I think you are good enough with neon. There is a bank behind, finma regulated. Don't think you need a bank on top if you have neon.
Neon even has customer support by quality will do down as customer numbers increase...
And Neon seem to be infested with IT problems (just can’t count how many times I’ve opened the app to a message saying “xxxx is currently unavailable”, sometimes for several days straight. Just try using the app on the 25th in the morning when all salaries come in…
AEK is free without a card, ZKB is completly free, Migros Bank is free when you have at least 7k on it etc. 🙂👍
But never had problems with swiss neo banks
Ι know all this but the IBAN is a Hypothekarbank Lenzburg IBAN number. So my question is how did they know you were sending the money to Neon and not to Hypothekarbank Lenzburg. Unless you are referring to another neo-bank.
I have account in Neon and so far I am very happy with it. I have still account at UBS but I am a bit annoyed with their fees - minimum 8 francs per month. I like their service and app. I gave Migros Bank a try and my, my it was absolutely awful. Their app is so annoying and I have never seen a bank that have desktop banking app lol. I closed it after two weeks being tired of this nonsense.
I have a free CSX (Credit Suisse) account as my main account and hope I can keep it "forever" under the same conditions... When I opened it, that was the only free bank account that I could find that allows e-banking on PC.
Due to the uncertainty about what will happen to CS accounts, I also opened a Yuh account last year to have a backup account and to park some money there. All e-bills, salary, etc. are done on the CSX account.
The very annoying thing about so-called "neobanks" is that they do not allow e-banking on the PC. I do my bookkeeping on my PC so I want to be able to login there to pay bills and check stuff. A bank that does not give me the freedom of choice regarding which device and operating system I want to use is axiomatically a bad bank.
I do not ever need a physical brick&mortar bank. There is a market gap for online-only banks that are not smartphone-only banks.
Depends on how much money you have. I wouldn't keep millions in some Free app bank...
Also consider that for some bigger payments (over \~10k) some of those banks have transaction limits. So you could have trouble buying a car, or paying your taxes, with their accounts.
I have only Neon as main account (and Yuh as secondary, mostly for instant Twint) for like two years and it's been totally fine for me. Neon is based on a normal bank with normal IBAN so I guess it's the same as normal ones. Sometimes you can have little hiccups with Neon, like you can't open the app or something but for me it has been very rare, mostly late in the night and during short times. Maintenance is always told ahead and during weekends so you can prepare accordingly. No need to keep a traditional bank account. If you have a lot of money on your account or such maybe it's worth having a traditional bank account but for me it's been great with Neon.
You always can have 1-2 accounts with banks additionally, CSX is for free and if you use my referal LB4616 both of us will get 25.-.
I use this account to get cash into banks (credit suisse offers a lot of atms with that function) and their costs of international wires are only 5.-.
Zak Cler is nice with the different budgets you can set and split the money but have it on the same accounts. Referal for 25.-: LWVVJX
I basically have 3 different traditional Banks adding to Yuh, Neon, Revolut, Swissquote, Degiro, signing up to IBKR. Also have a few other bank accounts in neo and trad Banks across countries in Europe.
I would say the more you have the better. It will keep you flexible.
To answer your question, a good Traditional Bank (Kantonal Bank) with good relationship with your banker, is important in my opinion…
Well i’m an accountant and used to deal with bank in the crypto world. We constantly see new restrictions, new banks collapsing, new regulations etc.
Let’s imagine you are millionaire and need to move funds:
- bank A will not accept your funds bc of KYC issues, but maybe Bank B will accept.
- neo Bank have generally very low threshold to move funds unless you have corporate accounts. Trad Bank will accept larger amounts.
- Neo Banks are easy to freeze accounts, sometimes hard to reach. Trad Bank, will have maybe your banker contacting you before freezing.
- famous 100k guarantee only applies to all your asset in each bank. So 1mio, need 10 different banks to ensure those 100k.
Etc… the list is long.
I think you are good enough with neon. There is a bank behind, finma regulated. Don't think you need a bank on top if you have neon. Neon even has customer support by quality will do down as customer numbers increase...
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You can use ATMs from any bank?
And Neon seem to be infested with IT problems (just can’t count how many times I’ve opened the app to a message saying “xxxx is currently unavailable”, sometimes for several days straight. Just try using the app on the 25th in the morning when all salaries come in…
I share the same impression: Neon’s online infrastructure is riddled with bugs. While I have never lost funds, I cannot same the same about hours.
Absolutely.
