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Top 10 Swiss Mobile Banking Apps in November 2024

Philippe

November 17, 2024

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SwissNeobanks.ch has conducted a detailed comparison of all the mobile banks and neobanks available in Switzerland. In the following guide, we address the most common and important questions you may have about them. Whether you want to learn more about their features, fees, or services offered, our comprehensive analysis will help you make an informed decision in choosing the bank that best meets your needs.

What are neobanks and mobile banks?

Neobanks and mobile banks (also known as smartphone banks, fintech banks, or challenger banks) are innovative players in the banking sector. These institutions, typically young and dynamic, aim to challenge the traditional banking model by offering a fully digital alternative.

Unlike traditional banks, neobanks do not have physical branches or dedicated advisors. Instead, they provide an intuitive mobile application that allows users to manage their finances directly from their smartphones. This facilitates access to a variety of services, such as payments and transfers, often at more competitive costs than those of traditional institutions.

Moreover, these digital banks are evolving rapidly and are beginning to offer advanced features, including investment solutions and insurance services. Neobanks thus represent a modern and practical approach to financial management, tailored to the needs of an increasingly connected clientele.

Which neobanks exist in Switzerland in November 2024?

In November 2024, there are 7 Swiss neobanks which offer banking services in Switzerland:

• Alpian,
• CSX (Credit Suisse – UBS),
• Neon Bank,
• Radicant,
• Yapeal,
• Yuh Bank,
• and Zak Bank,

3 other international neobanks have also established themselves in Switzerland as major players in online banking and mobile payments:

• N26,
• Revolut,
• and Wise,

So, how do you choose the neobank that suits you best, especially when all offer free accounts and are managed via a smartphone app? To help you make the right choice, we have created this ranking of neobanks in Switzerland. This ranking is based on 22 criteria, ranging from fees to features, including usability, to help you select the neobank that fits your needs in Switzerland.

Note: The site Moneyland.ch includes Coop Finance Plus in its recent article on “Neobanks in Switzerland: Guide and Comparison” which appears to draw significantly from our ranking 😉. However, Coop Finance Plus is not featured in our Top 10 due to its limited services and the fact that it does not truly qualify as a neobank. We will be publishing a review of Coop Finance Plus soon.

The 10 Best Mobile Banking Apps in Switzerland in November 2024

The points calculation is explained in detail within the Ranking Summary Table.

How We Ranked the Top 10 Swiss Neobanks: 22 Key Criteria Explained

Here is the list of 22 criteria we used to rank the Top 10 Swiss Mobile Phone Apps & Neobanks, with each one explained in detail:

FREE: Free Mobile Banks in Switzerland

Mobile banks such as Alpian, CSX, Neon, Yuh, N26, Radicant, Revolut, Wise (TransferWise), and ZAK offer free account openings and allow you to maintain your account without monthly fees. These online banks make it easy to open a private account without worrying about hidden fees or recurring costs, making them an ideal choice for an economical online banking solution. ✅

Some banks also offer monthly subscriptions like Premium or Metal that include additional benefits, such as Revolut Premium. The table below presents the offers available for private clients, including the different monthly pricing options.

Update: As of July 2024, the Alpian private account is free. This change eliminates the previous pricing structures, making it an attractive option for new customers.

In contrast, Yapeal no longer offers a free ‘real bank account’ as of January 2021. Their free loyalty plan does not allow users to make bank transfers, which severely limits functionality. 🚫

FAST: Open your Free Bank Account in 15 Minutes

Neobanks have a super fast and easy account opening process via their mobile apps, so banking is much more accessible.

Alpian, Neon and Radicant take less than 10 minutes to set up your account by using online ID verification to do it quickly. Yapeal has a super fast process where the account is set up in 5 minutes. ✅

Yapeal Opening Confirmation

N26, Revolut and Wise are also great examples of neobanks where you can open a free Swiss bank account in 15 minutes. Yuh asks you 25 questions during the process but you can do it in 20 minutes. Zak has an efficient process where the account is set up in 15 minutes and fully activated in 2 hours. ✅

In contrast, CSX can experience random errors that slow down the process considerably – in some cases, it has even taken several days for the account to be successfully opened. 🚫

PROMO CODE: Get a Welcome Bonus with your New Bank Account

When you sign up to some neobanks you can get great welcome offers. These usually include a cash top up straight into your account, instant gratification.

