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UBS to lower Swiss franc deposit fees to 0.25%

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Rainbow flags fly over headquarters of Swiss bank UBS in Zurich
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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 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.

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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