Private clients of Credit Suisse can look forward to no longer having negative interest rate fees levied on them as of Friday.
Even with a continued negative interest rate environment, Credit Suisse announced Wednesday it will no longer levy a fee on account balances denominated in Swiss francs.
Earlier this month, the Swiss National Bank surprised financial markets by raising interest rates. Although the benchmark rate remains a negative .25 percent, it has given banks some leeway in their policies.
Private Client Threshold
For some time, Credit Suisse had refrained from charging private clients negative interest rates. It later established a 2 million Swiss francs ($2.1 million) interest-free threshold which it said was one of the highest limits in the market.
In the spring of this year, the bank introduced a flexible solution where the client relationship was reviewed in its entirety. But as of July 1, the account balance fee will no longer be applied, it said.
Economists for the bank expect the prime rate in Switzerland will increase over the year.
