Neon Bank Review + 30 CHF Free in September 2024

Neon Bank: 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:

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

Opening an account at Neon Bank – 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 NEONEO 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 or free with the promo code NEONEO 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:

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 of the Neon Bank application – 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.

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

Neon Bank 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.

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

Neon Bank bank card – 8/10

neon-free offers a Debit MasterCard which costs 20 CHF or FREE with the promo code NEONEO

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:

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

Neon Bank fees – 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
• 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 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.

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.

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.

 “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 Bank Customer Service – 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.

Why open an account with Neon Bank?

Neon offers a free CHF account, MasterCard debit card and a neatly designed app.

This offer positions Neon directly in competition with N26 and Revolut,

Neon vs Yuh – Which is the best for Switzerland

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 September 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 September 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 September 2024

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

Frequent questions about Neon Bank

✅ Is Neon Bank safe?

Yes, Neon Bank partners with Hypothekarbank Lenzburg, regulated by FINMA, which ensures deposits up to 100,000 CHF are protected. Neon doesn’t directly store your funds, adding extra security.

✅ What are Neon Bank’s fees?

Neon Bank is free to open and manage. However, fees may apply for certain transactions, like foreign currency payments (1.5% for EUR withdrawals) or ATM withdrawals beyond the free monthly limit.

✅ Does Neon offer a joint account?

Yes, Neon offers the Neon Duo joint account, available for couples or partners. It costs 3 CHF per person per month and includes three debit cards, making it easy to share finances while maintaining transparency over shared expenses.

✅ Is Neon compatible with Apple Pay and Google Pay?

Yes, Neon is compatible with Apple Pay and Google Pay, allowing you to link your debit card to these services for payments directly from your smartphone, adding extra convenience for daily transactions.

✅ Does Neon support eBill?

Yes, Neon supports eBill, allowing you to receive and pay invoices directly from the mobile app. This eliminates manual payments and helps you centralize your bills for easier and faster payment management.

✅ What type of card does Neon offer?

Neon provides a free Mastercard debit card, which can be used both in Switzerland and abroad. It is ideal for online and in-store payments and is accepted at most retailers worldwide.

✅ How long does it take to open an account with Neon?

Opening an account with Neon is quick and easy, taking about 10 minutes through the mobile app with online ID verification. The entire process is done online, without the need to visit a branch.

✅ Can non-residents open an account?

Currently, Neon accounts are only available to Swiss residents with a valid Swiss phone number. Non-residents cannot open an account with Neon, which is a common limitation among Swiss neobanks. If you are looking for a non-resident account we recommend Yapeal or Yuh.

✅ What are the free withdrawal limits?

Neon allows 2 free ATM withdrawals per month within Switzerland. After that, a fee of 2 CHF per withdrawal applies. Additional fees may be charged for foreign currency withdrawals.

✅ At what age can I open a Neon account?

You must be at least 18 years old to open a Neon account, which aligns with Switzerland’s legal age for accessing full banking services.

✅ How current are the prices displayed in neon Invest?

Prices in neon Invest are updated in real-time or with a slight delay, giving you nearly instant insight into market movements, which is crucial for making informed investment decisions.

✅ Why is there a difference between buying and selling prices in neon Invest?

This difference, known as the spread, represents the margin taken by financial markets. It reflects transaction costs between the price at which you can buy and sell an asset.

✅ Can I have an overdraft with my Neon account?

No, Neon does not offer an overdraft option. You can only spend what’s available in your account, which helps with budget management and prevents unexpected debt.