Neon was one of the first neobanks to enter the Swiss market. Since 2018, it has been offering an account that is completely managed through an app. But how does Neon perform in everyday life? In this review, you’ll find out whether Neon is suitable as an everyday bank or if it’s merely suitable as a secondary account for travel purposes.

Neon Conditions

Neon’s basic offer, called Neon free, provides a completely free account management fee. You only need to pay CHF 20 for the initial issuance of the MasterCard. However, the account itself is completely free.

• Free account management
• Free savings account (Spaces) with interest
• No fees for payments, both domestically and internationally
• 2 free cash withdrawals in Switzerland per month
• Flat fee of 1.5% for cash withdrawals abroad

Advantages of Neon

• Free cash withdrawals
• Joint account (paid)
• Common banking functions like direct debits, standing orders, and eBill are supported

Low fees for international usage

In my opinion, this is Neon’s biggest advantage. No other Swiss bank can offer such good conditions for international usage. Payments with the MasterCard abroad are completely free. You get the MasterCard exchange rate, which is usually very good. Cash withdrawals abroad cost a flat fee of 1.5% of the amount. This is also very cheap compared to other banks. Sending money abroad is also inexpensive. Neon uses Transferwise for this, which offers very good exchange rates. According to Neon, on average, you pay around 1% in fees for this.

Deposits up to CHF 100,000 guaranteed

Neon itself is not a bank. However, the accounts are not directly managed by Neon. Instead, they are managed by Hypothekarbank Lenzburg, which is a regulated Swiss bank. This means that deposits in a Neon account are protected by the deposit protection of Swiss banks up to CHF 100,000. Both in the regular account and in the Spaces (savings account).

Common banking functions are supported

Common banking functions like direct debits, standing orders, and eBill are all supported by Neon. This is essential if you want to use Neon as your main account.

Mobile Payment

All common mobile payment providers are supported by Neon:

• Apple Pay
• Google Pay
• Samsung Pay
• Garmin Pay
• SwatchPAY

Free cash withdrawals

While Neon doesn’t have its own ATMs, you can withdraw money for free twice a month at any Swiss ATM. For most of us, this should be more than enough. Those needing more pay CHF 2 per additional withdrawal.

Disadvantages of Neon

No dedicated Twint app

Neon doesn’t have its own Twint app. This means you are either dependent on Twint Prepaid or the UBS Twint app. This is more cumbersome, and in the case of UBS Twint, there are lower limits for receiving and sending money.

No Web Banking

Neon doesn’t offer web banking. This means you can only manage your account through the app. Many still appreciate doing their banking on the computer. This is not possible with Neon.

No Branches

Neon is a purely smartphone bank. This means there are no branches where you can get advice. However, in my experience, the Neon team has always responded quickly and competently to my inquiries via email. Besides advice, it’s also harder to deposit cash into a Neon account. According to Neon, the best option for loading cash into a Neon account is buying Twint vouchers at the Coop checkout.

App Stability

Neon’s app has repeatedly experienced stability issues in the past. There have been instances where the app was inaccessible. This often happens towards the end of the month when most Swiss people receive their salaries and pay bills. I often needed several attempts to log into my Neon account.

No dedicated credit card

Neon does not offer its own credit card. Instead, you only receive a regular debit card. Especially for travel, such as renting a car or making hotel reservations, credit cards are extremely convenient. There may be issues with a debit card in these cases. Other Swiss credit cards can be easily linked to Neon via LSV or eBill. So, no one has to forgo a credit card. However, the experience would be better if Neon offered its own credit card that could be managed directly through the Neon app.

Neon Green

Advantages of Neon Green

• Free card made of recycled plastic
• Wooden MasterCard for CHF 20
• Neon plants a tree for every CHF 500 of total expenditure with your wooden card
• Warranty extension for electronic devices purchased with the card

How much does Neon Green cost?

Neon Green costs CHF 5 per month, which are directly debited from your account.

Neon Metal

Advantages of Neon Metal

• Free cash withdrawals abroad
• 5 free cash withdrawals in Switzerland per month
• Black metal card
• Insurance package
• All benefits of Neon Free

Neon Metal Insurance Package

From CHF 0 of total expenditure with your metal card, you get:

• Warranty extension
• Best price guarantee
• Ticket protection

From CHF 500 of total expenditure with your metal card, you additionally get:

• Return protection
• Purchase insurance
• Online purchase protection

From CHF 5000 of total expenditure with your metal card, you additionally get:

• Online legal protection
• Online account protection

From CHF 15,000 of total expenditure with your metal card, you additionally get:

• Search, rescue, and transport
• Doctor and hospital costs worldwide
• Trip cancellation insurance
• Flight delay insurance
• Baggage insurance

How much does Neon Metal cost?

Neon Metal costs CHF 15 per month, which are directly debited from your account.

Neon Duo - the Joint Account

Since 2024, Neon has been offering a joint account. With Neon Duo, couples or flat-sharing communities can jointly manage an account. As of May 2024, the joint account was still in the beta phase. However, you can already open a joint account in the Neon app.

What is the Neon Duo joint account?

The Neon Duo joint account is an account jointly managed by two people. Both individuals have access to and can manage the account. The account is suitable for couples or flat-sharing communities that have common expenses and want to manage them centrally. Together, they have an IBAN where payments are made. Both participants receive their own MasterCard for shared payments.

Requirements for Neon Duo

• Both individuals must have a personal Neon account
• You must live in the same household

How much does the Neon Duo joint account cost?

• CHF 3 per person per month, so CHF 6 for a couple
• One-time fee of CHF 10 per person for the MasterCard, so CHF 20 total

Neon Alternatives

Neon vs Yuh

Yuh is a competitor to Neon from Postfinance and Swissquote. Yuh offers a similar range of services to Neon, but with some differences:

• Debit Mastercard is free with Yuh, CHF 20 with Neon
• 0.95% foreign currency fee with Yuh, free with Neon
• CHF 4.90 for cash withdrawals abroad with Yuh, 1.5% with Neon

Neon can particularly excel over Yuh with its better conditions for international usage.

Neon vs Zak

Zak is another alternative to Neon. Zak is a brand of Bank Cler and offers a similar range of services to Neon. Here are the differences:

• Zak offers unlimited free cash withdrawals at Bank Cler ATMs, while Neon offers only 2 per month
• 2% foreign currency fee with Zak, free with Neon
• Cash withdrawals abroad cost CHF 5 and 2% with Zak, 1.5% with Neon

Neon can particularly excel over Zak with its better conditions for international usage.

Neon vs Revolut

Revolut is not a regulated Swiss bank. However, it is very popular among Swiss people, especially for travel. Here are the differences:

• Revolut does not offer a Swiss IBAN, while Neon does - so it cannot be used as a primary account
• Comparable international conditions to Neon
• Modern app that is more stable than Neon’s

Neon Bank Conclusion

Neon is an excellent bank. Especially due to its unbeatable international conditions, Neon can outperform the competition. Those looking for an account for everything, both domestically and internationally, will find Neon to be a good choice. The inadequate stability of the app and the lack of web banking are Neon’s biggest drawbacks. Those who desire these features would be better served by a cost-effective traditional bank, such as Raiffeisen or Migros Bank. However, even for such individuals, Neon still serves as an excellent secondary account for travel purposes.