UBS to launch US banking for wealthy clients by mid-2027

Key Takeaways

• UBS will test banking services with US employees starting December 2026 before a mid-2027 client launch
• A new national charter from the OCC allows UBS to offer checking, savings, mortgages, and lending products
• The move targets wealthy Americans who currently split their banking between UBS wealth management and competitors

UBS is preparing to offer full banking services to wealthy Americans for the first time. The Swiss bank will begin testing checking accounts, savings products, and lending with its US employees as early as December 2026, with a public launch for wealth management clients planned for mid-2027, according to the Financial Times.

The expansion follows UBS receiving a national charter from the US Office of the Comptroller of the Currency in March. That charter, an upgrade from its previous state-chartered status, unlocks the legal framework UBS needs to compete with Wall Street rivals on everyday banking products.

What banking products will UBS offer?

UBS plans to roll out checking accounts, savings accounts, mortgages, and other lending products. Until now, UBS wealth management clients in the US had to go elsewhere for routine banking. Even those who trusted UBS with millions in investments still needed Chase or Bank of America for direct deposit and bill pay.

Brian Carlin, head of global wealth management banking for UBS in the US, explained the strategy in a LinkedIn video. "We're now going to go head-to-head with offering everyday banking, you know, the key capabilities that our clients have today, many of which are being done at a competitor," Carlin said. The goal: consolidate assets onto the UBS platform and deepen relationships with clients who already work with UBS financial advisors.

Why test with employees first?

The employee pilot program lets UBS stress-test pricing, products, and operations before putting its brand on the line with high-net-worth clients. UBS employs roughly 22,000 people in the Americas, a sizable test population. If the pricing model breaks or the mobile app crashes, better to learn that internally than in a client-facing launch.

The timeline suggests UBS is being deliberate. Six months of internal testing, followed by a mid-2027 client rollout, leaves room to fix problems before they become reputational risks.

Competition for wealthy US clients is heating up

UBS enters a market where rivals are already doubling down on affluent customers. JPMorganChase announced last year it would accelerate the rollout of J.P. Morgan Financial Centers targeting wealthier clients, with 31 locations planned by the end of 2026. Citi recently shifted its consumer cards business toward affluent customers. Pam Habner, head of US consumer cards at Citi, said the bank's share of customers earning more than $150,000 has grown by over 600 basis points since 2022.

Morgan Stanley and Bank of America already offer integrated wealth management and banking. UBS will need to match their product depth while emphasizing what differentiates it: a global footprint and the scale acquired through its 2023 emergency purchase of Credit Suisse.

The Credit Suisse factor

UBS bought Credit Suisse in 2023 for roughly $3.2 billion, creating a behemoth with combined assets exceeding $5 trillion. That deal gave UBS the scale to justify major infrastructure investments like building out US banking capabilities. UBS now manages approximately $5.7 trillion in invested assets globally, making it the world's largest wealth manager.

The US market UBS is targeting represents over $2.8 trillion in wealth management assets. Capturing even a modest additional share of wallet from existing clients could mean billions in new deposits and lending revenue.

What this means for UBS clients

For current UBS wealth management clients, the pitch is convenience. Instead of maintaining separate relationships for investments and banking, they can consolidate. One login, one set of advisors, one statement. Whether that convenience outweighs switching costs remains to be seen. Moving direct deposit, automatic payments, and linked accounts is tedious. UBS will need to make the transition frictionless.

UBS declined to comment on the FT report when contacted by PYMNTS.

Frequently Asked Questions

When will UBS launch banking services for US clients?

UBS plans to begin offering banking services to wealth management clients in mid-2027, following an employee pilot program starting in December 2026.

What products will UBS offer through its new US banking services?

UBS will offer checking accounts, savings accounts, mortgages, and other lending products to its US wealth management clients.

Why did UBS need a national charter to offer these services?

The national charter from the Office of the Comptroller of the Currency allows UBS to expand beyond its previous state-chartered limitations, enabling it to offer a broader range of banking products to more clients across the US.

Who is UBS competing with in the US wealth management banking space?

UBS will compete directly with Morgan Stanley, Bank of America, JPMorganChase, and Citi, all of which already offer integrated banking and wealth management services to affluent Americans.

How large is UBS after the Credit Suisse acquisition?

UBS manages approximately $5.7 trillion in invested assets globally, making it the world's largest wealth manager.

Source: PYMNTS | / PYMNTS