It’s not just easy to switch to a digital bank, but also rewarding. And the extra cash gives you more reason to get started and use all the features straight away.

N26 and Revolut have no welcome offer. 🚫

IBAN CH: Open a Free Bank Account in Switzerland

A Swiss Franc (CHF) account with a Swiss IBAN offers numerous advantages. You can carry out your daily banking operations in Switzerland (transfers, salaries, bills, etc.) without additional fees for international transactions or currency conversions.

All mobile banks based in Switzerland offer an account in CHF. Regarding account numbers, you will receive a complete and individual Swiss account number (IBAN) from all Swiss banks. ✅

However, this is not the case for international banks. For example, N26 only offers accounts in EUR, so no CHF account is available. Similarly, Revolut and Wise offer accounts in CHF, but these are not in your name. 🚫

Currently, international mobile banks, such as N26 and Revolut, assign account numbers from other countries: N26 uses a German account number, Revolut uses a Lithuanian account number, and Wise uses a Belgian account number. Wise also offers account numbers from other countries, such as Belgium, the UK, or the United States.

If you are looking for more options, we explain here How to open a Swiss bank account in November 2024.

CARD: Get a Free International Debit or Credit Card

Many online banks offer a free international debit card, ideal for daily transactions both abroad and domestically. These cards often provide favorable exchange rates and reduced transaction fees. They are usually available immediately after opening the account and can be used both online and in physical stores.

Additionally, they are frequently compatible with modern payment services such as Apple Pay and Google Pay, offering users additional convenience. Some neobanks even provide cashback or bonus points on international purchases, making spending even more rewarding.

The following table shows the cards offered by the different smartphone banks.

These Swiss neo-banks therefore offer free debit cards, with no delivery fees:

• Alpian Bank and Zak Bank offer a free VISA debit card with free delivery. ✅
• CSX and Yuh Bank also offer a free debit Mastercard with no delivery fees. ✅

These other digital banks also offer a debit card, but additional delivery fees apply:

• N26 Switzerland offers a virtual debit Mastercard in its free plan. However, your need to pay 10 EUR if you want to receive a physical card. 🚫
• Neon Bank provides a free debit Mastercard but charges a 20 CHF delivery fee. 🚫
• Revolut Switzerland provides a physical debit Mastercard, but there is a delivery fee of 5.50 CHF. 🚫
• Wise Switzerland also offers a free physical debit Mastercard, but a shipping fee of 5 GBP is charged. 🚫
• Yapeal offers a free Visa debit card but charges a shipping fee of 7 CHF. 🚫

VIRTUAL: Visa or Mastercard Virtual Card

Several mobile banks offer the option to obtain virtual cards, which are ideal for online banking services and mobile payments. You can start using a virtual card as soon as you open your account without having to wait for a physical card to arrive. This allows you to make purchases and payments instantly around the world.

Alpian Virtual Cards

Yuh Virtual Card

Radicant Virtual Card

Virtual cards offer the advantage of reducing the risk of theft or misuse. If necessary, you can easily block or replace your card. Additionally, they facilitate payments through services like Apple Pay or Google Pay, allowing for quick and secure transactions.

Generally, customers receive a virtual card alongside their physical card. Some mobile banks also offer the option to forgo the physical card and choose only a virtual card, catering to the growing demand for more flexible and secure payment solutions.

Alpian, N26, Radicant, Revolut, Wise, Yapeal, and Yuh offer virtual cards, ideal for digital payments via Apple Pay and Google Pay. You can start paying immediately. ✅

However, other neobanks like CSX, Neon, and ZAK do not yet offer virtual cards, which can be inconvenient if you need to make an immediate payment. They require you to wait for a physical card, which can slow down the process if you need to pay quickly. 🚫

MOBILE: Use Mobile Payment Systems

Most mobile banks offer mobile payment solutions such as Apple Pay and Google Pay. These systems allow you to make payments directly from your phone, providing greater convenience and security compared to traditional cards. With these solutions, there is no need to carry a wallet or search for your cards; you simply need to tap your phone to make an instant payment.

