Founded in 2019 in Zurich, Neon runs on banking infrastructure provided by Hypothekarbank Lenzburg (HBL) — a FINMA-regulated Swiss bank. Neon itself is the app layer; HBL is the custodian and regulated entity. Your cash deposits are protected under the Swiss depositor protection scheme (esisuisse) up to CHF 100,000, and your securities are held as segregated client assets.

Neon has expanded steadily since launch. Neon Invest (stock and ETF trading) launched in 2023. Pillar 3a — Switzerland’s tax-advantaged retirement account — launched in 2025. The product now covers the three main financial needs for most Swiss retail investors: day-to-day banking, taxable investing, and retirement saving.

For context: IBKR charges approximately CHF 3 fixed on the same CHF 10,000 ETF trade. The crossover where IBKR’s setup complexity becomes worth the fee saving is roughly CHF 5,000–10,000 per trade. Below that, Neon’s simplicity and zero FX cost are genuinely competitive. Above it, the percentage model starts working against you.

The Swiss federal stamp duty (Stempelsteuer) is a government securities transaction tax charged on both the buy and sell leg of every trade. At 0.15% per leg on foreign-listed securities, a full buy-and-sell roundtrip on a CHF 10,000 position costs CHF 30 in tax before a single franc of commission.

This applies uniformly to all Swiss brokers — Neon, Swissquote, Yuh, Interactive Brokers. It is not Neon-specific. It is the single strongest argument for buying and holding: every unnecessary sale triggers stamp duty on both legs.

Neon routes all trades through BX Swiss — a single exchange. You cannot access Xetra (Germany), SIX Swiss Exchange (Zurich’s main exchange), or US markets. The entire investment universe available to you is what BX Swiss lists: approximately 240 stocks and 70 ETFs.

In practice: if you want VT, VOO, SPY, or VTI — the popular US-listed ETFs — you cannot buy them on Neon. You can buy the European UCITS equivalents listed on BX Swiss (e.g. Vanguard FTSE All-World UCITS ETF, iShares Core MSCI World UCITS ETF). Same underlying index exposure, UCITS wrapper, in CHF. No FX conversion needed. For most Swiss long-term passive investors, these alternatives are entirely adequate.

Neon has partnerships with Swisscanto (ZKB), Invesco, and WisdomTree offering 0% trading fees on select ETFs — meaning you pay stamp duty only, not the 0.5% commission. In April 2025, Swisscanto added four sustainable ETFs to the free tier:

Free trading applies to both savings plan executions and manual trades on qualifying products. Stamp duty (0.075–0.15%) still applies as it is a government tax, not a broker fee.

Savings plans — automated recurring purchases — were added in May 2024. You can set up a plan for up to 3 assets simultaneously, choosing frequency and contribution amount. In 2025, Neon added pre-built investment templates: three risk-profile presets (cautious, balanced, growth) that pre-fill a savings plan. They are a useful starting point for beginners who are unsure how to allocate — though they are not personalised investment advice.

The 3-asset cap on simultaneous savings plans is a real constraint if you want to automate a multi-fund portfolio. If you need more flexibility — four or more funds running simultaneously — you will need to supplement with manual trades or consider a broker without this limit.

Pillar 3a (gebundene Vorsorge) lets Swiss residents contribute up to a set annual limit — CHF 7,258 for employees in 2025 — and deduct the full amount from taxable income. Invested in index funds, this creates a compounding tax advantage that a standard taxable brokerage account cannot replicate. For most Swiss residents, it is the highest-priority investment account before any other investing.

Neon’s 3a offering is a convenience play — particularly for existing Neon banking users who want everything in one place. The app now covers the full journey: daily banking account, taxable Neon Invest portfolio, and Pillar 3a retirement savings. For investors who want the deepest ETF selection and lowest TERs within Pillar 3a specifically, dedicated providers like VIAC and finpension are still worth comparing before committing. But the “must open a separate account” friction that was previously a drawback is now gone.

Neon’s 0.5% fee is affordable at small trade sizes. Contributing CHF 500 per month costs approximately CHF 2.50 in commission — entirely reasonable. At CHF 2,000 per trade, it is CHF 10. At CHF 10,000 per trade, it is CHF 50 in commission, plus CHF 15 in stamp duty — CHF 65 total to buy once. IBKR charges approximately CHF 3 for the same trade.

The crossover where IBKR’s setup complexity becomes worth the fee saving is roughly CHF 5,000–10,000 per trade. Below that threshold, Neon’s simplicity and zero FX cost are genuinely competitive. Above it, the percentage model starts working against you compounding annually.

If and when you switch: Neon’s share transfer out feature (CHF 100 per position) lets you move holdings to another broker without selling — avoiding stamp duty on both legs of a sell-and-rebuy cycle.

Choose Neon if free FX conversion matters to you, you want the Swisscanto/Invesco/WisdomTree free ETF partnerships, or you prefer Neon’s banking product as your primary account. If you are regularly buying non-CHF assets, Yuh’s 0.95% FX fee adds up meaningfully over time.

Consider Yuh if fractional share purchases matter for your contribution size, or if direct crypto trading (rather than tracker certificates) is important to you. The Swissquote ownership also means Yuh has a clear upgrade path for investors who eventually outgrow a neobroker.