What is Neon?

Neon is a leading Swiss digital bank (or neobank), offering a range of innovative and cost-effective financial services. Launched in 2019, Neon has quickly gained popularity, boasting features like entirely free bank accounts, a user-friendly mobile application, and a Mastercard debit card for domestic and international transactions. The bank focuses on providing transparent and low-cost services, with no monthly fees and competitive foreign exchange rates. Neon stands out for its commitment to environmental sustainability, offering carbon-neutral account options like Neon Green. While not a licensed bank itself, Neon ensures the security of its users' funds through a partnership with the licensed Hypothekarbank Lenzburg. The platform's user reviews highlight its popularity, emphasizing low fees, ease of use, and excellent customer satisfaction. Overall, Neon represents a modern and accessible approach to banking, embracing the evolving landscape of digital finance in Switzerland.

Is Neon a real bank?

Neon operates without a banking license and is not considered a bank; instead, the licensed bank Hypothekarbank Lenzburg manages Neon users' accounts. The absence of a banking license does not pose a drawback, as Neon's arrangement allows its users to benefit from full legal protection of up to 100’000 CHF for their funds, adhering to Swiss laws. This distinctive structure enables Neon to concentrate on optimizing its mobile application and product offerings, while the licensed bank specializes in proficiently managing the financial aspects. Neon's unique approach underscores the advantage of leveraging specialized expertise without compromising on regulatory protections for users. For all intents and purposes it acts and feels like a real bank.

Neon’s 10 best features

Exploring the key features of Neon, unveils the distinctive offerings that set it apart in the realm of modern banking experiences.

Free account: Neon provides entirely a free bank account with no monthly fees, making it a cost-effective option for users. Other bank account types exist for fees in exchange for additional features. Beyond traditional transfers, you can also send money directly to other Neon users - instantly and for free. TWINT-prepaid can also be connected to your Neon bank account.
Digital banking: The bank operates primarily through a user-friendly mobile application available on Android and Apple devices. Users can manage their accounts, make payments, and access various features directly from the app.
Mastercard Debit Card: Neon issues a Mastercard (pre-paid credit card), allowing users to make payments within Switzerland and abroad, as well as withdraw money from ATMs. With your worldwide accepted Neon Mastercard you can pay everywhere for free and save on average 3% per purchase. While paying abroad with your Neon card, you pay only 1.5% - anywhere. No additional exchange rate surcharge applies. That way, you save about 50% compared to standard credit cards.
Spaces: A notable feature of Neon, empower users to create dedicated sub-accounts tailored to specific financial goals or purposes. These specialized spaces provide an efficient way to manage and segregate funds within the main Neon account, allowing for better organization and strategic financial planning. You receive interest on your Spaces balance: 0.9% on balances up to 25'000 CHF, 0.65% on balances above 25'000 CHF. They are free and part of all account types (discussed further on).
International Transactions: Neon offers competitive foreign exchange rates, making it an attractive choice for international transactions.
Investment Opportunities: Neon introduced Neon Invest, allowing users to invest in stocks and ETFs directly from their Neon accounts. This feature provides an avenue for wealth-building within the platform.
e-Bill Support: Neon supports electronic bills (e-bills), simplifying the payment process for users and enhancing the overall banking experience.
Security Measures: Neon employs two-factor security measures to enhance the safety of user accounts, ensuring a secure digital banking environment. You can freeze/unfreeze your card directly in the app. If you don't have internet, you can also reach Neon support 24/7 by phone. For every payment, you get a push notification immediately. So if you discover a strange payment, block your card and let us know right away.
Excellent Support: The Neon mobile application is available in English, French, German, and Italian, catering to a diverse user base in Switzerland.
Transparent Fee Structure: Neon distinguishes itself with a transparent fee structure, including no account management fees and reasonable charges for specific services such as card deliveries and foreign currency withdrawals.

