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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Swiss price watchdog negotiates lower fees for card payments
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Small businesses in Switzerland will have to pay fewer fees for cashless payments from customers over the next few years.
Lakes in Central Switzerland have best water quality for bathing
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Anyone who swims in a lake in Central Switzerland need have no fear of infection from intestinal bacteria. The water samples taken at 65 bathing sites in 13 lakes all have good to excellent bathing water quality.
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Unknown assailants have stolen a historic ring from a Basel museum. The stolen item was a gift from Russian Tsar Alexander I to his host in Basel in 1814.
More May hotel guests in Basel than at any time in past 90 years
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Basel hotels recorded 150,854 overnight stays for the Eurovision Song Contest in May. This corresponds to a year-on-year increase of 8.4%.
Demand remains high for rental flats in Switzerland
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More rental flats are once again being advertised on property portals in Switzerland. However, demand also remains very high.
One in five Europeans exposed to too much traffic noise
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More than one in five Europeans are exposed to unhealthily high levels of traffic noise, according to the European Environment Agency (EEA).
New living space through densification often comes at expense of the poor
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If demolition and new construction are carried out and tenants have to make way, low-income households are affected more often than average.
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The ceasefire in the Iran-Israel war has visibly eased tensions on the financial markets. The SMI, Switzerland's leading stock market index, has risen above the 12,000 point mark again.
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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.