Neon Bank Review & Test + 100 CHF Promo Code in October 2024

In October 2024, Neon Bank is one of the most popular neobanks in Switzerland. Our Neon Bank review covers the Neon app, the different types of accounts, the Mastercard debit card, and Neon Invest. Neon offers a free CHF account with no monthly fees and a modern, user-friendly app for complete financial management.

With Neon Invest, you can easily invest in stocks and ETFs directly through the app. Neon is particularly appealing if you’re looking for a simple banking solution for your everyday needs, including free domestic payments and international transfers via WISE.

Neon Bank Quick Facts – October 2024

In This Review

Neon Bank Review: The Independent Swiss Neobank

Neon is a Swiss neobank that offers banking services accessible via a mobile application. Created in 2018, Neon aims to offer a modern and simplified banking experience for its customers.

All you need to do is be a Swiss resident – regardless of nationality – to open an account with Neon Bank.

Neon Bank currently offers 3 types of mobile bank account in CHF:

• neon free: the free account
• neon green: 5 CHF/month
• neon metal: 15 CHF/month

Each account comes with the following benefits:

• 100% account management via iPhone or Android app
• Free payments in Switzerland in CHF
• MasterCard

We have tested the Neon Bank app for you and compared the fees in detail.

Updates:

• Read our review of Neon Metal
• Discover the Neon metal card
• Trade stocks and ETFs with Neon Invest
• Open a joint account with Neon Duo
• Neon launches its savings plan

Review & Test of Neon Bank Account Opening – 8/10

Neon allows you to open a free mobile account from your smartphone.

What are the account opening conditions

You can absolutely use Neon Bank to receive your salaries and make bank transfers in Switzerland or abroad. The Neon accounts are located at Hypothekarbank Lenzburg AG. This has a banking license and therefore guarantees deposits (up to 100,000 CHF).

How to open your neon-free account at Neon Bank

Opening an account with Neon Bank begins in the app:

1. Download the Neon app in the App Store or Google Play
2. Answer the questions
3. Verify your identity
4. It’s done! Your account is open 🙌

Here are the different steps for opening an account at Neon Bank:

The App is available in French 🇫🇷 German 🇩🇪 Italian 🇮🇹 and English 🇬🇧

#1 You enter your personal information after the welcome message

If you do not have Swiss nationality, customer service will ask you – after opening – for a copy of your B permit (or C) by email.

#2 You confirm your email address

#3 You enter promo code NEOTRADE and choose your plan (neon-free is free)

#4 You accept the terms and conditions

#5 And finally, you verify your identity through video

The Neon Bank account allows you to carry out all standard operations (transfers, direct debits, etc.) like any bank account Switzerland.

neon-free offers a Debit MasterCard which costs 20 CHF and as with all Swiss banks, you receive two letters: one for the card and one for the PIN code.

That’s a lot of paper compared to neobanks like N26 or Revolut who send only 1 letter with a nice packaging.

Here is for example the mail N26:

N26 Debit Card

Neon Bank for Foreigners

While several Swiss neobanks have begun to accommodate non-residents, such as Yuh and Yapeal, Neon Bank remains exclusive to Swiss residents. This means that individuals living outside Switzerland, including those from countries like France, Germany, Italy, Austria, and Liechtenstein, cannot open an account with Neon.

If you are a foreigner seeking a Swiss bank account, options like Yuh and Yapeal might be more suitable for you, as they provide the flexibility to non-residents. Neon’s strict residency requirement limits its accessibility for international users looking for banking solutions in Switzerland.

To explore more about non-resident options, check our comprehensive articles on 4 Ways to Open a Swiss Bank Account for Non-Resident and Neobanks for Non-Residents & Cross-Border Workers in Switzerland.

Our Opinion on Opening a Neon Bank Account

We appreciate the simple and quick opening of the account, even if we would have liked more luxurious packaging.
-2 points

Usability & Customer Reviews of Neon app – 9/10

The Neon Bank app is modern and intuitive.