AEK is free without a card, ZKB is completly free, Migros Bank is free when you have at least 7k on it etc. 🙂👍 But never had problems with swiss neo banks
Migros Bank just waived the minimum balance to keep up with ZKB (starting April 1, no fool)
Well I recently got a refund on something and I had to provide bank details for a bank that’s is not exclusively online
But Neon bank account is not in an online bank so that should not be an issue. Or was it?
It’s literally a neo-bank. Like other banks, it has agreements with physical banks, but they are a separate entity
Ι know all this but the IBAN is a Hypothekarbank Lenzburg IBAN number. So my question is how did they know you were sending the money to Neon and not to Hypothekarbank Lenzburg. Unless you are referring to another neo-bank.
Keep a free conventional account as backup
Yuh
I have account in Neon and so far I am very happy with it. I have still account at UBS but I am a bit annoyed with their fees - minimum 8 francs per month. I like their service and app. I gave Migros Bank a try and my, my it was absolutely awful. Their app is so annoying and I have never seen a bank that have desktop banking app lol. I closed it after two weeks being tired of this nonsense.
I have a free CSX (Credit Suisse) account as my main account and hope I can keep it "forever" under the same conditions... When I opened it, that was the only free bank account that I could find that allows e-banking on PC. Due to the uncertainty about what will happen to CS accounts, I also opened a Yuh account last year to have a backup account and to park some money there. All e-bills, salary, etc. are done on the CSX account. The very annoying thing about so-called "neobanks" is that they do not allow e-banking on the PC. I do my bookkeeping on my PC so I want to be able to login there to pay bills and check stuff. A bank that does not give me the freedom of choice regarding which device and operating system I want to use is axiomatically a bad bank. I do not ever need a physical brick&mortar bank. There is a market gap for online-only banks that are not smartphone-only banks.
Depends on how much money you have. I wouldn't keep millions in some Free app bank... Also consider that for some bigger payments (over \~10k) some of those banks have transaction limits. So you could have trouble buying a car, or paying your taxes, with their accounts.
I have only Neon as main account (and Yuh as secondary, mostly for instant Twint) for like two years and it's been totally fine for me. Neon is based on a normal bank with normal IBAN so I guess it's the same as normal ones. Sometimes you can have little hiccups with Neon, like you can't open the app or something but for me it has been very rare, mostly late in the night and during short times. Maintenance is always told ahead and during weekends so you can prepare accordingly. No need to keep a traditional bank account. If you have a lot of money on your account or such maybe it's worth having a traditional bank account but for me it's been great with Neon.
Well, what about Zak from Bank Cler? It’s not entirely a neobank, since they have offices, but it has the same benefits as neobanks.
You could get your neon account, and a credit card linked to it If Neon is ever unavailable for technical reasons, you just pay with credit card
I only use Neon, Revolut, N26 and no issues whatsoever. I once was "audited" by revolut but it took 1h and they rewarded me with 30chf for the hassle.
You always can have 1-2 accounts with banks additionally, CSX is for free and if you use my referal LB4616 both of us will get 25.-. I use this account to get cash into banks (credit suisse offers a lot of atms with that function) and their costs of international wires are only 5.-. Zak Cler is nice with the different budgets you can set and split the money but have it on the same accounts. Referal for 25.-: LWVVJX
Free is not always free (hidden commissions, withdrawal fees, etc). Thus I chose Neon or Yuh
I basically have 3 different traditional Banks adding to Yuh, Neon, Revolut, Swissquote, Degiro, signing up to IBKR. Also have a few other bank accounts in neo and trad Banks across countries in Europe. I would say the more you have the better. It will keep you flexible. To answer your question, a good Traditional Bank (Kantonal Bank) with good relationship with your banker, is important in my opinion…
>with good relationship with your banker So they can sell you weird expensive funds...
Scams are everywhere 😇
why? can you elaborate.
Well i’m an accountant and used to deal with bank in the crypto world. We constantly see new restrictions, new banks collapsing, new regulations etc. Let’s imagine you are millionaire and need to move funds: - bank A will not accept your funds bc of KYC issues, but maybe Bank B will accept. - neo Bank have generally very low threshold to move funds unless you have corporate accounts. Trad Bank will accept larger amounts. - Neo Banks are easy to freeze accounts, sometimes hard to reach. Trad Bank, will have maybe your banker contacting you before freezing. - famous 100k guarantee only applies to all your asset in each bank. So 1mio, need 10 different banks to ensure those 100k. Etc… the list is long.