🚀 ProPicks AI Hits +34.9% Return!Read Now

UBS to lower Swiss franc deposit fees to 0.25%

Published 29/06/2022, 16:47
© Reuters. FILE PHOTO: Rainbow flags fly over the entrance of the headquarters of Swiss bank UBS on the occasion of Pride Month in Zurich, Switzerland June 18, 2021. REUTERS/Arnd WIegmann
UBSG
-

ZURICH (Reuters) - UBS will adjust the fees it charges clients on Swiss franc deposits from July 1 to mirror the Swiss National Bank's (SNB) new policy rate of -0.25%, the bank said on Wednesday.

© Reuters. FILE PHOTO: Rainbow flags fly over the entrance of the headquarters of Swiss bank UBS on the occasion of Pride Month in Zurich, Switzerland June 18, 2021. REUTERS/Arnd WIegmann

The change applies to private as well as corporate and institutional clients. UBS previously charged corporate and institutional clients, as well as private clients above a certain deposit threshold, a 0.75% fee on Swiss franc deposits, in line with the SNB's previous policy rate.

Rival Credit Suisse (SIX:CSGN) earlier on Wednesday said it would scrap the negative interest rates it has charged wealthy Swiss clients since 2020, as its economists anticipate a further rate hike in Switzerland this year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.