UBS Key4 Review – Pros & Cons
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(Disclosure: Some of the links below may be affiliate links)
UBS is not usually known for proposing services at an affordable price, but their Key4 is an exception to that rule. After the integration of Credit Suisse clients using the CSX products, UBS has made their Key4 product free. This makes it interesting, and I wanted to review this service to see its value.
In this article, I review UBS Key4 in depth: its features, its fees, its advantages and disadvantages. By the end of the article, you should know whether UBS Key4 is a good service for you.
| Monthly fee | 0 CHF |
|---|---|
| Users | N/A |
| Card | Mastercard Debit |
| Currencies | CHF |
| Withdrawals in Switzerland | Free at UBS ATM, 2 CHF otherwise |
| Withdrawals abroad | 5 CHF |
| Languages | German, French, Italian, and English |
| Custody bank | UBS |
| Depositor protection | 100’000 CHF |
| Customers | 3’000’000 |
| Established | 1862 |
| Headquarters | Zürich, Switzerland |
UBS Key4
UBS Key4 is a banking package by UBS, the biggest bank in Switzerland (and among the largest banks in the world). The UBS bank itself has about three million customers in Switzerland (after the merger with Credit Suisse), including UBS Key4 customers.
This banking package is a mobile banking package, it is made for people that will use their phones to access the bank, not their offices. It also does not offer access to the e-banking system of UBS. So, it is very similar to the banking packages of digital neobanks.
This banking package contains multiple components:
- A private account
- A savings account
- A debit card
- A prepaid or credit card, depending on your plan.
There are a few conditions for this banking package.
- You must be a resident of Switzerland.
- You must be a citizen of an allowed country.
- Foreigners must have a B, C, Ci or L permit.
- You must be at least 12 years old.
These requirements are rather large. It is interesting to note that US citizens are allowed to open an account, but they must do so in person and not online, since there are extra regulations for US citizens. But it is good that US citizens resident in Switzerland can open accounts without fees.
It is important to note that this service is primarily designed for new UBS customers. It seems not possible to transfer from a current UBS account to a Key4 account.
UBS Key4 Features
First, we should look at the features of the banking package, to make sure we have everything we need.
It is worth noting that UBS only has one mobile app. The same mobile app will serve standard UBS customers and UBS Key4 customers.
With the UBS Key4 app, you can do all your standard operations:
- Pay your QR bills
- Pay your e-bills
- Do wire transfers
- Check your balance and transactions
It is also good to note that UBS accounts and apps are available in English. This can be essential for expatriates.
You can also use TWINT with your UBS Key4 account through the UBS TWINT app. If you want to pay with mobile without TWINT, you can also use Google Pay and Apple Pay. So, you have all the options you need to pay with your phone.
Overall, there are more than enough features with this account. Users have also reported that we could access the UBS e-banking system. This can be a nice advantage.
Banking Fees
We also must look at fees, something UBS is usually not good at.
Interestingly, the base UBS Key4 account is free! There is no monthly or yearly fee. This account used to be paid, but it got free during the integration of Credit Suisse customers into UBS. In fact, users of the late CSX app were migrated to the UBS Key4 offer, which used to be pricier but went free to keep more customers.
With the free UBS Key4 account, you get a free private account, a free savings account, a free debit card, and a free prepaid card. This is a good deal.
Standard domestic payments in CHF are free. If you do a SEPA payment, you will pay 0.30 CHF per payment. And if you do a EUR payment in Switzerland, you will also pay 0.30 CHF per payment.
With the debit card, you can withdraw for free at any UBS ATM. But you will pay 2 CHF for each withdrawal at other ATMs. If you withdraw abroad, you will pay 5 CHF per withdrawal and a markup of about 2.00% on the UBS exchange rate. If you use the debit card abroad or in a foreign currency, you will pay a 2% surcharge on top of the UBS exchange rate.
Currently, you do not get any interest rate on the account.
Additionally, there are two more packages available:
- Pro at 14 CHF per month
- With a standard credit card instead of the prepaid card.
- With travel insurance.
- With only a 0.50% exchange rate surcharge on the debit and credit cards.
- Prime at 22 CHF per month
- With a premium credit card instead of the prepaid card.
- With travel insurance and collision damage waiver for rental cars.
- With priority pass to travel loungers.
- With only a 0.50% exchange rate surcharge on the debit and credit cards.
I do not really see the value of these premium packages. At 14 CHF per month minimum, they are too expensive to be valuable, in my opinion. The low exchange rate is good, but you can get this for much lower than 14 CHF.
