UBS is a Swiss multinational bank with operations in more than 50 countries

UBS stands for Union Bank of Switzerland. It is one of the world's largest banks by assets, headquartered in Zurich, Switzerland. UBS operates as a global financial institution offering services to individuals, businesses, and institutional clients across wealth management, investment banking, and asset management.

In the United States, UBS operates through subsidiaries and maintains a significant presence in major financial centers. If you hold an account at UBS or are considering opening one, you are dealing with a bank regulated by Swiss financial authorities as well as U.S. regulators for its American operations.

Key Takeaways

  • UBS is a Swiss bank with global operations, not a U.S.-based institution, though it operates widely in America.
  • UBS offers checking and savings accounts, investment services, wealth management, and lending products to individual customers.
  • Deposits at UBS's U.S. operations are insured by the Federal Deposit Insurance Corporation (FDIC) up to the standard limit of $250,000 per account category.
  • UBS acquired Silicon Valley Bank in 2023, which expanded its retail banking footprint in the United States.
  • You can open a UBS account online or at a branch, and the bank offers both digital and in-person banking services.

What accounts and services UBS offers to individuals

UBS provides checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs) to individual customers. The specific products and features available depend on your location and the amount of money you deposit. UBS also offers personal loans, mortgages, credit cards, and investment accounts through its brokerage division.

For customers with larger balances, UBS offers wealth management services, which include investment advisory, portfolio management, and tax planning. These services typically require a minimum deposit and are aimed at high-net-worth individuals. For standard banking needs—paying bills, receiving direct deposits, transferring money—UBS functions like any other bank.

How FDIC insurance works at UBS

Deposits held at UBS's U.S. banking operations are covered by FDIC insurance. This means that if UBS fails, your deposits are protected up to $250,000 per depositor, per insured bank, per ownership category. A checking account and a savings account at the same UBS branch are counted separately for insurance purposes, so you could have $250,000 in each and both would be fully covered.

Joint accounts, retirement accounts (IRAs), and trust accounts each have their own $250,000 insurance limit. If you hold multiple account types at UBS, verify with the bank how your specific accounts are categorized for insurance purposes. The FDIC maintains a tool called the Electronic Deposit Insurance Estimator (EDIE) where you can check your coverage.

UBS's acquisition of Silicon Valley Bank and what changed

In March 2023, the U.S. Federal Reserve and FDIC arranged for UBS to acquire Silicon Valley Bank (SVB), which had failed. This acquisition significantly expanded UBS's retail banking presence in the United States, particularly on the West Coast. Customers who held accounts at SVB were transferred to UBS and retained FDIC protection throughout the process.

If you had an SVB account, you now have a UBS account. The transition included a period where SVB accounts were held in a separate FDIC-insured entity to ensure full coverage regardless of deposit size, though that structure has since been integrated into UBS's standard operations. Your account number and routing number may have changed, so check your statements or contact UBS directly if you are unsure.

How to open an account or access your money at UBS

You can open a UBS checking or savings account online through the bank's website, by phone, or at a physical branch. Online account opening typically takes 10 to 15 minutes and requires basic personal information, proof of identity, and an initial deposit. Some account types have minimum opening deposits, which vary by product.

Once your account is open, you can access your money through UBS's mobile app, online banking portal, ATM network, or by visiting a branch. UBS operates its own ATM network and also participates in surcharge-free ATM networks depending on your account type. Transfers between your UBS accounts and to external banks can be done online or by phone.

Differences between UBS and U.S.-based banks

UBS is a foreign bank with U.S. operations, whereas banks like Chase, Bank of America, and Wells Fargo are U.S.-chartered institutions. This distinction matters for regulation: UBS's U.S. operations are regulated by the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the FDIC, but the parent company is also subject to Swiss Financial Market Supervisory Authority (FINMA) oversight.

For most individual customers, this regulatory difference is invisible. Your deposits are insured the same way, your account works the same way, and your protections under U.S. banking law are the same. The main practical difference is that UBS may have different fee structures, branch locations, and product offerings than domestic competitors. Some customers choose UBS for its global banking capabilities or wealth management services; others choose it simply because it is convenient to their location.

What to do if you have questions about your UBS account

Contact UBS directly through its customer service phone line, which is available on your account statements and the bank's website. You can also visit a UBS branch in person to speak with a representative about your account, fees, products, or services. UBS maintains a customer support portal where you can message the bank about account issues.

If you have a complaint about UBS that customer service cannot resolve, you can file a complaint with the Office of the Comptroller of the Currency (OCC) through its website, or with the Consumer Financial Protection Bureau (CFPB). These agencies investigate complaints about banking practices and can take action if violations occur.

Frequently Asked Questions

Is my money safe at UBS?

Yes, deposits at UBS's U.S. operations are insured by the FDIC up to $250,000 per account category. UBS is also a well-capitalized global bank with significant assets and regulatory oversight. Your money is as safe at UBS as it is at any other FDIC-insured bank.

Can I use UBS ATMs for free?

UBS operates its own ATM network, and most UBS checking accounts include free withdrawals at UBS ATMs. Withdrawals at other banks' ATMs may incur a fee depending on your account type. Check your account agreement or ask UBS what ATM fees apply to your specific account.

What happened to my Silicon Valley Bank account?

Your SVB account was transferred to UBS when the bank was acquired in March 2023. Your account remains FDIC-insured, and you can access it through UBS's online banking and mobile app. Your account number and routing number may have changed, so verify the new details on your statements.

Does UBS offer investment accounts?

Yes, UBS offers brokerage accounts, retirement accounts (IRAs and 401(k)s), and investment advisory services. These products vary by location and account type. Contact UBS or visit a branch to learn what investment options are available to you.

How do I transfer money out of UBS to another bank?

You can initiate an external transfer through UBS's online banking portal or mobile app by entering the receiving bank's routing number and your account number there. Transfers typically take one to three business days. You can also call UBS customer service to request a transfer by phone.