Most relocators choose between the 24 cantonal banks (Kantonalbank, one per canton, state-backed and widely trusted for everyday banking), the two major national banks (UBS, which absorbed Credit Suisse in 2023, and Raiffeisen, Switzerland's largest cooperative banking group by branch count), and PostFinance (the former postal bank, popular for its low fees and nationwide reach). Cantonal banks are typically the default choice for new residents because of local presence and simple relationship banking; UBS and Raiffeisen offer broader international services and wealth management.
Choosing between a cantonal bank, a national bank, and a neobank affects everyday convenience (branch access, ATM network), fees, and how easily international transfers and multi-currency needs are handled — worth deciding deliberately rather than defaulting to whichever branch is nearest.
Key Facts
Cantonal banks (Kantonalbanken) exist in each canton, are partially state-guaranteed, and are the most common first account for new residents due to local branch presence.
UBS is Switzerland's largest bank following its 2023 acquisition of Credit Suisse, offering full retail, private and wealth-management services.
Raiffeisen is a cooperative banking group with Switzerland's largest branch network, popular for straightforward retail banking.
PostFinance (former postal bank) is known for competitive fees, wide ATM/branch access via post offices, and simple account structures, though it does not offer mortgages directly.
Private banks (Julius Baer, Pictet, Lombard Odier, EFG) serve high-net-worth clients with minimum asset thresholds, not everyday retail banking.
Steps
Match bank type to your needs — Cantonal bank or Raiffeisen for everyday local banking; UBS for international/wealth services; PostFinance for low-fee simplicity.
Compare account fee schedules — Maintenance fees, card fees, and foreign transaction fees vary meaningfully bank to bank.
Check mortgage/lending needs — If planning to buy property, confirm the bank offers Swiss mortgages (PostFinance does not originate mortgages directly).
Costs
Typical current account maintenance fee: CHF 0-10/month depending on bank and account tier
Common Mistakes
Assuming all major banks offer identical services — PostFinance, for example, does not directly issue mortgages.
Overlooking cantonal banks in favour of only the well-known national brands, when a cantonal bank may offer better local rates and service for everyday needs.
Not checking foreign-currency and international transfer fees before choosing a bank if regular cross-border transfers are expected.