Yuh Review 2022: A new mobile banking service

By Baptiste Wicht | Updated: | Save, Investing

(Disclosure: Some of the links below may be affiliate links)

PostFinance and Swissquote just started a joint venture: The Yuh banking application. With Yuh, you can save money on your account, pay in Switzerland and abroad and invest in the stock market and cryptocurrencies.

Yuh is an entirely digital offer. They have no offices. You can manage all your money directly from your phone. So, you will pay your bills and invest your money in your smartphone.

So, should you use Yuh? What features does it have? And how much does Yuh cost? Let’s find out!

In this article, I will review Yuh in detail, its features, fees, advantages, and disadvantages!

Yuh

Yuh
No account management fees

Yuh is an easy and affordable way to invest in the stock market and spend money abroad.


Use my code YUHTHEPOORSWISS to get 25 CHF in trading credits!

Code only for Swiss residents.

In May 2021, PostFinance and Swissquote launched the Yuh service. They are trying to unify banking and trading services together. In addition, they want to unify paying, saving and investing (both in the stock market and in cryptocurrencies).

An interesting fact about Yuh is that they will share some of their profits with their cryptocurrency: the Swissqoins.

It is important to note that Yuh is not a bank itself. However, for the customers, it does not make much difference. Indeed, your money will be held by Swissquote, which is a bank. It means your money will be insured for up to 100’000 CHF, the basic deposit protection as other Swiss banks.

It is very subjective, but I have a hard time with the name of the service. It is supposed to be pronounced like You in English. But I keep wanting it to pronounce like Yew. But that is a detail!

So, overall, Yuh is trying to bring many new things! But does that make them any good? Let’s see about that!

Features

As mentioned before, Yuh acts as both a bank and an investment platform. So, we need to look at both banking and trading features.

Banking Features

For banking features, Yuh has all the basic features you can expect: you can pay your bills with the app and transfer money to and from your account. Currently, you can do wire transfers in many currencies.

You will get a Debit Mastercard to make payments and withdraw money in Switzerland and abroad. You can also pay online with a card with CHF, USD, and EUR (and a long list of other currencies).

The interesting thing about Yuh is that you have a multi-currency account. It means you can receive and keep other currencies in your account. So, for instance, you could receive EUR and keep them in your account. So, when you have to pay in EUR, it will directly use that balance instead of converting from CHF to EUR.

A savings goal on Yuh (Source: yuh.com)
A savings goal on Yuh (Source: yuh.com)

You can also do peer-to-peer transfers to other users of the application. This feature is good if you know other users of the app. They also have the usual features like savings goals that I do not see any use for. These things are present in most digital banks.

But that’s about it as features go. For instance, you cannot currently use eBill or get a virtual card with Yuh. But these features are planned. You can consult their roadmap to follow their progress.

Yuh supports Google Pay, Apple Pay, and Samsung Pay if you want to pay with your phone. On the other hand, they do not support TWINT, which may be an issue in Switzerland for many users.

Trading Features

Yuh is quite limited in terms of investment features. You can invest in about 200 different stocks. As for ETFs, you can currently invest in 37 ETFs. Again, this is a limited choice that I hope they will increase in the future.

Unfortunately, Yuh does not offer any US ETFs. Since US ETFs are currently the best ETFs available to Swiss investors, not having them is a big disadvantage for Yuh.

Looking at the list of available ETFs, they are weirdly naming them. For instance, VWRD is called Global Blue Chips. And many other ETFs get the name blue chips.

I cannot understand why they would call them blue chips. VWRD contains all the stocks from the World stock market, not only blue chips. And even for the U.S., VUSD contains all the stocks from the U.S. stock market, not only blue chips.

It is poor miscommunication to imply that the stocks are blue chips which means safety for many people. If they wanted blue chips, they should have taken the Dow Jones Industrial Average, an actual index of so-called blue chips.

Finally, Yuh also gives you access to some cryptocurrencies, like Bitcoin and Ethereum. You can access 34 cryptocurrencies, which should be enough for most people. It is unclear whether you can have proper wallet security, but I expect not. And generally, if you cannot have your cryptos in your own wallet, you should not use a platform.

Yuh Fees

After looking at the features, we need to look at the fees offered by Yuh. Since yuh is both a banking and investment package, we will need to cover both.

Banking fees

Let’s start with the banking fees of Yuh.

