ZKB vs Neon for Regular Bank Account

Banks, Insurances & Third Pillar
1

Hello everyone,

I am looking for a bank account to use as a salary account and to pay bills and purchases in foreign currencies. I should also be able to use Twint. I’m considering Neon and ZKB. Neon has the advantage of cheap purchases in foreign currencies, but it doesn’t have Twint (only UBS-Twint with much lower limits). ZKB has the advantage of supporting Twint. On the other hand, purchases in foreign currencies are more expensive. Of course, there is also the option of creating both accounts and using ZKB as a regular account and Neon only for foreign currency purchases. What do you think? Which accounts do you use? Thanks.

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If I were you, I would go for a 2-Bank solution:

  • ZKB as main account for salaries etc. Their ebanking is top and nearly has no breakdowns. Moreover, they have state gurantee.
  • Neon for foreign currency only. Keep as little cash as needed there. Make it simple and just have the private account with neon.

I personally am using a bank account with a traditional bank as main account and neon for FX business only.

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3

If you are only using Neon for Fx, I don’t see the advantage of Neon over Revolut or Radicant. Both of them have better rates than Neon.

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4

Neon is a Swiss company and has to follow Swiss laws - comparing to Revolut.
Saving money is nice, but not under any costs. If I save 10 Rp. per transaction, this does not justify - for me - the risk of potential account freezes as for Revoult (check the internet).

Also used Revolut couple of years ago, but switched to Neon.

For Radicant: they are under a lot of pressure, they even changed their business model, fee structure and BLKB had to write off hell of money so far. Same story for Alpian (change in business model, fee structure and needed more money from their main investor).

Decide yourself, how you weight different factors. But yes, in general, they all are suitable for FX payments.

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5

I agree to be more conservative with an account containing lots of money. But if you keep as little cash as needed there (e.g. 1k) and only add more when needed, the risk to use Revolut or Radicant is minimal IMO.

Worst case my Revolut account gets frozen and I pay from the other “conservative” account (with higher fees) until the issue is resolved. Until then I save money on every transaction.

If this would be the killer argument, we should consequently also move away from IBKR (since it could take time to get your stocks unfrozen/moved in a worst case scenario).

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6

ZKB is good for regular bank account . It’s free and it’s good to have banking relationship with cantonal banks. In future you might need mortgage.

For foreign payments -: there are many digital bank/wallet options -: Radicant, Neon, Revolut, Wise

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7

Do you really spend more than 5000.– per year via Twint?

I’ve had only neon for nearly a year now, don’t miss my UBS account one bit.

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Not just sending, also receiving. 5000 per year is very little.
Besides that: What are really the advantages of Neon over ZKB? Besides FX and if you use Neon for investing (I don’t), I don’t see any tbh. So probably I will use both; ZKB as main banking account, Neon just for FX.

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There is also the Bank Wir option with a regular bank account and a debit card without markup on fx. Twint integration is apparently days away.

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10

Good idea! Regarding Twint their website states it will come “soon”.

So how does Wir compare to Neon regarding FX (purchases in foreign currency)? About the same?

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I don‘t have neon but i suspect better since Wir is using interbank fx vs neon mastercard fx.

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12

I actually think if you can get an account at bank

  • where you can walk in anytime to meet a person if you want
  • deposit cash if you need to
  • Have unlimited capital security (not just 100,000 CHF)
  • Have access to future mortgages if you need one
  • Have real life ATM almost everywhere in Zurich
  • And it is free of charge
  • Have possibilities of TWINT
  • Also have Frankly if you want digital 3a account

It’s ZKB.

I wouldn’t really get worried about foreign transactions unless you spend all your money in foreign currencies all the time.

For foreign transactions - Revolut or alike would be better anyways.

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13

I would just use both. I have ZKB as main account and use Revolut for card payements and payments abroad.

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14

True apart from the 0% interest, which is like a ‘hidden cost’.

But given that the interest at the other banks approach 0 with the past (and likely future) SNB cuts, this disadvantage disappears.

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15

0% is for personal account. Not for savings account which has interest. Right?
Normally most personal accounts in banks have 0% interest.

Both accounts (personal & savings) are part of free package

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16

True, but you have some withdrawal limitations there (10k, if its more you need to notify).

You don’t have that with e.g. Yuh or Neon afaik.

But I agree, if its more than 10k, maybe it would anyway be wise to store that at other places specifically optimized for interest (if it needs to stay liquid).

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17

I see. Yeah it is 10K per month withdrawal limit for ZKB savings account.

To be honest , I know we always complain about traditional banks , fees etc. I literally have no complains about ZKB.

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18

I am considering opening a ZKB account. I particularly like their option of joint accounts. One slight concern I have is regarding withdrawal. Although I don’t need cash often can somebody confirm if I am correct with what I read on their fees. Cash withdrawals (up to 10k/month) are free with the ZKB Visa Debit Card at any cantonal bank? Since I am not in ZH that would be the only limitation if I had to pay 5CHF/withdrawal for not living in ZH.

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Here is the English version. It seems it’s free to withdraw cash from any cantonal bank.

However I cannot vouch as I live in ZH and I never used ATM from other banks. Basically I am paying no fees at all ever since they eliminated bank fees.

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Do you know the difference between no. 3 (payments) and no. 4 (making payments)?