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.
In Switzerland more people are being referred to electrical therapies or psychedelic-assisted psychotherapy. Are there similar approaches where you live?
Switzerland to give millions to three UN organisations
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Switzerland is supporting Unicef, UN Women and the UN Population Fund this year with a total of CHF39 million ($47 million).
Electricity reserves still needed in Switzerland in midterm
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Switzerland's energy supply remains uncertain. Electricity reserves are still needed in the medium term, the Federal Electricity Commission (ElCom) said.
ICRC says next few days will be ‘decisive’ for aid to Gaza
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The next few days will be absolutely decisive if the Geneva-based International Committee of the Red Cross (ICRC) to continue providing aid in the Gaza Strip, said its director-general Pierre Krähenbühl.
Switzerland unveils a national drought-detection system
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Switzerland launched on Thursday a new national system for detecting drought and warning the population and authorities in advance.
Federal coffers to get CHF100 million boost from Swiss Post
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Swiss Post will pay a dividend of CHF100 million ($121 million) to the Confederation this year, the company announced on Thursday.
Swiss Federal Railways satisfied with bodycams for transport police
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Since the introduction of body-worn cameras, the frequency of assaults on Swiss Federal Railways transport police has fallen by 25%.
Zurich cantonal government to compensate victims of forced labour
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Victims of past forced labour measures in canton Zurich could soon apply to receive a one-off solidarity compensation of CHF25,000 ($30,255).
Risk of a real-estate bubble in Switzerland grew in first quarter
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The risk of a bubble in the Swiss property market increased slightly in the first three months of the year compared with the previous quarter, says UBS.
French authorities order Nestlé to remove its filtration system
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Authorities in the south of France have served formal notice to Nestlé Waters, a subsidiary of the Swiss food giant, to "withdraw within two months" its microfiltration system for its Perrier mineral water.
Switzerland says pushbacks at border by Germany are unlawful
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Switzerland considers Germany's planned systematic pushbacks at the border to be contrary to existing law, the department of justice has said.
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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.