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.
Switzerland could produce up to 5Mt of emissions annually by 2050
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Two to five megatonnes of CO2 equivalents per year: this is the amount of greenhouse gas emissions that Switzerland is still expected to produce annually in 2050, a new study shows.
US tariffs putting 100,000 jobs at risk in Switzerland
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US tariffs of 39% on Swiss imports will directly affect 100,000 jobs, mainly in the watchmaking, machinery, metals, and food industries, economiesuisse warns.
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Switzerland has released CHF4 million (nearly $5 million) to help Sudan, which has been severely affected by famine and cholera.
Switzerland rejects new Israeli settlements in Palestinian territory
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Switzerland says it rejects the announced construction of thousands of housing units in the Israeli-occupied Palestinian West Bank.
Larry Finck and André Hoffmann named interim co-chairs of WEF board
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The WEF also revealed an investigation commissioned by the board has cleared its founder Klaus Schwab and his wife of accusations made by anonymous whistleblowers.
Vice-president of German parliament in favour of Switzerland joining EU
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The vice-president of the Bundestag says his country should support closer ties between Switzerland and the European Union given the customs conflict with the United States.
Lindt & Sprüngli reportedly considering shifting Easter bunny production to US
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Swiss chocolate manufacturer Lindt & Sprüngli could relocate the production of its gold-wrapped Easter bunnies to the US in order to circumvent the import tariffs imposed by the Trump administration.
Swiss petition launched against curbing 30km/h speed limit
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The Traffic Club of Switzerland (TCS) has submitted a petition to the Federal Chancellery, challenging the 30km/h speed limit on local roads.
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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.