Credit Suisse will introduce a charge on cash deposits for rich clients and companies, recovering the negative interest it pays to the central bank. Corporate clients with big amounts of cash are facing substantial fees.
Switzerland’s second-largest bank had been mulling the introduction of a charge on cash deposits for quite some time. Now, Zurich-based Credit Suisse has taken the decision, according to a report by «AWP»: clients with more than 2 million Swiss francs ($2.02 million) in cash will have to pay a fee worth 0.75 percent.
The fee will be levied from both private as well as corporate clients. For companies with more than 10 million francs in cash on their accounts, the fee will rise to 0.85 percent. The bank will charge companies with large amounts of cash starting on November 15, 2019, while private clients will be asked to pay as of January 1, 2020.
The Swiss National Bank (SNB) in January 2015 lowered the benchmark interest rate to minus 0.75 percent. It takes as much as 2 billion francs in negative interest from the country's banking industry, a fact that has become a major cause for concern among Swiss banks.