Mobile payments are also safer, as they do not share your card information during transactions, making them particularly reliable for everyday use. However, it is important to note that while mobile payment systems are widely supported, devices like fitness bands and smartwatches are rarely compatible.

The table below shows the mobile payment systems accepted by each mobile bank.

Neon, Radicant, Yapeal, Yuh, Zak, N26, Revolut and Wise are already fully compatible with both Apple Pay and Google Pay, ensuring seamless mobile payments wherever you go. ✅

Meanwhile, Alpian and CSX currently support Apple Pay and will soon integrate Google Pay. ✅

CASH: Get Free Cash Withdrawals

When it comes to cash withdrawals, one of the big benefits of smartphone banks is that you can make free withdrawals at any ATM, even outside of their network. In Switzerland where cash is still widely used, this can save you money compared to big banks like UBS or Raiffeisen which charge fees for using non-network ATMs.

Neobanks usually offer a certain number of free withdrawals per month, the number varies by provider, so they are a great option for frequent cash users.

This is how withdrawal fees compare between Swiss neobanks:

What does this mean for you?

Radicant gives you the equivalent of 1 free withdrawal per month, Neon gives you 2 free withdrawals a month which should cover most of your occasional needs. If you need cash more often, Yuh lets you withdraw 1 free every week – that’s 4 a month! ✅

If you occasionally withdraw larger amounts, Wise and Revolut might be for you. They let you withdraw free up to a certain monthly limit before fees start. ✅

Compared to big banks where you’re usually tied to fees unless you use their own ATMs, neobanks give you more freedom. But still keep an eye on how often you withdraw cash. If you need cash often fees can add up fast even with neobanks once you go over the free limit.

TRAVEL: What is the Best Card for Traveling Abroad?

Card Payments Abroad

For payments abroad, Alpian, N26, Neon, Radicant, Revolut, Yapeal, and Wise are the best options. ✅

Alpian offers a multi-currency account in CHF, EUR, GBP, and USD, allowing you to avoid exchange fees when making card transactions in currencies you already hold. This flexibility reduces costs for frequent travelers, with only a small 0.2% to 0.5% fee applied on weekends for conversions. N26 is an excellent option for payments in Europe with no exchange exchange rate surcharge for EUR transactions.  Neon, Radicant, and Yapeal offer 0% exchange exchange rate fees, making them highly favorable for international payments. .Revolut offers 0% exchange fees up to 1,000 CHF per month. Wise charges a small fee ranging from 0.4% to 1.3%, but it’s still competitive.

Yuh offers similar benefits as Alpian with its multi-currency account but applies a 0.95% surcharge for currency conversions. CSX and Zak are less ideal, with surcharges of 2% on currency conversions. 🚫

Cash withdrawals abroad

For cash withdrawals abroad, Revolut and Wise are the most cost-effective, with Wise offering free withdrawals up to 250 CHF per month and Revolut allowing free withdrawals up to 200 CHF per month, after which small fees apply. N26 allows three free EUR withdrawals per month, which is excellent for Eurozone travelers, but it charges 1.7% for other currencies. ✅

Alpian, CSX, Neon, Radicant, Yapeal, Yuh and Zak impose fees on cash withdrawals abroad, with charges ranging from 1.5% to 5.00, making them less competitive for international cash access. 🚫

The best cards for travelling abroad

In summary, for overall travel, Revolut and Wise are the top choices due to their low currency exchange rate surcharges and minimal ATM withdrawal fees. N26 is a strong option for those primarily traveling within the Eurozone, offering free EUR withdrawals and no currency exchange surcharges.✅

Alpian, Neon, and Radicant and Yapeal are excellent for payments but less ideal for frequent cash withdrawals., CSX, Yuh and Zak are less favorable overall, with higher fees for both payments and cash withdrawals abroad. 🚫

Here is a breakdown of the fees of payments and cash withdrawals abroad:

Also read our comparison of the best CHF/EUR currency exchange rate.

