The acquisition of Swiss banking giant Credit Suisse by its main competitor UBS was announced just over two years ago on March 19, 2023. In the meantime, UBS has begun the process of integrating Credit Suisse customers. But products for private customers have, so far, remained unchanged.
Now, UBS has written to customers explaining when and how Credit Suisse accounts will be migrated to UBS products over the coming months. The letter, as seen by moneyland.ch, informs customers about the next steps. Key points are:
- The migration will take place in the second quarter of 2025. As per the letter, the migration process will largely happen automatically.
- After the migration, UBS pricing as well as terms and conditions will apply.
- Customers have a six weeks grace period during which they can inform UBS that they are not in agreement with the new terms and conditions. Their accounts will then be closed at no cost, and their assets can be transferred to another bank account of their choice.
How did Credit Suisse products compare to competing offers?
Half-a-year after the acquisition, moneyland.ch compared Credit Suisse products with offers from competitors.
The conclusion of the September 2023 study was that most Credit Suisse products either ranked in the mid-field, or were among the most expensive offers. Only a few specific products like the CSX White bank package ranked among the more affordable offers.
Below, moneyland.ch answers the most important questions about the Credit Suisse to UBS product migration.
Can I keep my private account?
Up until now, Credit Suisse private account holders have been able to keep their accounts with the existing terms and conditions, and the same bank account number. But that is changing now. All Credit Suisse banking products and banking relationships are being transferred to UBS.
UBS says that as a general rule, Credit Suisse customers will be migrated to the closest equivalent products from UBS. For example, private accounts will be migrated to either Key4 Banking private accounts or classic UBS Me Banking private accounts. Specific products will be migrated to similar products. It is possible that the products you are migrated to may not match your needs, so you should make sure that the products you are being given make sense for you.
How much do the UBS products cost?
A comparison between the phased out CSX products from Credit Suisse and the new offers from UBS show that the migration can bring substantial price increases in some cases.
If you used a CSX White or CSX Black bank package, then the migration to UBS will generally result in you paying somewhat less than you did with Credit Suisse. Additionally, you will now be able to make cash withdrawals at all UBS and Credit Suisse ATMs free of charge.
But if you used a CSX Plus or CSX Pro package, you will pay much more after being moved to the equivalent UBS product. If you used the package that included a platinum credit card, you will pay less for the UBS equivalent.
UBS now offers a Key4 bank package called Pure that does not have a basic, ongoing monthly fee.
Can I keep my existing bank account number?
No. Once your accounts are migrated to UBS, you will receive new UBS IBANs. UBS says that incoming payments to your Credit Suisse account number will be redirected to your new account for at least 24 months after the migration.
Which changes will happen automatically?
These services will be migrated automatically:
- Payment orders (bank transfers)
- Standing orders
- Direct debit orders
- Reward program
Can I continue to use my Credit Suisse debit and credit cards?
You will receive new debit cards, prepaid cards, and/or credit cards from UBS. Initially, you will be able to continue using your Credit Suisse cards as usual. When you first use your new UBS card, your corresponding Credit Suisse card will be automatically deactivated.
Once the migration is complete, you will have to change your payment card information across all stores and subscriptions for which you use your debit or credit card. You can find an overview in the information box with the to-do checklist.
If you used the CSX White or CSX Black bank package, you will now get a UBS prepaid card. Many people do not use prepaid cards because they do not want to have to load money onto their card before using it.
Where can I withdraw money?
With the exception of CSX White customers, Credit Suisse customers have already been able to make cash withdrawals at UBS ATMs for some time now. Likewise, UBS customers have also been able to withdraw money at Credit Suisse ATMs free of charge for a while now.
After the migration, all customers will be able to use their debit cards to make fee-free cash withdrawals from their private accounts at all UBS ATMs.
Can I continue to use online and mobile banking?
Naturally you will still be able to do your banking online. But both the CSX app and Credit Suisse online banking will no longer be usable.
After the migration you will need to set up a login for UBS digital banking. In order to access online banking, you will need either a dedicated mobile app (the UBS Access app), a card reader (cost: 20 francs), or an Access App Display (cost: 40 francs). If you use the UBS Access app, you will also be able to use UBS mobile banking.
UBS will inform customers that have been using Credit Suisse online and/or mobile banking about additional steps ahead of the migration.
What can users of the neobank CSX expect?
Customers who opened an account using the CSX app and used the app for all their banking may be transferred to the UBS Me bank account, even though the UBS account is a conventional bank package. UBS explains this seeming contradiction with the clarification that CSX was never a purely app-based service, as customers always had access to conventional Credit Suisse banking at branch offices as well. In its sunset days, Credit Suisse offered new accounts for private individuals solely via its CSX mobile banking service.
What will happen to the Credit Suisse customer loyalty program?
Customers who participated in the Bonviva reward program from Credit Suisse will automatically be enrolled in the UBS Key Club reward program during the migration. Unredeemed Bonviva points will automatically be converted into Key Club points.
To-do checklist
There are some important steps you must take when your account is migrated from Credit Suisse to UBS.
Tip: The migration to UBS will demand a fair amount of effort on your part. It makes sense then to see the change as a chance to compare the UBS offer with other private accounts. It is possible that an offer from a different bank might better match for your specific needs than the UBS account. The interactive private account comparison on moneyland.ch makes it easy to compare offers based on your needs.
- Share your bank number: You must inform people and companies that regularly send you money via bank transfer about your new account number. Examples include your employer, the tax office, your landlord, your health insurance provider, the social security office, and your pension fund (if you receive a pension).
- Update your card information: Because you will receive new payment cards, you have to update your card details for all services that use this information. Examples may include the SBB/CFF app, Netflix or other streaming services, online stores, and many other service providers.
- Update mobile payment services: If you use mobile payment services like Apple Pay or Google Pay, you will have to remove your Credit Suisse cards and add your new UBS cards.
- Replace the Twint app: If you use Twint, you will have to replace the Twint app from Credit Suisse by downloading the UBS Twint app and linking it to your account. Alternatively, you can also use the prepaid version of Twint.
- Set up UBS online banking: In order to continue using online and mobile banking, you will have to set up the online banking services from UBS.
Because of the many changes that you will be faced with when the migration takes place, it is advisable to carefully read the letter from UBS, and contact UBS with any unanswered questions.
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