UBS Begins Migration of Credit Suisse Customers to Key4 Banking
More than two years after UBS acquired Credit Suisse in March 2023, the integration of Credit Suisse's retail banking products is finally underway. According to a recent communication obtained by Moneyland.ch, UBS will begin transferring Credit Suisse accounts and services to UBS products starting in the second quarter of 2025.
Former Credit Suisse customers are now being informed via postal mail about how their accounts and services will transition to UBS in the coming months. According to the letter, most changes will happen automatically, with UBS rules and price lists applying after the transfer. Customers have approximately six weeks to contact UBS if they disagree with the adapted terms, at which point they can close accounts without fees and request transfers to other banks.
CSX Customers Moving to Key4 Banking
UBS has indicated that Credit Suisse customers will receive UBS products that best match their current Credit Suisse offerings. For example, private accounts will be transferred to either Key4 Banking (UBS's digital product line) or to the traditional UBS Me Banking line.
This transition comes just weeks after UBS launched its free Key4 Banking account in March 2025, a timely move that positions the bank to better accommodate the influx of former Credit Suisse clients, particularly those who were using the more affordable CSX White or CSX Black packages.
Price Comparison: Winners and Losers
A price comparison between Credit Suisse's former CSX products and the new UBS offerings reveals some significant changes:
- CSX White or CSX Black users generally will find UBS offerings more cost-effective than their previous Credit Suisse packages
- CSX Plus or CSX Pro users will typically pay considerably more with UBS products
- All customers will now enjoy free cash withdrawals using their debit cards at all UBS and Credit Suisse ATMs
The transition reflects UBS's strategy to maintain some of the digital banking innovations introduced by Credit Suisse's CSX platform while integrating them into their existing product ecosystem.
Valiant Courts Coop Finance Plus Customers with "Lila Set"
In a separate banking transition, customers of Coop Finance Plus are receiving offers from Valiant Bank, eight months after Coop decided to discontinue its neobank offering. Coop shut down its Finance Plus app in August 2024, less than a year after its launch.
Valiant Bank has created a special banking package called "Lila Set" specifically targeting former Coop customers, though the package is also available to existing Valiant customers and other new clients.
The "Lila Set" Package Features:
- Private account and Debit Mastercard with no base fee
- Cash withdrawals at supermarket checkouts, including at Coop
- Free incoming payments and transfers to Swiss bank accounts and SEPA payments
- Foreign purchases without foreign currency fees (though Valiant uses exchange rates that include a markup of unspecified amount)
- Optional additional services including savings accounts, pillar 3a accounts, and Twint
The account is primarily designed for customers who handle their banking online, though Valiant emphasizes that consultation services are included. Counter transactions are possible upon request but may incur fees.
This move by Valiant represents an opportunistic approach to acquire customers from Coop's discontinued financial service, potentially growing their customer base while providing a smooth transition for affected Coop Finance Plus users.
What These Changes Mean for Swiss Banking Customers
These two transitions illustrate the ongoing consolidation and evolution in the Swiss banking landscape. The UBS-Credit Suisse merger continues to reshape Switzerland's banking sector, while the discontinued Coop Finance Plus service demonstrates the challenges faced by non-traditional financial institutions trying to establish themselves in the competitive neobanking market.
For consumers, these changes highlight the importance of regularly reviewing banking products and comparing options, as mergers, acquisitions, and service discontinuations can significantly impact banking costs and available features.
Time to Consider Your Banking Options
With these major transitions happening in the Swiss banking landscape, now is the perfect opportunity to reevaluate your banking situation. The UBS/Credit Suisse merger and Coop Finance Plus discontinuation have created a period of change that savvy consumers can use to their advantage.
Why Consider a Neobank Now?
- Lower Fees: Most neobanks offer accounts with zero or minimal monthly fees
- Better Digital Experience: Purpose-built mobile apps with modern interfaces and features
- Competitive Exchange Rates: Many neobanks offer advantageous foreign currency transactions
- No Branch Costs: Without physical locations to maintain, neobanks can pass savings to customers
- Quick Setup: Open an account in minutes rather than days, often without paperwork
If you're a former Credit Suisse CSX or Coop Finance Plus customer, or simply interested in exploring more modern, cost-effective banking options, visit Neobanque.ch's Swiss neobank comparison to discover the best digital banking alternatives available in Switzerland right now.
Making a switch during a period when your current bank is already implementing changes can be easier, as you'll need to update your payment information with various services regardless. Take advantage of this transition period to secure a banking relationship that better serves your financial needs.