CHF: Enjoy Free Bank Transfers in Switzerland

Customers of Swiss neobanks benefit from a significant advantage when it comes to bank transfers. Indeed, all these mobile banks offer free transfers in CHF within Switzerland, making it easier to manage everyday financial tasks, such as paying bills or sending money, without additional fees. ✅

This is except for Yapeal, which does not allow bank transfers in its free plan. 🚫

International neobanks operate differently: for example, N26, which only operates in EUR, does not offer free transfers in CHF. Although Revolut and Wise provide outgoing transfers in CHF without fees, receiving transfers in CHF can be more complicated, as the IBAN account is not registered in your personal name. 🚫

Additionally, Swiss neobanks also allow transfers via the QR invoice system or payment slips, with or without a reference number (BVR). However, not all Swiss neobanks offer the option to debit an amount using the direct debit system (LSV+).

TRANSFERS: SEPA and International Transfer Fees

SEPA Transfer Fees

Instant SEPA transfers allow you to send and receive euro payments quickly within the SEPA zone.

With neobanks like Alpian, Yuh, N26, and Revolut, you benefit from free EUR transfers within the EURO zone and Switzerland. Yuh is particularly advantageous by allowing transfers in 13 currencies, including CHF, USD, EUR, and GBP, to SEPA countries. EUR transfers are free when the EUR sub-account is used. ✅

Other banks like CSX, Neon, Yapeal, and Zak do not offer EUR accounts and apply fees for converting CHF to EUR. Wise applies fees for SEPA payments, and Radicant is limited to CHF transfers only 🚫.

If needed, you can check the full SEPA country list.

International Transfer Fees

International transfer fees vary significantly between banks:

• Alpian charges a 0.2% exchange fee and offers free transfers in certain currencies like USD and GBP. For other currencies such as AUD, DKK, NOK, PLN, SEK, CAD, CZK, HRK, HUF, RON, and SGD, fees are 2 CHF within the currency zone and 7 CHF outside the zone. ✅
• Neon and Yapeal use Wise for international transfers with fees between 0.8% and 1.7%, including a “service fee” of approximately 0.4%. ✅
• By using Wise directly, you avoid surcharges and get lower fees of 0.33% to 1.35%. ✅
• The Revolut offer is very competitive with fees ranging from 0.15% to 1.5%, but to avoid limits and surcharges of 1% on the Standard plan and 0.5% on the Plus plan, you must switch to Revolut Premium. ✅
• N26 also charges fees through Wise but adds a surcharge that varies by amount and currency. For example, for an EUR to CHF transfer, the surcharge is 2% for a 100 EUR transfer, 0.5% for 1,000 EUR, and 0.2% for 100,000 EUR, meaning N26 charges higher fees than Alpian, Neon, and Yapeal. 🚫

Alpian is a solid option for international transfers with competitive fees in certain currencies like USD and GBP and moderate fees for others. Neon and Yapeal, with their integration with Wise, offer a highly advantageous solution for integrated international transfers, despite a small surcharge. Going directly through Wise avoids these surcharges with lower fees. Revolut is also competitive, but you need to switch to Revolut Premium to avoid surcharges on the Standard and Plus plans. N26 is less competitive due to its additional fees, particularly for EUR to CHF transfers.

Here’s a summary of the fees related to SEPA and international transfers:

CURRENCIES: Open a EUR or Multi-currency Account

A EUR account in a Swiss bank allows you to manage and hold euros without having to convert currencies which can save you conversion fees. This is especially useful for people who do transactions in euros on a regular basis, expats, cross border workers or people who travel within the Eurozone.

Alpian and Yuh both offer multi-currency accounts in CHF, EUR, GBP, and USD. ✅

Foreign neobanks like Wise and Revolut also offer multi-currency accounts including EUR. Wise supports over 40 currencies and Revolut allows you to hold up to 30 currencies, making them an excellent options for global purchases. ✅

Wise Yuh Multi-currency Account

Yuh Multi-currency Account

Revolut Multi-currency Account

While, CSX, Neon, Radicant, Yapeal and ZAK only offer bank account in CHF 🚫

eBill: Pay your Invoices with eBill

eBill is a convenient way to pay your invoices directly within your mobile banking app. Instead of dealing with paper bills or manual payments, eBill allows you to receive, review, and pay your invoices digitally in just a few clicks. It streamlines the process, saves time, and reduces the risk of errors, giving you full control over your payments. Plus, it’s environmentally friendly, as it cuts down on paper use.

