to CHF 50,000, then 0%
Visa Debit Stucard
- Annual fee: Free
- Payments in Switzerland: Free
- Payments abroad: 1.25%, maximum CHF 1.50 per transaction
- Cash withdrawals in Switzerland: Free at all cantonal banks; otherwise, CHF 2 per withdrawal
- Cash withdrawals abroad: CHF 5 per withdrawal
Standard Credit Card (Mastercard or Visa)
- Annual fee: Free
- Payments in Switzerland: Free
- Payments abroad: 1.75%
- Cash withdrawals in Switzerland: 4%, minimum CHF 10 per withdrawal
- Cash withdrawals abroad: 4%, minimum CHF 10 per withdrawal
- Cashback: Surprize points, about 0.2% cashback
Excellent Insurance Package:
- Trip cancellation and interruption insurance
- Search and rescue costs
- Accident insurance for transport
- 24-hour assistance
- Baggage delay insurance
- Warranty extension
- Best Price Guarantee
- Shopping and transport insurance
- Online account protection
- Online legal protection
- Discount with Hertz car rental
Additional Benefits
- Stucard: Discounts at various companies, such as Starbucks or Transa
- Modern, easy-to-use online banking
- ZKB Night Owl: Free rides on the Zurich ZVV network on Fridays and Saturdays after 7 PM
- Free printing of thesis papers
- ASVZ discount: 10% off ASVZ courses
Conclusion
- For everyone up to 30 years, whether student or not
- Low cashback on credit card
- Great insurance package
- Stucard and Night Owl are fantastic
UBS key4 banking Pro
Interest Rates
- Private Account: 0%
- Youth Savings Account: 0.300% up to CHF 50,000, then 0.010%
Visa Debit Card
- Annual fee: Free
- Payments in Switzerland: Free
- Payments abroad: 2%, minimum CHF 1 per transaction
- Cash withdrawals in Switzerland: Free at UBS/CS, otherwise CHF 2 per withdrawal
- Cash withdrawals abroad: CHF 5 per withdrawal
Standard Credit Card (Mastercard)
- Annual fee: Free
- Cashback: 1 point per CHF 300 spent (up to CHF 1,000 per quarter), resulting in 0.3% cashback
- Payments in Switzerland: Free
- Payments abroad: Mastercard reference rate plus 0.5%
- Cash withdrawals in Switzerland: 4%, minimum CHF 10 per withdrawal
- Cash withdrawals abroad: 4%, minimum CHF 10 per withdrawal
- Insurance: only travel and flight accident insurance
Additional Benefits
- Cashyou subscription (value CHF 39 per year)
- CHF 50 starting credit
- Travel and flight insurance
- Free printing of thesis papers
Conclusion
- For young adults up to 26 years and students up to 30 years
- Cashback of 0.3% on credit card payments
- Diverse additional services like insurance and starting credit
- Free cash withdrawals everywhere in Switzerland
Raiffeisen YoungMemberPlus
Raiffeisen is organized as a cooperative and consists of over 200 independent Raiffeisen banks in Switzerland. Each of these banks may offer slightly different conditions. The conditions listed here refer to Raiffeisen Bank Zurich. It is recommended to check the exact conditions with your local Raiffeisen bank.
Interest Rates
- Private Account: 0%
- Savings Account: 0.10% up to CHF 50,000, then 0.025%
Visa Debit Card
- Annual fee: Free
- Payments in Switzerland: Free
- Payments abroad: 1.25%, minimum CHF 1.50 per transaction
- Cash withdrawals in Switzerland: Free at all Raiffeisen ATMs, 12 free withdrawals per year at other banks, then CHF 2 per withdrawal
- Cash withdrawals abroad: CHF 4.50 per withdrawal
Standard Credit Card (Mastercard or Visa)
- Annual fee: Free (normally CHF 100)
- Payments in Switzerland: Free
- Payments abroad: 1.5%
- Cash withdrawals in Switzerland: 4%, minimum CHF 10 per withdrawal plus 1.5% foreign currency fee
- Cash withdrawals abroad: 4%, minimum CHF 10 per withdrawal
Additional Benefits
- Swiss Museum Pass: Free entry to over 500 museums in Switzerland
- SBB Half-Fare Card: 50% discount on Half-Fare subscription
- Concert and Event Tickets: Up to 50% discount on over 250 events
- Ski Pass Discounts: Up to 40% discount in 20+ ski resorts
- Mobility Carsharing: 50% discount on MobilityPLUS, registration fee (CHF 39.90) waived
Conclusion
- For young adults up to 26 years and students up to 30 years
- No cashback on credit card
- Comprehensive lifestyle package with Museum Pass, Half-Fare discount, and event tickets
Conclusion
ZKB, UBS, and Raiffeisen all offer excellent banking packages for students and young adults. Depending on your usage behavior, you can choose between the three banks. Let’s take a look at which bank is best for whom.
ZKB excels in the following areas:
- Top credit card insurance package
- ZVV Night Owl
- Super app
- Discounts through Stucard and at ASVZ
On the other hand, UBS offers advantages in the following areas:
- Cashback of 0.3% on credit card payments
- Only 0.5% foreign currency fee on credit cards
- Free cash withdrawals everywhere in Switzerland
Raiffeisen excels in these areas:
- Comprehensive lifestyle package (Museum Pass, Half-Fare discount, event tickets, ski pass discounts)
- 12 free withdrawals per year at other banks as well
In conclusion, ZKB is better if you want insurance and discounts. UBS, on the other hand, is better for someone looking for cashback, low foreign currency fees, and high interest rates. Raiffeisen is ideal for people who travel frequently, enjoy culture and sports, and want to benefit from the versatile lifestyle perks. All three packages are among the best offers for students and young adults in Switzerland and are therefore highly recommended.