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.
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.