The basic operations are all free:

  • Paying for your bills
  • Transfer money to and from your account in CHF
  • Paying in Switzerland with the Debit Mastercard
    • Paying abroad is fee-free, but you will pay high currency exchange fees
  • Free transfers in EUR in the EEA zone
  • Peer-to-peer payment in the application

For withdrawals, you will get one free withdrawal per week in Switzerland. Subsequent withdrawals will cost 1.90 CHF. If you withdraw money abroad, you will pay 4.90 CHF.

However, you will only be able to withdraw 1000 CHF per day and at most 10’000 CHF per month. This limit should be good per month, but this could be an issue daily.

There is no limit to wire transfers. But there is a limit for paying with the card that you can configure between 500 CHF and 25’000 CHF.

Yuh has positive interest rates, which is extremely rare. Indeed, you can get 0.50% on CHF, EUR, and USD. And this is paid for up to 100’00 CHF balances. It is still a great feature if you often hold cash. Some people would like to use this for their emergency fund.

Now comes the expensive part: currency exchange! Yuh is charging 0.95% per currency exchange. All your operations in a foreign currency will cost you 0.95%. This fee is funny because they claim transaction fees are free in 12 currencies, but you have to pay the currency exchange, so it is not free. It is all about marketing… And if you work with currencies not included in the app, you will have to pay 1.50%!

For me, the currency exchange fee makes Yuh highly unattractive. Currently, there are several interesting alternatives with free payments in foreign currencies and comparable features for the banking side.

Trading fees

Let’s look at the trading fees of Yuh now.

First, there are no custody fees. So, you will not pay anything to keep your account open without doing anything. This is a good advantage!

Then, the transaction fees are straightforward:

  • 0.5% fee for the stock market with a minimum fee of 1 CHF
  • 1.0% fee for cryptocurrencies without a minimum

Compared with other Swiss brokers, these fees are relatively cheap for small operations on the stock market. But they are expensive for large operations. For instance:

  • A 1000 CHF investment will cost you 5 CHF, which is cheap
  • A 10’000 CHF investment will cost you 50 CHF, which is expensive

On top of that, you will also pay currency exchange fees of 0.95% for your operations with currencies you do not have. For instance, if you have only CHF and want to buy something in USD, you will pay a 0.95% fee. This fee is quite expensive.

Fortunately, the dividends will stay in their original currency. So you will not lose 0.95% of all your dividends in USD, for instance.

Of course, you will have to pay the management fees of the ETFs. This is logical, and it is the same for each broker.

Overall, Yuh’s fees are not great. But if we compare Yuh to other Swiss brokers, they are not terrible. For small operations, they will be reasonable, but for large operations, they are quite bad.

Swissqoins

A unique feature of Yuh is its Swissqoin (SWQ). Swissqoin is a new cryptocurrency token that only exists within Yuh.

There are several ways of earning SWQ:

  • By depositing 500 CHF in your account when you open it, you will get 500 SWQ
  • By referring another user, you will get 500 SWQ
  • By making a trade on Yuh, you will get 10 SWQ
  • By paying with your Mastercard, you will get 2 SWQ

You can either redeem them for cash, send them to other Yuh users or keep them in your account.

Currently, one SWQ is worth 0.01 CHF (1 cent). There are 200 million Swissqoins, backed by a 2 million CHF reserve account. But this reserve account is expected to grow with time. Indeed, Yuh will reinvest 10% of its revenues into Swissqoin every month. Now, they say it is only 10% of the subscription revenues. However, there are currently no subscriptions, and there will not be any until 2022. So, I am reading that they will not reinvest anything before 2022, at least.

I do not see any value in that cryptocurrency thing. I would rather have a hard cashback or fee reduction on the operations than this gimmick.

Alternatives

In both banking and investment services, there are many alternatives available. So, let’s compare these services a little.

One of the selling points of Yuh is to be a multi-currency account that you should be able to use in many countries. If you are interested in paying abroad for free, we can compare it with Neon (my review).

Yuh has a 0.95% currency conversion fee against 0% for Neon (but about 0.4% for the MasterCard rate). So, Neon is already better than Yuh on this selling point. And if you want to hold multiple currencies, both Revolut and Wise will be cheaper.

We can also compare with Swissquote (my review of Swissquote), the company behind Yuh, and a broker. For small operations, Yuh would be significantly cheaper. On the other hand, it would become more expensive for large operations.

And Yuh has a very limited set of investments compared to the extensive set of instruments available with Swissquote. So, I would rather use Swissquote directly.

Finally, if we compare it with an international broker like Interactive Brokers, Yuh falls behind very quickly. Most transactions (except tiny transactions on SIX) are cheaper (and sometimes very significantly) at IB. And IB has many more features than Yuh. You can read my review of Interactive Brokers for more information.