So, the base banking package is actually at an excellent price. You will get access to a massive bank for a fair price. On the other hand, the premium packages are overpriced for the value they provide.
User Reviews
We should look at what other users think of UBS Key4.
Unfortunately, I could not find user reviews of Key4 directly. So, we should look at UBS reviews in general.
We can start by looking at UBS Switzerland on Trustpilot. Unfortunately, there are few of them. As I write this article, there are 135 reviews, with an average score of 2.4 out of 5. When we look at the negative reviews, we see the usual complaints about the customer service and some compliance. These are the same complaints I see in many of my reviews. On the positive side, customers are happy about the service in general, and we can see that there are multiple reviews by people being with the bank for more than 10 years. However, it is impossible to draw conclusions from 135 reviews for a bank with millions of customers.
As another source of reviews, we can use the reviews of the app itself. On the Play Store, the UBS & UBS Key4 app (the name of the app) got 4.7 stars out of 5, out of almost 65’000 reviews. The many positive reviews are very positive about the app itself, how it works, and the features it has. The negative reviews are mostly about some technical difficulties. The reviews are quite similar on the App Store, where the app also gets 4.7 stars and has more than 150’000 reviews.
Overall, users of UBS seem pleased about the app. It is true that many people try to leave UBS to save on fees. But the majority of UBS users either do not know they can pay less or are ready to pay for what they feel is a premium bank.
Security
We also need to look at the security of using UBS Key4 as a bank account.
The security of UBS Key4 is the same as UBS itself. The assets are held in the same way and are protected by the Swiss deposit insurance. So, in case of bankruptcy, your assets should be protected for up to 100’000 CHF if the bank does not have enough assets to liquidate to cover the deposits.
However, there is a limitation there. The deposit insurance has about six billion CHF in funds. So, when we are talking about a bank with about 3 million users, including UBS Key4 customers, this would come up to an average protection of about 2000 CHF per person. Of course, some people have more money than others, so this may vary. But in case of failure, the deposit insurance is unlikely to cover every customer.
Recent events have shown that the Swiss government is unlikely to let such a systemically important bank fail. In 2008, UBS had to be bailed out with 60 billion CHF. And in 2023, the Swiss government organized the takeover of failing Credit Suisse into UBS with billions in guarantees.
Technically, I could not find anything wrong with UBS or UBS Key4 security. You can use multiple factors of authentication when accessing the apps. And they are sharing helpful information on cybersecurity on their website.
So, overall, I think that money deposited at UBS is safe. They do not have the best history, but they have been around for 150 years and I do not think they are going anywhere.
Alternatives
It is essential to compare a product with its alternatives.
UBS Key4 vs Neon
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For years, Neon has been our primary bank. Neon is a fully digital bank account, so it is a suitable candidate to compare against UBS Key4. Neon is fully digital, while you can also use UBS Key4 online and in offices.
You get a few more features with UBS Key4 than with Neon. You will get two cards and access to a real TWINT app.
Both accounts are free for the base account, and both accounts have premium offers. One advantage of UBS is that you can get many withdrawals for free (at UBS ATMs) while each withdrawal is 2 CHF with Neon. On the other hand, Neon has a strong advantage for paying abroad, with only a 0.35% surcharge on top of the MasterCard exchange rate. With UBS, you would need to pay 14 CHF a month to get a 0.50% surcharge.
If you need to pay abroad, Neon will be better than UBS Key4. In Switzerland, both accounts will be extremely similar.
UBS Key4 vs Migros Bank
Another traditional bank, Migros Bank, has been our main bank account for multiple years before Neon. So, we should compare UBS Key4 and Migros Bank.
Both are traditional banks. Therefore, you can do most operations in UBS and Migros Bank offices.
The set of features is quite similar. With UBS Key4, you will get a prepaid and debit card, while you only get a debit card with Migros Bank. In both cases, you can use it in Switzerland and abroad. In both cases, you can use your account with TWINT, Google Pay, and Apple Pay.
If we look at the fees, the two accounts are also very similar. They both have no monthly fees. The base cards are not great to use abroad, with large exchange rate surcharges. And you can withdraw for free at UBS ATMs with UBS Key4 and in all Migros places with Migros Ban. Everywhere else will cost 2 CHF per withdrawal.
Overall, these two accounts are very similar. They have similar fees and features. So, you mostly have to choose between UBS and Migros Bank.
UBS Key4 FAQ
Who is UBS Key4 good for?
UBS Key4 is good for people who want an affordable digital bank account from a massive bank.
Who is UBS Key4 not good for?