It is an application worthy of the best neobanks like N26 or Revolut:

• The application is fast and smooth,
• The menus are clear and well organised
• Essential functions accessible directly

The Neon app is rated 4.6 on the Apple Store (4.5k reviews) and 4.5 on Google Play (6.5k reviews). These ratings are good without being exceptional, but opinions converge to confirm a good user experience.

Neon Apple Store Reviews

Neon Google Play Reviews

We still subtract 1 point because the connection to the application is sometimes slow, or even not possible at certain times.

Review of Neon App Features – 8/10

Being a neobank, Neon Bank offers most of its services via the mobile application:

• Consult your banking transactions
• Enter transfers or standing orders
• Using eBill
• Paying with TWINT
• Scan and download invoices in Swiss format
• Block and replace bank card for free
• Change card PIN
• Update their phone number and personal information
• Create sub-accounts (Spaces)
• Get a Neon metal card
• Trade stocks and ETFs with Neon Invest
• Open a joint account with Neon Duo
• Open a savings plan

Here is what is missing:

• No dedicated TWINT application (like Yuh TWINT)
• No virtual bank card (unlike Yuh, N26 or Revolut)
• No settings for MasterCard card limits, beyond the max. monthly
• Not possible to share sub-accounts with individual IBANs (Spaces)

The function for scanning QR codes or invoices in Swiss format is very practical. A real plus compared to Revolut.

Card settings are too limited

If like Revolut or N26 it is possible to temporarily lock the card but it is not to change the card limits.

Neon Card Settings

So if the essential features are present, the comfort options are missing.

Neon Credit Card Review – 8/10

neon-free offers a Debit MasterCard which costs 20 CHF.

The Neon Bank card is great for traveling and is compatible with Apple Pay, Google Pay and Samsung Pay.

It is red and delivered in a normal envelope:

Neon Debit Mastercard

The Neon MasterCard is great for traveling and is compatible with Apple Pay, Google Pay and Samsung Pay.

Neon Bank Plans & Pricing – neon-free – 9/10

The neon-free plan is free.

Neon being a neobank based in Switzerland, prices are displayed in CHF

• From: 0 CHF/month
• Account management: via iPhone or Android mobile application
• Bank card: Debit MasterCard

MasterCard

Neon does not offer a Maestro card, only a free MasterCard. It is red, which is in line with the “flashy” colour trend offered by other neobanks.

Card replacement is charged 20 CHF.

Cash withdrawals in Switzerland in CHF

• 2 free withdrawals per month, then 2.00 CHF per withdrawal
• Free and unlimited withdrawals with the Sonect app at kiosks and partner stores.
• Withdrawal limit of 10,000 CHF per month

Cash withdrawals in Switzerland in EUR

• 1.5% fee
• Withdrawal limit of 10,000 CHF per month

Cash withdrawals abroad

• Neon uses the Mastercard interbank rate but applies a 1.50% exchange fee

International transfers

Neon uses the services of WISE for all money transfers abroad. WISE is renowned for offering excellent exchange rates, but Neon applies a 0.40% surcharge on each transfer, making transactions less competitive with fees between 0.8% and 1.7 %.

For a transfer CHF to EUR, Neon applies a fee of 0.9%, or approximately 0.5% pour Wise and 0.4% for Neon

Neon Bank – Wise CHF EUR

Neon Bank fees: neon green

neon green is the eco-premium version of neon: this plan is billed 5 CHF/month and allows you to have the free MasterCard card with free delivery.

Neon Green Card

The other benefits of neon green are non-financial, this plan will not reduce any other costs to you. The focus is on the ecological footprint and CO2 compensation:

A carbon neutral account.
In partnership with myclimate your neon green account is completely carbon neutral from the start.
Spend and compensate.
For every 100 CHF you spend with your card, we plant a tree for you. And we will plant 5 additional trees every month: offsetting the annual CO₂ consumption of an average person in Switzerland. From the first moment, you have a positive impact on the climate!