FAQ

How many ETFs can you trade with Yuh?

With Yuh, you can only trade 23 different ETFs.

How much does a currency exchange cost with Yuh?

Yuh is charging 0.95% per currency exchange.

Is money deposited with Yuh insured?

Yes, your money will be held by Swissquote, which is a bank. It means your money will be insured for up to 100’000 CHF, the basic deposit protection as other Swiss banks.

Yuh Summary

Yuh is an easy and affordable way to invest in the stock market and spend money abroad.

Product Brand: Yuh

Editor's Rating:
3

Yuh Pros

Let's summarize the main advantages of Yuh:

  • Free EUR bank account
  • Multi-currency account
  • No custody fees
  • Cheap fees for small trading operations
  • The money is kept safe by Swissquote
  • Backed by two large institutions
  • Pay online for free in multiple currencies if you have the money already

Yuh Cons

Let's summarize the main disadvantages of Yuh:

  • Expensive currency exchange fees
  • No access to U.S. ETFs
  • Only market orders
  • Limited choice of ETFs
  • Limite choice of stocks
  • Expensive trading fees for large trading operations
  • Support for e-bills is planned but not yet available
  • Unclear marketing
  • Confusing pricing

Conclusion

Yuh
No account management fees

Yuh is an easy and affordable way to invest in the stock market and spend money abroad.


Use my code YUHTHEPOORSWISS to get 25 CHF in trading credits!

Code only for Swiss residents.

Yuh is an interesting idea, but I do not currently see this offer’s usefulness. One interesting point is that they offer both banking features and trading features. This point is good if you want to use a single account. But they are the best at neither. So, having a single account with them would greatly compromise the features and fees.

For me, the main issue is the currency conversion fee. Their currency exchange rates are very high compared to other actors in the market.

And they only offer 37 ETFs and no US ETFs. Also, they claim to be modern and digital, but they have no support for eBills or virtual cards. At least, they have announced that these two futures will come in the future.

So, overall, Yuh feels like an unfinished product at this stage. It may change in the future, but I do not see a use for it.

What about you? What do you think of Yuh?

Baptiste Wicht started thepoorswiss.com in 2017. He realized that he was falling into the trap of lifestyle inflation. He decided to cut his expenses and increase his income. This blog is relating his story and findings. In 2019, he is saving more than 50% of his income. He made it a goal to reach Financial Independence. You can send Mr. The Poor Swiss a message here.

69 thoughts on “Yuh Review 2022: A new mobile banking service”

  1. Thanks for your review. I have opened an account with Yuh somme months ago, mainly for their multi-currency features. Satisfied so far.

    Concerning the interest rates served on deposits, please note that they have announced that they will increase them to 0.5% for CHF and EUR on October 1st. And it will apply to a balance of up to 100’000 for each of the currencies concerned (CHF, EUR, USD).

    So you get 0.5% for up to 100’000 CHF, 0.5% for up to 100’000 EUR, 0.5% for up to 100’000 USD. It is for the time being quite competitive compared to many other Swiss banks, and can be interesting if one holds some cash savings or an emergency fund in cash with a Swiss Bank.

    It is interesting and good to see that they have been so far quick to adapt their offering to the interest rates hikes of central banks.

    Keep up the good work on the website. It is a great resource !

    1. Hi,

      Thanks for the update, that’s indeed becoming interesting.
      I don’t have much cash, so I don’t really care, but if you had a significant amount of cash, this could become interesting.
      I will update the article soon.

      It’s indeed great that they are so quick in raising interest rates!

  2. Hi and thanks for such an informative article. I live in Switzerland now and at 42, just starting to learn about investing (post-divorce). I have downloaded Yuh (as well as Selma and Volt). I understand that I better play it safe now so I want to invest in ETFs – with Yuh, I guess. But there are so many of them! Should I just choose Global Blue Chips (VT) and that’s it? If so – should I buy more than 1 share – and if so, how many? CHF 500 of these ETFs a month – would that be wise? Apologies – I know this blog is not for personal financial advice, but it would be super helpful. And maybe will also be of use to other readers of your helpful blog! Thanks in advice! Liska

    1. Hi Liska,

      The amount of money you are going to invest will depend on many personal factors:
      * For when are you investing
      * For what are you investing
      * Your overall personal financial situation.

      That’s not something I can answer for you.

      I personally invest as much as I can but this strategy would not work for everybody.

      As for which ETF, I have an article on choosing an index ETF portfolio.

