Beware of YUH! Mistakes in interests and end-of-year statements

M

Manneke

New member
Hi,

I want to share my recent experience with YUH. I opened last year an account due to the attractive interest rate (1% which changed to 0.75% in autumn) and the not so stringent withdrawal rules.
I made last year only two transactions to load up the account, but otherwise there were no movements on the account; with a 1% interest up to october or november it was pretty easy to do a rough calculation in my head of the interest per 31.12.2024 and when I saw the end-year statements I was very surprised by the low amount of the interests paid. I did the calculations then in an excel sheet, I realized the interests paid to my account were off by a factor of 1.7!
I contacted YUH by telephone, the guy over the phone didn't seem to know much about it but said he would transfer my request to a colleague. A few days later I saw that the right amount of interest was credited to my account balance in the APP. They also generated new end-of-year documents, however upon closer look I realize there are mistakes again! The creditet interest amount is correct, however the account balance per 31.12.2024 is wrong and not consistent with the amount displayed in the APP. The account balance per 31.12.2024 in the documents is not taking into account the interest credited to my account. I have to call them again.

Anyway, very sloppy from YUH/Swissquote (because it is Swissquote behind YUH in the end)! In this case, I discovered the mistake quickly because I just did two big transactions and it is pretty easy with 1% to do a rough calculation in my head. But I am wondering, how often do such mistakes happen with savings account? It is not easy to detect them if you have a lot of movements on your account and the interest rate changes a lot during the year. I never really recalculated interests on other accounts in the past, I just always trusted that banks get it right. And with a savings account, it is still relatively easy to calculated it by yourself. What about investments in funds that are managed in 3a portfolios? To verify that the displayed performance is correct, you will have to do some pretty complicated calculations taking into account all the differents fees and fluctuations of the funds. After the recent experience with YUH, I am really not at ease thinking about that.
 
Thanks for sharing, Manneke.

It is crazy that they make such mistakes. All of this is entirely automated, and I don't see how a computer can makes mistakes like that. The only thing I can think of is that they did not put the correct interest rate in the system. And this would mean an error for everybody. I hope they do the correction for every user and not only for users that ask for it.

I agree that this is not helping to improve the confidence in Yuh.
 
They also adapted my interest amount. Now it looks more reasonable, but it's impossible for me to accurately check with dozens of movements every week.
Very annoying to see, also that there is no transparent communication of what happened here and why we can/should trust them now.
 
Very annoying indeed. I also have a Yuh account which I was using as my primary account in the first half of 2024. I was planning to close the account as soon as 2025 startet. But now I think I should wait until they have sorted out this mess.

I just checked the details about the interest in 2024. There does not seem to be any change or adjustment. But the "Dein Dokument wird vorbereitet..." stays and does not turn into a viewable or downloadable document.
 

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Note that for me it also looks like there was no adjustment made. They just changed it retroactively. If I wouldnt had downloaded the statement on the 1st of January, I would not have noticed. No additional payment, just changing the value of the original payment without a note.
 
These kind of mistakes can happen. The problem to me is that they didn't communicate anything about it and just retroactively changed the original amount (meaning that they didn't make a second payment with the difference, at least that's what happened to me). The lack of transparency and accountability is worrisome and I am now considering stopping using them as a main/salary account, because who knows what kind of "mistakes" might happen (or have happened) that no one notices.
 
So I called them today again, in order to get correct end-of-the year/interest/portfolio performance statements and they told me they are not able to provide me these! Indeed, they told me these were automatically generated and there was no way to generate them again manually! That is really a bad joke. So now I have one incorrect account statement per 31.12.2024, two incorrect interest statements and two incorrect portfolio performance statements. I told them I had already two different (but wrong) interest statements, so it should be possible to generate a third but correct interest statement? nada...
They told me they could generate an account statement per 21.01.2025, which is useless for me; i want correct documents per 31.12.2024 in case the tax office asks me for these documents! What a mess.

And since it is basically Swissquote infrastructure behind YUH, i also had a closer look today at the end-of-year documents for an old savings account I have at Swissquote and I noticed discrepancies between the credited interest amount on the account statement and the credited interest amount on the interest statement; the interest credited seems low to me but I have no easy way to check it because it is an account I gradually emptied last year (so several transactions) and I have no idea (or don't remember anymore) what were the interest rates on that account, plus that changed probably several times a year since the National bank dropped their rate a few times in 2024; the applied interest rates are also not documented in any of the end-of-year documents of Swissquote, so it is very opaque. I have had a saving and trading account with Swissquote for many years, but I wonder if they didn't f*ck me over all this time. I never looked at these statements too closely until now. But this doesn't give me a good feeling at all, not only about Swissquote/YUH, but more generally about the whole finance/banking system.

Edit: regarding Swissquote documents, I could resolve the discrepancies between account statement and interest statement. It is because the interest of 31.12.2023 is credited on 01.01.2024 on the account and therefore appears on the account statement of 2024 but not on the interest statement of 2024 (but instead it appears on the interest statement of 2023). But still, I have to check if the credited amounts are consistent with whatever interest rate was in effect over the last year.
 
Last edited:
gaijin said:
Very annoying indeed. I also have a Yuh account which I was using as my primary account in the first half of 2024. I was planning to close the account as soon as 2025 startet. But now I think I should wait until they have sorted out this mess.

I just checked the details about the interest in 2024. There does not seem to be any change or adjustment. But the "Dein Dokument wird vorbereitet..." stays and does not turn into a viewable or downloadable document.
Click to expand...

I also have this view, but you need to look somewhere else to find the documents; you have to go to your account (these is an icon in the lower right part of the app), and then you have a list of 10 items and one of them is documents which you have to click on: there you will find the automatically generated files.
 
Lelouch said:
These kind of mistakes can happen. The problem to me is that they didn't communicate anything about it and just retroactively changed the original amount (meaning that they didn't make a second payment with the difference, at least that's what happened to me). The lack of transparency and accountability is worrisome and I am now considering stopping using them as a main/salary account, because who knows what kind of "mistakes" might happen (or have happened) that no one notices.
Click to expand...

I disagree. If a civil engineer screws up his calculations for a bridge by a factor of 1.7 and the bridge collapses, he is losing his job and going to jail probably. And a civil engineer is probably paid less on average than people working in the banking system.
The worst part is that they screwed up not only once but twice and that they are not even technically able to provide correct interest/account statements per 31.12.2024. I have now two incorrect interest statements and two wrong portfolio performance statements from YUH. Congrats YUH!
 
Manneke said:
I disagree. If a civil engineer screws up his calculations for a bridge by a factor of 1.7 and the bridge collapses, he is losing his job and going to jail probably. And a civil engineer is probably paid less on average than people working in the banking system.
The worst part is that they screwed up not only once but twice and that they are not even technically able to provide correct interest/account statements per 31.12.2024. I have now two incorrect interest statements and two wrong portfolio performance statements from YUH. Congrats YUH!
Click to expand...
I'm not defending Yuh though, still think they are in the wrong here for not being transparent about it; just that these kinds of mistakes can happen.

I do wonder what they are planning next at Yuh though. Because they didn't get much done in 2024 (whereas Neon got joint accounts and that IA tool) and the recent features released are buying crypto with a set dollar amount and reorganizing Saving Pots 😶
 
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