Currently, only Swiss neobanks like CSX, Neon, Radicant, Zak, Yapeal, and Yuh offer eBill integration in their mobile apps, making it easy to manage your invoices on the go. ✅

Neon eBill

Yuh eBill

Zak eBill

Foreign neobanks like N26, Revolut, and Wise do not support eBill, which might be a downside for users who want this seamless invoice management feature. 🚫

TWINT: Pay and Receive Money Instantly with TWINT

TWINT is a super convenient mobile payment solution widely used in Switzerland. It lets you send and receive money instantly, pay at stores or online, and even use it for services like parking—all directly from your phone. It’s linked to your bank account, so you don’t need to carry cash or a physical card.

CSX, Radicant, and Yuh offer a dedicated TWINT app (see our review of the Yuh TWINT app), making it easy to fully integrate TWINT into their banking experience. ✅

Yuh TWINT

Neon uses the UBS TWINT app and TWINT Prepaid, offering similar functionality with minor limitations. Zak allows you to use TWINT Prepaid but lacks its own dedicated app, which reduces convenience compared to other neobanks. 🚫

Yapeal currently does not support TWINT yet, and foreign neobanks like N26, Revolut, and Wise are very unlikely to introduce TWINT. 🚫

If TWINT is essential for your daily banking, the availability of a dedicated app can make all the difference when choosing a neobank.

SPACES: Easily Share and Manage Sub-Accounts

Sub-accounts, often referred to as “pots” or “spaces”, allow you to manage your money in an organized way. N26 pioneered this concept by introducing the “Spaces” feature, providing each sub-account with an individual IBAN to separate funds according to different savings or spending goals. Other neobanks have also integrated similar features. For example:

• Neon and N26 use the term “Spaces”.
• Revolut offers “Vaults”,
• Yuh provides “Projects”,
• Zak offers “Pots”,
• and Wise refers to them as “Reserves”.

These pots allow you to compartmentalize your funds, making it easier to manage money in different currencies or share with other users. Neobanks like Revolut and Wise also allow you to change the currency of your funds and transfer them to a separate pot. Wise additionally offers the option to create “reserves” in multiple currencies, although these do not earn interest while protecting your balance from unauthorized withdrawals. ✅

N26, Neon, and Yuh allow you to set aside money until you reach your savings goals. ✅

Zak also offers shared pots, allowing multiple users to collectively manage funds for a common goal, such as a project or a trip. Each member can contribute, and the money is used collectively according to rules defined by the group. This feature promotes transparency and simplifies the management of shared expenses, thereby enhancing cooperation among users. ✅

Zak Shared Pots

However, most other neobanks do not yet offer equivalent sub-account features.

JOINT: Open a Low-Cost Joint Account in Switzerland

Opening a joint account in Switzerland can be incredibly easy. You and your partner or family member can access the account to pay bills, cover household expenses, and save together. With shared debit cards, you’ll have more transparency and control over your spending, allowing both of you to shop from the same account. And with Swiss banking, you’ll have peace of mind knowing your money is secure.

Among Swiss neobanks, Neon is the only one offering a joint account with Neon Duo, which costs just 3 CHF per person per month and includes 2 debit cards. ✅

If you’re looking for more options, N26 and Revolut also offer joint accounts, allowing you to manage your shared finances across different platforms. ✅

SAVINGS: Earn Interest on Your Private Account Balance

With interest rate hikes in 2023 and 2024, many neobanks offered attractive returns on current accounts. However, with the recent reductions in central bank interest rates, these rates are now being adjusted. Neobanks like Alpian, Neon, Radicant, Yuh, and Zak continue to stand out by paying interest on daily balances, an advantage that traditional banks often reserve for savings accounts or specific investments.

