The decision to scrap charges from August 1 on Swiss francs, euros and Danish kroner follows an interest rate rise by the European Central Bank this week and a similar move by the Swiss National Bank (SNB) in June.
Central banks around the world are reversing their monetary policies by raising interest rates to fight inflation.
Although interest rates remain in negative territory in Switzerland, at -0.25%, some banks have taken the lead in removing charges for wealthy individual clients and companies.
High street Swiss banks and wealth managers have been charged more than CHF11 billion ($11.3 billion) to park assets at the SNB since the central bank first imposed negative interest rates in 2015.
In addition to Credit Suisse and Julius Bär, which is Switzerland’s largest bank focusing purely on wealth management, some smaller Swiss banks have also scrapped or reduced the charges they pass on to clients.
University students in Switzerland join Gaza protest wave
This content was published on
Pro-Palestinian activists occupied university buildings in Lausanne, Geneva and Zurich on Tuesday, widening the protest movement in the Alpine nation.
TradeXBank to resume full operations after Sberbank Switzerland taken off sanctions list
This content was published on
TradeXBank, the former Swiss branch of Russia’s Sberbank, will be able to resume its dollar-denominated activities from the second half of this year.
Geneva decides not to remove controversial memorials
This content was published on
The city of Geneva has presented an action plan regarding a series of controversial local statues and monuments of historical figures linked to racism, colonialism or slavery.
University of Lausanne calls for end to pro-Palestine sit-in
This content was published on
The pro-Palestinian occupation continues at the University of Lausanne (UNIL). On Monday evening, a group of students refused to agree to the deadline set by the rectorate.
Ukraine peace conference should include Russia, says Chinese ambassador
This content was published on
China supports a peace conference on the Ukraine war that would see equal participation of all parties, says Chinese Ambassador to Russia Zhang Hanhui.
This content was published on
A majority of Swiss citizens have open attitudes towards various infertility treatments, including even egg donation, which is currently prohibited.
Reports of Swiss cyber fraud almost doubled in six months
This content was published on
The head of the new Federal Office for Cybersecurity (FOC), Florian Schütz, has presented a new strategy after just over four months in office.
Foreign currencies going off Swiss central bank menu
This content was published on
Swiss central bank buys less foreign currencies to support the franc as it balances the needs of exporters with the rising cost of goods.
You can find an overview of ongoing debates with our journalists here . Please join us!
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.