How banks play hide-and-seek (and why Yuh doesn’t)

Well, this first one might not be so surprising. You probably already know that most banks charge a flat fee to help cover their overheads. It is usually debited once a month, once a quarter or twice a year. The amount tends to be in the double-digits, and physical banks tend to charge more than online ones.
What Yuh does different: Yuh provides an account, a Swiss IBAN, account management and a securities account free of charge. And free bank transfers – not just within Switzerland and Liechtenstein, but also in euros to the entire European SEPA zone. For transfers in the SEPA zone in a currency other than the euro, we charge a processing fee of 4 CHF.

These fees really make you realise how important it is to read the fine print. Some banks will charge you a “service fee” if your account balance is below a certain minimum amount, or “negative interest” if your account balance is over a certain maximum amount. On the bright side, a lot of banks have lifted these penalty rates since the Swiss National Bank increased its official interest rate in autumn 2022. But still – it pays to be vigilant and ask the right questions before signing a contract.
What Yuh does different: Yuh doesn’t charge balance fees, we pay you interest on your balance instead – at the impressive rate of 0.5% on savings up to 100’000 CHF/EUR/USD. A recent Ktipp study even showed that we have the best rates in Switzerland.

If you have securities in your portfolio, your bank probably charges you for keeping them. Depending on the amount and type, these fees can quickly skyrocket into the thousands. Online brokers usually charge less than traditional or major banks.
What Yuh does different: You can invest more with Yuh, because your securities account is absolutely free! Additional costs are only incurred for trading. You can find out more here.

Most banks will charge a fee for your bank card on top of the fees it already charges for account administration. These can sometimes get into the hundreds! Generally speaking, cards that offer more perks like bonus programs, insurance, etc. will be more expensive. You might even get charged for using your credit card, especially when you’re abroad – surcharges on foreign currency transactions can be up to 2.5%. Another hidden cost to keep an eye out for when making transactions in different currencies is deviations from interbank rates. Also, avoid making cash withdrawals with your credit card whenever you can, because there is usually a charge of up to 4% of the total amount, plus a minimum commission of about 10 CHF.
What Yuh does different: Our multi-currency Mastercard debit card is so free that you don’t even need to pay for its delivery! And don’t worry about transaction fees when using your debit card in stores or online, because it can be used for 13 different currencies.

Even getting your money costs money, especially if you use a cash point that’s not associated with your bank. You really always need to read the fine print, especially when you’re travelling. Cash withdrawals abroad can get expensive. Sometimes, it’s worth exchanging your cash before you leave.
What Yuh does different: With a Yuh card, you can get your money out at any cash point in Switzerland for free once a week. Additional withdrawals cost 1.90 CHF each. If you need to take out cash abroad, we charge a fee of 4.90 CHF.

Another bank service, another bank charge. A lot of financial service providers seem to like to take money from their customers whenever they can, so make sure you give some thought to where you exchange your USD or EUR before your next trip. Sometimes, especially with larger sums, the best option is to change your money at a cash point at the destination.
What Yuh does different: Yuh charges a fixed fee of 0.95% of the amount you’re exchanging. Currency conversion in the app is free of charge with no hidden costs. And you can even set a target exchange rate in the Yuh app. For example, if you think that the EUR-CHF rate is going to get better in the future, you can have the app buy it for you when it’s cheaper.

In tough times, it might be necessary to dip into your savings account. Some banks add an extra fee on top to try to hold on to the cash. Withdrawal limits have been put on many savings accounts in particular since the financial crisis. This means that if you can’t give three months’ notice, you can expect a hefty fee for five-figure withdrawals.
What Yuh does different: We don’t do this. With a Yuh savings account, you can access your own money whenever you need it.

You might not think of money right away when you hear the proverb “use it or lose it,” but banks seem to. They take it quite literally by charging fees for an account or a card that is inactive, or one that isn’t used enough.
What Yuh does different: Your Yuh account and card can hibernate for as long as you want, and we won’t charge you a thing.

Banks have to provide customers with an account statement once a month. When these are digital, it’s normally free, but if you want the bank to send you a physical copy, you will usually be charged a fee, which can be around 2 CHF per statement. Ask yourself if you really need a paper copy, or if you can make do with the digital.
What Yuh does different: You can always access your account statements in the Yuh app, for free of course. The app provides such a good overview that you won’t even need to consider printing anything out, which is also better for the environment.