Personal account types and fees

Neon offers a transparent and cost-effective banking experience via three main account types with zero to minimal fees. Each account type caters to different user preferences, allowing individuals to choose the one that aligns with their values and financial needs. While Neon emphasizes free banking and transparent pricing, users should be aware of potential fees for services such as card delivery and international withdrawals, as well as the monthly fees associated with Neon Green and Neon Metal accounts.


Account	Fees
Neon Free	Free
Neon Green	5 CHF / month
Neon Metal	15 CHF / month

Overall, Neon aims to offer cost-effective solutions for various banking needs. Currently Neon only offers bank accounts for personal use. You can compare the accounts, features and advantages in more detail directly on the Neon website here.

Neon - Switzerland’s best digital bank in 2024 — Neon Free

This is the default account type and provides users with a free, basic banking experience. It includes features such as a free bank account, a Mastercard debit card, and access to the Neon mobile application for managing transactions and payments.

No monthly fees or account management fees.
Free transactions in CHF within Switzerland.
Two free withdrawals per month at any ATM in Switzerland, with a fee of 2 CHF per withdrawal afterward.
No yearly fees for the Neon Mastercard, but a 10 CHF fee for card delivery (unless you use the pillar code (073J3Q) when signing up to receive 10CHF and a free Mastercard)

Monthly fee of 5 CHF.
Provides a carbon-neutral banking experience with tree planting initiatives.
Two free withdrawals per month at any ATM in Switzerland, with a fee of 2 CHF per withdrawal afterward.
Extended warranty for electronic devices.
Free Neon Mastercard included.

Neon Metal

Neon Metal is a premium account that provides extra insurance coverage along with a metal Mastercard. This account is suitable for users who want additional perks such as mobile phone insurance, ticket insurance, best-price guarantee insurance, and more. Neon Metal comes with a higher monthly fee compared to Neon Green.

Monthly fee of 15 CHF.
Premium account with a metal Mastercard and additional insurance coverage.
Five free withdrawals per month at any ATM in Switzerland, with a fee of 2 CHF per withdrawal afterward.
Extra perks include mobile phone insurance, ticket insurance, best-price guarantee insurance, and more.
Free Neon Mastercard included.

We also recommend a detailed comparison of all account types on the pricing on the Neon website here.

Opening a Neon bank account with ease

Opening a Neon bank account is a straightforward and user-friendly process designed to provide convenience. Neon offers a modern and efficient banking solution, particularly suitable for individuals looking for a hassle-free digital banking experience in Switzerland. To open a Neon bank account, applicants must be Swiss residents. Foreigners seeking to open an account need to possess a B or C permit and present their residency card during the application process. The age requirement mandates that applicants be over 16, aligning with standard Swiss banking practices. Additionally, eligibility extends to those who pay taxes exclusively in Switzerland, emphasizing a connection to the local tax system. American citizens are excluded from Neon bank account eligibility, potentially due to regulatory considerations related to U.S. tax reporting. Upon opening your account you will receive your Neon Mastercard within the next 7 days. Here's a summary of the key steps:

Download the App: Download the Neon app to your phone via the relevant app store. The account opening is completely digital.
Follow the Instructions: Users follow a step-by-step setup within the app, where you can input necessary information to create your Neon account.
Confirm Your Identity: Have your ID or passport (and foreigner's permit) ready. Neon will check your identity by Photo-ID or with a short video call.
Expect Card Delivery: Upon completion of the setup, Neon will send the user's Neon Mastercard within several days via mail to the provided address.

The entire account activation process is seamless, taking approximately 10 minutes to complete. Use our pillar code (073J3Q) when signing up to receive 10CHF and a free Mastercard. Based on personal experience the registration process is indeed incredibly easy.

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How well is Neon’s application designed?

Neon offers its customers a user-friendly interface and swift navigation. From effortless transactions to intuitive features, the app sets stage for a convenient and efficient banking experience.