UBS Key4 is not great for paying abroad. You would need to either a large exchange rate surcharge or pay a large monthly fee.
%seo_title% Summary
UBS Key4 is a digital bank account by UBS that recently became free. Is it any good? We find out in this in-depth review.
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UBS Key4 Review - Pros & Cons - The Poor Swiss Pros
Let's summarize the main advantages of UBS Key4 Review - Pros & Cons - The Poor Swiss:
- No monthly fee
- Access to a good app
- Access to UBS at a fair price
- Good set of features for the price
- Support of English
UBS Key4 Review - Pros & Cons - The Poor Swiss Cons
Let's summarize the main disadvantages of UBS Key4 Review - Pros & Cons - The Poor Swiss:
- Not great to use abroad
- Premium accounts are very expensive
Conclusion
Overall, the UBS Key4 account is a good account. If you want access to UBS at an affordable price, this is the account for you. However, there is nothing special about it. It is free and has good features. However, it is also comparable to the accounts of many traditional banks. And it is still inferior to many digital bank accounts.
So, if you absolutely want access to UBS, UBS Key4 is great. Otherwise, the account does not stand out.
If you are interested in other traditional accounts, the account from the Zürcher Kantonalbank is quite interesting. Or, if you want to get some better exchange rates abroad, you can take a look at our neon Review.
What about you? What do you think about UBS Key4?
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I switched to UBS’ Key4 account once ZKB announced the new fees on Americans in Switzerland this past summer. I wasn’t happy about this as my service at ZKB was excellent! I do think ZKB’s app is better than that of UBS, but this is a minor complaint. The fees for international transactions are much higher than was the case at ZKB, and this is a bummer for someone who handles international business. I also lost my credit card from ZKB, and the credit card offers from UBS aren’t worth the extra cost. I think I’m going to keep this account for a year — I’ll then investigate Migros Bank’s M+ account. It looks rather similar to the Key4 account, but I would also get a cumulus credit card upon request.
Thanks for sharing, Blake. It’s really difficult for an American in Switzerland to find a good banking package :(
Many thanks for the review! I think there are still a few points that can be misleading and need clarification:
“If you use the debit card abroad or in foreign currency, you will pay a 1.75% surcharge on top of the Mastercard exchange rate.”
It’s actually even worse, the fee is 2% (and at least CHF 1) and the 2% surcharge does not apply on top of the Mastercard fx but on top of the “UBS foreign exchange sell rate” which is less favorable than Mastercard’s fx.
“While UBS is a traditional bank, the UBS Key4 product is digital only. So in both cases, you will only get access to a mobile application.”
Even with the free “Key4 Pure” account, you can access the regular online e-banking on your desktop computer. There is no “app only” limitation.
Hi sonoro
You are right, the 1.75% is only for prepaid/credit outside of Key4, I read it wrong.
And right as well, I have updated the article already but not the comparison, I will check this out.
Thanks!
The basic package limits monthly incoming payments to CHF 10k, meaning it can’t be used as primary account to receive your salary if you make more than that or if you partner e.g. reimburses you for shared expenses
Hi James
I think the limitation of 10k CHF is only for topping up the prepaid card, not for the entire account.
This article needs an update.
The base account comes with a key4 prepaid card which already has the 0.5% fees on top of the MC rate. There is no need to pay a monthly fee for a credit card if it’s not needed for anything else.
Fees are on page 22 of their services and prices document.
Prepaid is a bit more inconvenient to use, but it’s sometimes preferred instead of having all the money in the account accessible when making purchases.
I don’t think I agree with you. I have only mentioned the details of the debit card on purpose. Prepaid cards are too inconvenient to use in most cases compared to a debit. And the reduced fee only applies to the prepaid, not to the debit, as mentioned in the article.
Hi Baptiste, I also have a UBS Key4 prepaid card. I have to say it is very convenient to use. You can set up an automatic transfer once the balance drops below a certain amount. I use my prepaid card in almost the same way as a debit card, unless I buy something very expensive. As John pointed out, the prepaid card has 0.5% on top of the Mastercard exchange rate, which is not great but fine in my view. In addition, you can collect Keyclub points which (partially) offset this fee.
Thanks for sharing!
0.50% is not great, but indeed not too bad. There are much worse offers. And if this is convenient to you, it’s likely worth the price!
Hi Baptiste, thanks for this interesting review.
Do you know if the UBS app allows to create saving pots such as Neon or Zak?
Is really not possibile to deposit cash at ubs atm?