What makes these neobanks even more appealing is that the interest applies directly to your current account balance, with no withdrawal limits. This allows you to earn returns on your money while keeping it readily accessible for daily transactions, without the need for long-term investment commitments. It’s a flexible and rewarding alternative to traditional savings accounts. ✅

Here are the interest rates of Swiss neobanks in November 2024:

You can see that Radicant offers the highest interest rate in November 2024, followed by Yuh Bank’s 0,75% interest rate for account balances under CHF 100,000, with Alpian also offering a 0,75% interest rate for account balances below CHF 100,000 and 1.00% above that threshold.

However, not all digital banks offer interest on private accounts. CSX, Yapeal, N26, Revolut and Wise, for example, do not pay interest on account balances. This can be a decisive disadvantage for customers who value interest income. 🚫 

TRADING: Access Financial Markets

Neobanks provide varied access to financial markets with different investment options:

• Alpian offers professional wealth management with two mandates at 0.75% per year, allowing investment in Swiss and international ETFs. Check out our Alpian Invest review for more details.
• Neon Invest offers Swiss stock trading at 0.50% and international stock trading at 1.00%, as well as Swiss and international ETFs. ✅
• Radicant focuses on sustainable wealth management with fees ranging from 0.50% to 0.90%, currently reduced to 0.25% – 0.45%. ✅
• Yuh Invest offers trading in stocks, ETFs, themes, and cryptocurrencies with competitive fees of 0.50% for stocks/ETFs and 1.00% for cryptocurrencies. ✅
• Revolut provides stock and ETF trading in several countries, including France, but in Switzerland, it is limited to precious metals. 🚫

Please note that, as with all banks or investment platforms such as Interactive Brokers or Swissquote, you also need to pay annual management fees when you buy ETFs or funds:

• At Alpian, Neon, and Yuh, ETF management fees (TER) generally range around 0.25%, but some ETFs can go up to 0.65%, like the iShares MSCI Japan CHF Hedged UCITS ETF (ISIN IE00B8J37J31).
• Radicant only offers access to their own funds and bonds (currently 8) with annual fees between 0.40% and 0.47%.

SMOOTH: Enjoy a Top-Notch Banking Experience

If we love neobanks, it’s not only because of their low fees, but also because they offer top-notch mobile apps that make banking a breeze on your smartphone.

N26, Revolut and Wise are the leaders here with super user-friendly apps. The best Swiss neobank apps are Neon and Yuh, which are really good because of their simplicity and clarity. ✅

Alpian has a private banking design with a dark background, it feels luxurious. Radicant is ergonomic, a new version is coming soon that will be even better. Yapeal has a user-friendly interface, but the design is a bit dark. ✅

Alpian app

Yuh App

Wise App

CSX fails, the mobile app is basically the old Crédit Suisse app with no new features. And Zak is a bit underwhelming and lacks that extra magic that makes other apps more sexy. 🚫

In short, these neobanks have simple and modern apps to manage your finances flexibly and user-friendly, some banks still have work to do on the user experience.

PUSH: Receive Instant Push Notifications for Every Transaction

Neobanks have revolutionized the banking experience, making it much more user-friendly compared to traditional banks. One of the key innovations they introduced early on was push notifications, allowing you to receive real-time alerts for every transaction. This means you no longer need to wait for paper statements or log into online banking just to check your recent transactions.

With push notifications, you’re instantly informed about payments, transfers, or withdrawals as they happen, giving you full control over your account and added security by spotting any unusual activity right away.

All smartphone banks, including Alpian, CSX, Neon, Radicant, Yapeal, Yuh,, and Zak, N26, Revolut and Wise, offer this feature, making managing your finances smoother and more transparent. ✅

CUSTOM IBAN: Personalize Your Bank Account Number

Having a personalized IBAN might not be essential, but it offers a few benefits that make it a convenient feature. For example, a personalized IBAN is easier to remember, which can be helpful when sharing your bank details for payments or transfers. Instead of a randomly generated string of numbers, you can have an IBAN that reflects a number pattern that’s meaningful or easy for you to recall.