  3. Hi,
    I like your review, it’s very helpfull. I use Yuh a lot and have been seeing their development here are some updates regarding Yuh. You can now schedule a payment and have standing orders. Also Yuh removed all negative interest rates and it’s now offering 0.25% for cash until 25’000CHF, this is super interesting if if you want to use it as your main account.

    1. Hi CN,

      Thanks for letting me know. I have removed the information about the negative interest rates. I will update the interest on cash later. I am not sure it makes a big difference. I generally keep less than 10’000 CHF on my main account. This would save me the currency conversion price of 2500 CHF, which is not great. I think their currency conversion fee is the main disadvantage they have.

  4. Can you use Yuh bank as a salary account ? I would like to use it as my salary account as I live in germany and work in Zurich. Traditional banks are expensive.

    1. Hi AKK,

      I don’t see why not since they give you a personal IBAN. It’s not the best, but acceptable and better than many traditional banks.
      I think they only accept Swiss residents. Unfortunately, non-residents are generally left with poor choice of banks.

  5. Overall good write-up but it seems a few things have changed since this was originally written.

    First though, “I have no idea how to pronounce…” I’d say this is just a different spelling of “you”, simple. But maybe I have missed a deeper meaning here.

    Also, USD are part of the fee-free currencies (now): CHF – USD – EUR – GBP – JPY – AUD – CAD – SEK – HKD – NOK – DKK – AED – SGD

    So buying online in USD should be less of a problem for you now. And the currency exchange fee only applies when converting – this is a bit confusing in the text. Admittedly, I did also think almost a percent is a bit high. But if I transfer CHF, EUR, GBP or USD into the account before needing it (i.e. if no conversion needs to be done when using it), then there is technically no fee.

    I just opened the account a few days ago (which was the best process I’ve experienced anywhere so far) and quite happy, since I usually don’t need fancy features. Speaking of those, Apple and Google Pay are supported as well. eBill and virtual cards coming soon apparently.

    Like most if not all neobanks, this is all still work in progress. Surprisingly, this is the first site I read something about different pricing models coming but presuming they will also follow the “usual” neobank model with some kind of a metal card.

    Regular/irregular visitor of your site.

    1. Hi AG,

      In my head, it’s still pronounced yew or yeuh, I don’t know why, no deep meaning :)

      I have updated the articles for USD and Google Pay / Apple Pay, thanks for letting me know.

      It’s true that if you have the currency then it’s free. But the immense majority of people won’t get USD directly, they will need to convert it and pay a large fee. Or, they will have to use Revolut/Wise, but a service that requires another service to be useful is useless in my opinion.

      They announced the new pricing model once they started, but they may have changed their minds, I will have to check again about that.

      Thanks for sharing your experience, I am glad you enjoy it :)

  6. Great summary. Indeed, to me the main problem is the currency fee. Can’t understand how banks can still get away with this, especially in 2022. Apart from neon which doesn’t have a multi currency account, I still haven’t found a cheap way to trade currencies…

    1. Hi John,

      Yes, it also bothers me that it’s so damn expensive to convert currency in Switzerland.
      You can trade them for cheap in Interactive Brokers, but it’s not a bank.
      I don’t know any Swiss bank with a good currency fee and a multi-currency account.

      1. Can’t you just convert them on revolut and send them back to one of your accounts in the new currency ? (like send from your CHF account to revolut, convert to EUR on revolut for free and then send the EUR back to your EUR account on yuh)

        1. Thats the thing i was thinking about with Yuh, that you can hold EUR in a real bank account for free and make SEPA transfers for free, as long as you exchange your CHF into EUR on revolut for free then it should be ok

        2. Yes, you can but then it makes Yuh entirely useless since you could only use Revolut, no? I don’t like a service that’s bad enough that you need a second service to complement it.

  7. I’m using Yuh since the beginning.

    The application is well done, the multi-currency is great and all investing orders are now sent immediately.

    There just on big problem for me and I don’t think this is rocket science : you can’t schedule a payment…
    When I manage my payments, I like to do it once a month and plan them to match the deadline (professional distortion). I also like to scan directly the paper invoices (some intuitions are still very old school…) and schedule the payment for the next month.
    With Yuh, this is not possible ! You can’t also create some recurrent payments…

    That’s why I also opened a Neon account where this is possible and also for e-bill.

    1. Hi Torvi

      Thanks for sharing!

      That’s good to know. And it’s indeed disappointing. Especially recurring payments should be possible. I don’t like automation, but even I use that to pay for my heating bill.

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