**Intuitive Design:** Neon's mobile app features an intuitive and user-friendly design, making navigation easy for both basic and advanced banking tasks. It’s a great app for all minimalists.
**Multilingual Support:** The app supports multiple languages (English, French, German, and Italian), enhancing accessibility for a diverse user base.
**Visual Clarity:** Neon's interface emphasizes visual clarity, displaying essential account information, transactions, and features in a straightforward manner.
**Responsive Transactions:** Basic banking transactions, such as balance checks, payments, and transfers, are executed with speed and responsiveness.
**Spaces Feature:** The inclusion of Spaces allows users to create sub-accounts for specific savings goals, enhancing organization and financial planning.
**Mobile Payment Integration:** Neon seamlessly integrates with mobile payment solutions including Google Pay, Apple Pay, Samsung Pay, Gaming Pay and Swatch Pay, providing added convenience for users.

In summary, Neon's UI is well-designed, providing users with an intuitive and visually clear, smooth banking experience. While occasional technical challenges have been reported, Neon maintains overall reliability for day-to-day banking activities. The app's performance is generally responsive, with ongoing updates to enhance features and address occasional technical issues. Based on our experience these are typically resolved quickly.

How is Neon’s customer support?

Neon provides customer support primarily through its mobile application, offering a convenient and digital approach to addressing user queries and concerns. The support features include:

In-App Support: Users can access customer support directly within the Neon mobile app. The app provides a messaging system or chat function for communication. Some users have reported occasional technical issues, particularly during peak times, impacting the availability of certain features. Neon is sure to communicate any outages to its users via appropriate channels. Neon periodically updates its app, introducing new features and addressing performance issues, showcasing a commitment to ongoing improvement.
Responsive Service: Neon aims to respond promptly to user inquiries and issues. Users can expect relatively quick and efficient communication through the app.
Limited Traditional Support: Neon operates as a fully digital bank, and traditional support channels like in-person assistance may be limited.
Online Resources: Neon offers an FAQ section on its website (here) and within the app, providing users with information on common topics and issues.
Social Media Presence: Neon effectively utilises social media platforms, a blog (here) and Email to communicate with users and address concerns.

Overall, Neon's customer support relies on digital channels, ensuring users have access to assistance directly through their smartphones. The aim is to provide a responsive and efficient support system tailored to the modern, mobile-centric banking experience. They are further quick to respond directly to reviews of users (for Example on Google reviews).

The big plus when using Neon

Navigating the strengths and weaknesses of Neon, the Swiss digital bank, provides a comprehensive understanding of its unique features and potential considerations for users:

Cost-Effective Banking: Neon offers a cost-effective banking solution with no monthly fees for account management.
Cash Withdrawals: Neons offers a number of free, though limited per month, withdrawals at any ATM within Switzerland. Once the limit is reached a withdrawal costs 2 CHF.
Free International Transactions: Users benefit from free card transactions abroad, making it an attractive option for international travelers.
Investment Features: Neon provides investment features, allowing users to trade stocks and ETFs directly through their accounts.
Transparent Fee Structure: Neon's fee structure is transparent, with free basic services and clear information on additional charges.
Financial Security: Neon collaborates with a licensed bank, ensuring the security and protection of user funds up to 100,000 CHF.
Environmental Initiatives: Neon offers carbon-neutral account options, such as Neon Green, with tree-planting initiatives.
User-Friendly Mobile App: The mobile app is user-friendly, allowing convenient account management, payments, and transfers.
Multilingual Support: Neon supports multiple languages (English, French, German, and Italian), catering to a diverse user base.

Considerations before going digital

Neon offers an appealing digital banking experience with cost-effective services, but users should consider the limitations associated with its fully online model.

