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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Switzerland's economy grew slightly at the start of 2024, with growth in the service sector contrasting with weak growth in industry.
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The number of women and foreign nationals in employment increased particularly strongly, the Federal Statistical Office said on Thursday.
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The rights of vulnerable people are still sometimes disregarded by the Swiss welfare system, a national research programme has found.
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A man injured half a dozen people with knives, two of them seriously, before being arrested on Wednesday in northern Switzerland.
Switzerland to introduce flight passenger database
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Government plans to invest over CHF16bn in Swiss rail network
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The federal government intends to invest CHF16.4 billion ($18.1 billion) in railway infrastructure between 2025 and 2028, CHF2 billion more than for the current period.
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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.