The neon-green card replacement is charged 20 CHF.

Neon Bank fees: neon metal

neon metal is the premium version of Neon Bank, the plan is billed 15 CHF/month.

Neon Metal Card

This plan has all the benefits of the other plans:

• Free MasterCard debit card in metal!
• Free Delivery of MasterCard Debit Card

As well as fee reductions on withdrawals:

• 5 free withdrawals per month (instead of 2), plus 2 CHF
• free withdrawals abroad, instead of 1.5%

On the other hand, a replacement card will be charged 120 CHF instead of 20 CHF.

Consult the Neon prices on their website

Why subscribe to neon metal

Beyond the possible prestige that a metal card provides, neon metal is interesting if you often withdraw in Switzerland or abroad.

To make the 15 CHF/month profitable, for example, you will have to:

• 5 withdrawals in Switzerland (6 CHF advantage) and 600 CHF withdrawals abroad (9 CHF advantage)
• or 1000 CHF of withdrawals abroad (15 CHF advantage)

This account is therefore intended for those who often withdraw cash in Switzerland and abroad.

Speed of Transactions – 9/10

A transfer from a Swiss bank to another Swiss bank is very fast, but it depends on the schedule: if you make your transfer in the morning, it arrives in a few minutes, but if you make it afternoon, it arrives the next day.

There is no instant transfer option like “Beam” at N26 or “Pay a friend” at Yuh, which allows you to pay another account in seconds from telephone number.

Yuh pay a friend

 “Pay a friend” at Yuh[/caption ]

The system of push notifications allows you to be alerted in real time of any movement on the account.

Neon Customer Service Review – 8/10

Unlike N26, Neon does not offer Livechat with a natural person, but a contact email and a non-surcharge telephone number open Monday to Friday, from 8:00 a.m. to 5:00 p.m.

The customer support offered by phone is very good and the advisers respond quickly.

At N26, the LiveChat is immediately available over a very long time slot (until 11:00 p.m.). The virtual assistant usually makes you wait less than a minute and then a human takes over.

We believe that Neon should follow the example of N26 and integrate support available directly in the application.

The mission of the neobank is not fulfilled on this point. On the other hand, responses are quick and negative opinions on the App Store or Google Pay systematically receive responses.

Our Final Review of Neon Bank

If you are looking for a simple and modern banking solution, Neon Bank might be the right choice for you. Its free CHF account with no monthly fees, along with its MasterCard debit card, allows you to manage your finances with ease. The app, with its sleek and intuitive design, makes your daily transactions easy and provides you with a clear overview of your spending.

Neon positions itself as a strong alternative to Yuh, N26 and Revolut, offering you a transparent and fee-free service, tailored to the needs of Swiss residents. If you’re looking to streamline your finances without complications, Neon is definitely an option to consider.

Neon vs Yuh vs Zak – Which is the Best Swiss Neobank

Here is our quick comparison table to help you choose between Neon, Yuh and Zak.

To find out how each criterion is evaluated, read our article Neon vs Yuh vs Zak.

Neon vs Yuh – Which is the Best for You

Use this chart to quickly decide if Neon or Yuh is better for your use case:

To find out how each criterion is judged, read our article Neon vs Yuh – Comparison of October 2024

Neon vs Revolut – Which is the Best Account for Traveling

Use this chart to quickly decide if Neon or Revolut is better for your use case:

To find out how each criterion is judged, read our article Neon vs Revolut – Comparison of October 2024

Neon vs N26 – Which is the Best Account for the EURO Zone

Use this chart to quickly decide if Neon or N26 is better for your application:

To find out how each criterion is judged, read our article Neon vs N26 – Comparison of October 2024

Here are frequently asked questions about Neon Bank, translated into English:

Frequently Asked Questions (FAQ) about Neon Bank