Thank you
Hi Nic
I don’t think there is any such feature. However, you can open a standard savings account next to your account, but it will not be as convenient as a savings pot.
As for depositing money, I am not sure. I thought it was not possible, but some people said you can.
Hi Baptiste,
FYI, UBS does allow US persons to get Key4 packages, as long as they are residing in Switzerland. It is just that US persons can’t open the account directly online using the UBS app.
I decided to switch to UBS Key4 Pure after ZKB decided to charge US persons CHF90/quarter for their base package (as a side note, the ZKB app is in my opinion the best ebanking app in Switzerland, the UBS app seems not too far behind based on some of the reviews I’ve read).
In any case, for US persons, the onboarding/account opening has to be done in person at a UBS branch. It was easy to schedule an appointment online. The process was the usual one for US persons, and was relatively fast: the initial bank relationship was created by adding one of the “UBS Me” packages and then immediately switching it to Key4.
I’ll update this post and share my experience using their app later on!
Hi Ralph
Thanks, it’s good to know that you can open accounts as a US citizen in person.
Please, update us later on your experience!
What did you have to fill out at the branch?
Hello! What was the need of going to the UBS Branch? Is it still free for US/ Swiss Citizens. I’m having the Same delema with ZKB changing 360.- fees for the year.
Yes, the key4 package is still free for US persons but one needs to go to the branch in person to open the account.
You need to be in-person to sign the usual W9 form, make a copy of your US passport, sign all those banking secret waivers, etc. I’d say it was the exact same as every other banks accepting US persons.
Hi Baptiste, very interesting article, thank you. I have a traditional UBS bank account as i like to see an adviser who has known me along time for such things as mortgages. Transferring money back to UK I can easily do with WISE which works with very good exchanges rates and fees. Thought it might be useful info for your followers. Best wishes.
Hi Dave
Thanks for sharing. Using Wise is indeed a great way to reduce fees for international transfers.
Hey, thanks for the review. I have to disagree on the fees part though. It looked good on paper to me too, until I noticed a 2% ‘online shopping’ fee on my booking.com payments. I used the debit card and paid in CHF. It seems that their reasoning for this charge is that booking.com is not a Swiss entity. I’ve never encountered such charges using other banks, so leaving UBS for good.
Hi Jake
Unfortunately, this is a known issue. Booking has a foreign payment processor and will be charged as foreign by many cards. Swisscard does the same for instance.
Hi Jake, Baptiste,
There’s also a fee of CHF 0.30 for SEPA payments and… I actually stumbled upon another fee today that I was not aware of: for domestic transfers they also charge CHF 0.30!
Totally untransparent.
Just opened a neon account and will be moving things there to test-drive it.
Cheers, Bas
Hi Bas
Indeed, SEPA payments are 0.30 CHF, I will mention it.
Normally, domestic transfers in CHF are free. But domestic transfers in EUR are 0.30 CHF as well. Did you do a transfer in EUR?
Thanks for sharing!
Hi Baptiste,
Thanks for the quick response.
No, they are CHF domestic payments.
From what I can see everything other than moving money to/from savings. Examples I’ve found are e-bill, qr and manual transfers.
I just checked and I might have been too quick with my conclusion. They show up under the ‘cost and fees’ but it seems they are being waived on the monthly balance. Having that said, it is far from transparent ;-)
Bas
Thanks for the update.
I agree that it’s highly inconvenient if we see fees first that are later waived, this is not a great user experience…
Hi Bas,
I also noticed the 0.30 fee on most domestic transactions and inquired with UBS customer service about it. Their response was that they disclose the fees to the customers, but don’t actually charge them to customers, who have key4 package. They also advised to check monthly statements to confirm that the fees are not charged.
Not the best customer experience.
Kind regards,
Denis
Thanks for sharing their response, Denis.
I agree that that this is far from the best customer experience. And I am sure this generates many questions for their support, so it is likely more expensive for them than to fix it in the app.
Hi Baptiste,
This sentence is not actually true: “It also does not offer access to the e-banking system of UBS.” I am an ex-Credit Suisse CSX customer, who has been migrated to UBS Key4, and it includes access to the online e-banking. Unless you mean something else by “e-banking”?
Best regards,
Denis
Hi Denis
What I meant is that it does not give access to the online e-banking that you can access through the computer. This was something that was told me by a user, but maybe it’s not correct.
Can you confirm whether you can access the same online e-banking system from your computer as other UBS users?
Hi Baptiste,
Yes, I can access online e-banking from my computer via the main UBS web-site.
Best regards,
Denis
Thanks, Denis, this is very useful! I will update the article.