The central bank had imposed a -0.75% rate in 2015 after abandoning its policy of defending the Swiss franc with a peg to the euro. With this shock move, the SNB began charging commercial banks for holding their cash in its vaults.
High street banks soon began passing part of this cost onto wealthy clients and businesses as they collectively faced annual bills from the SNB of around CHF2 billion ($2 billion).
Credit Suisse currently passes on the full SNB fee to private clients with cash deposits of more than CHF500,000, rising to CHF2 million when investments in property and securities are included. But this charge will be lifted as of July 1.
Some smaller Swiss banks have already announced an end to negative interest charges, but Credit Suisse is the first major player to make this move.
The exemption threshold for corporate clients will be raised from CHF1 million to CHF3 million, the bank told SWI swissinfo.ch.
Credit Suisse economists expect further interest rate hikes from the central bank later this year.
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The latest figures from the Federal Office of Public Health show that lab-confirmed cases dropped from nearly 2,340 to under 2,000 last week.
Swiss cities targeted by Russian hackers during WEF
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Russian hackers have targeted canton Schaffhausen and the cities of Geneva and Sierre, paralysing their websites on Wednesday morning.
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Paul Hottinguer, a member of one of Switzerland’s most famous banking families, will face trial in Paris for tax fraud and money laundering.
Swiss man who died in Iranian prison had photographed military site
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The Iranian judiciary said that the Swiss man who died in an Iranian prison on January 9 had been detained for photographing a restricted military site.
Swiss researchers patent new device for avalanche detection
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The WSL Institute for Snow and Avalanche Research said it has granted a group of Swiss researchers a patent for a device to enhance avalanche warnings.
Berset discusses ECHR climate ruling implementation at Davos
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Switzerland has submitted a report on the court's ruling in Strasbourg. Berset told Justice Minister Beat Jans that the Council of Europe is reviewing it.
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A 27-year-old ski tourer has died in the hospital in Sion, in southwestern Switzerland, after being caught in an avalanche on Saturday.
Swiss health minister criticises Trump’s ‘rash’ WHO exit
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Switzerland has expressed “deep” regret over Trump’s decision to withdraw from the WHO, Swiss Health Minister Elisabeth Baume-Schneider said in Davos.
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Job vacancies in Switzerland fell by 10% in 2024, marking the first negative annual balance since the Covid-19 pandemic, says Adecco.
Swiss president meets Zelensky in Davos amid tensions with Europe
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Swiss President met Zelensky at Davos. As Zelensky thanked Switzerland, Keller-Sutter said it's too early to discuss a new summit, awaiting Trump's actions.
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Negative interest continues to hit banks – and customers
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Swiss banks paid out CHF1.3 billion ($1.4 billion) in negative interest rates last year compared to €8.5 billion from competitors in the eurozone.
Credit Suisse to charge wealthy clients negative interest rates
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From November 15, corporate clients will be charged -0.85% interest on cash holdings above CHF10 million ($10 million), Credit Suisse confirmed on Friday. Individuals will face -0.75% rates on savings accounts above CHF2 million, starting from January 1, 2020. “In line with the approach that has long been followed by other banks, Credit Suisse is…
Bank lobby group demands end to negative interest rates
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SBAExternal link Chairman Herbert Scheidt said on Thursday that a normalisation of interest rates “appears a long way off”. “Unfortunately, the societal, structural and long-term damages will become even greater the longer we find ourselves in this ‘lower forever’ environment,” he told the media. Banks are suffering from having to pay for the privilege of…
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.