Yapeal personalized IBAN

This feature is available with CSX (for a fee of 2 CHF) and Yapeal, allowing you to create a custom IBAN. While it doesn’t provide a significant functional advantage, it adds a personal touch and simplifies sharing and remembering your bank details. ✅

SAFE: Is Your Money Safe with Mobile Banks?

When you open an account with Swiss neobanks such as Alpian, CSX, Neon, Radicant, Yuh, or Zak, your deposits are covered by the Swiss deposit guarantee, offering protection up to 100,000 CHF. These mobile banks operate similarly to traditional institutions and all use a banking license subject to the strict regulations of the Swiss Financial Market Supervisory Authority (FINMA).

For example, Alpian is an independent neobank with a full banking license, while CSX, as a mobile bank of the UBS group, also ensures a high level of security. Radicant is linked to BLKB (Basel-Landschaft Cantonal Bank), and Zak belongs to Banque Cler (formerly Bank Coop), further enhancing the security of your deposits. ✅

Neon, on the other hand, partners with Hypothekarbank Lenzburg, which holds a full banking license. This allows Neon to benefit from the security of a Swiss banking institution while providing online services. ✅

Yuh, the mobile bank developed by PostFinance and SwissQuote, does not have its own banking license but uses the banking license of SwissQuote, which is an authorized bank. This means that customer deposits are managed under the supervision of a traditional Swiss bank. ✅

In contrast, Yapeal has a fintech license, which means that deposits are not covered by the deposit guarantee. However, Yapeal states that its customers’ funds are exclusively placed with the Swiss National Bank (BNS), providing a security guarantee. 🚫

N26 and Revolut hold banking licenses in Europe and are subject to the European deposit guarantee, thus protecting their clients’ deposits within the EU. However, this protection does not apply in Switzerland, and customers of these neobanks do not have the same level of security as those who open an account with an authorized Swiss bank. 🚫

In Switzerland, Revolut and Wise also operate with an electronic money license, which requires them to secure their clients’ deposits with partner banks. While this structure protects funds from losses in the event of company failure, it does not offer the same guarantee as a traditional bank in Switzerland, where deposit protection is ensured up to 100,000 CHF. 🚫

In summary, if you are looking for a high level of security for your deposits, it is best to choose mobile banks that possess a full Swiss banking license.

Ranking summary table

We allocated 2 points for the criteria of free accounts (FREE) as well as for CHF accounts with a Swiss IBAN (CHF), and 1 point for each of the other criteria.

We get the following comparison:

Here is the feature and price comparison of Alpian, CSX, Neon, Radicant, Yapeal, Yuh et ZAK.

Frequently Asked Questions (FAQ) about Mobile Banks

Updates

November 1st, 2024 update: New Neon interest rate: 0.10%

October 1st, 2024 update: New Yuh interest rate: 0.75%

October 1st, 2024 update: New Alpian referral code: NEOALP

October 1st, 2024 update: New Neon Bank promo code: NEOTRADE

September 23, 2024 update: Addition of the Trading criterion.

September 5, 2024 update: The Alpian bank account is now free.

September 2, 2024 update: Addition of the joint account criterion.

August 13, 2024 update: Alpian now allows you to add Virtual Cards.

June 2nd, 2024 update: added a CSX promo of 25 CHF for November 2024 : PA1289.

May 5, 2024 update: Neon increase the delivery fee of their MasterCard to CHF 20.

January 22, 2024 update: Addition of Alpian and Radicant Bank to the ranking.

January 21, 2024 update: Taking into account interest rates (RATES) and the virtual card offer (VIRTUAL) in the ranking.

January 10, 2024 update: Yuh bank now also offers a free virtual card.

May 26, 2023 update: Yuh bank now offers Yuh TWINT.

January 30, 2022 update: Yuh bank offers 50 CHF Trading Credit with the code YUHNEO

December 2, 2022 update: Yuh bank offers eBill.

April 23, 2022 update: Neon has launched Spaces, to help organise your finance.

March 30, 2022 update: Zak has launched eBill. You just need to activate the plugin in the app.

Feb 3, 2022 update: Neon have launched their new Mastercard that comes with push notifications for each transaction. They gain 1 point and take the lead of this ranking, before Zak Bank.