Limited Physical Presence: Neon operates primarily as a digital bank, lacking physical branches for in-person assistance.
Cash Deposits: Depositing cash into Neon accounts can be challenging, limiting options for users who prefer cash transactions.
No Joint Accounts (yet, planned for an upcoming release): Neon currently does not offer joint accounts, which may be a limitation for users seeking shared financial management.
Occasional Technical Issues: Users have reported technical issues, particularly on the 25th of the month, impacting basic banking features. Based on personal experience these issues are negligible and typically do not interfere with daily needs.
No Maestro Card: Neon does not provide a Maestro card, which may be a drawback for users accustomed to this payment option. The provided Mastercard is pre-paid, and not a classic credit card, which may be a drawback for users in particular circumstances (for example some car rental services may require a credit card)
No Traditional Support Channels: Neon's support primarily relies on digital channels, and traditional support options like phone support may be limited.
Limits: Neon Bank imposes various limits on its card usage. These include a daily withdrawal limit of 2000 CHF, a daily online spending limit of 5000 CHF, and an additional 5000 CHF daily spending limit in physical stores. The monthly spending cap with the card is set at 10,000 CHF. Additionally, there is a daily transaction limit of 50,000 CHF, which should generally accommodate most users' needs. These limits are in line with standard practices for payment cards and are sufficient for typical transactions.

Recent customer experiences

The user experiences with Neon generally highlight its ease of use, cost-effectiveness, and positive reviews. Current users appreciate the straightforward and intuitive mobile application, making banking activities convenient. Neon's cost-effectiveness stands out, with free purchases abroad, cheap transfers, and support for ebills. The bank's positive reputation and fast growth contribute to its appeal. However, some users note the activation time for the account and limitations, such as the absence of Maestro cards. Technical issues on specific days and the lack of physical offices for support are also mentioned, although the overall sentiment is positive. In case of less positive reviews it must also be noted that Neon’s support team is quick to respond to address the concerns directly.

“A great alternative to traditional banking for all minimalists. ”

— User via Google review

Conclusion

Neon Free emerges as a highly suitable choice for individuals seeking a minimalistic and cost-conscious banking solution in Switzerland. Its user-friendly mobile app, transparency in fees, and innovative features make it an appealing option for everyday banking needs. The introduction of investment opportunities and environmentally conscious account options further diversifies its offerings. The benefits outweigh the limitations immensely. And despite minor limitations, Neon's commitment to continuous improvement positions it as a leading player in the Swiss digital banking landscape. Neon stands out as a highly suitable option for individuals seeking a modern and cost-effective banking experience in Switzerland. We recommend Neon to our family, friends, and to our readers.

pillar score

96/100

Use the pillar code (073J3Q) when signing up to receive 10 CHF and a free Mastercard. A referral is considered successful when you have fully opened the account and transferred at least 1 CHF. You will receive the referral bonus 5-7 days later directly onto your Neon account. Thank you, it helps to support this blog! Visit Neon to find out more and get started.

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Use code 073J3Q to receive 10CHF

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Use code 073J3Q to receive 10CHF I


Category	Summary
Company profile	Headquarters: Zürich, Switzerland Launch: 2019 Custody Bank: Hypothekarbank Lenzburg Depositor protection: 100’000 CHF Users: 100’000 Website: www.neon-free.ch
Personal account types	Neon Free (free) Neon Green (5 CHF / month) Neon Metal (15 CHF / month)
Pros	+ Free account + Simplified banking experience + Cost-efficient local/international transactions and withdrawals + Money managing and saving tools + Investing options + Well designed UI and performing app + Responsive customer support and continuous updates + Excellent security features + Standard banking features + Asset protection of up to 100'000 CHF + Excellent reputation and reviews + Simplified registration process
Cons	- Inability to deposit cash for free - No Maestro card (pre-paid credit card only) - Digital support only (no in-person support) - Occasional technical issues - No joint accounts (yet) - No business accounts - Unavailable outside of Switzerland
Availability	CH
Rating	96/100

Neon - Switzerland’s best digital bank in 2024

Neon 96/100