(Bloomberg) -- Credit Suisse Group AG will stop charging private clients for cash balances in Swiss francs, in a further sign that the global era of negative interest rates is coming to an end.
The Zurich-based lender said Wednesday that it will no longer levy account-balance fees as of July 1, which had been charged according to individual thresholds. The lender earlier had a 2 million franc ($2.1 million) threshold for applying negative interest rates.
Switzerland’s central bank earlier this month unexpectedly increased its benchmark interest rate by 50 basis points, joining global peers who are acting to tackle surging inflation. The Swiss National Bank had operated a minus 0.75% policy rate since 2015, in an effort to stem the appreciation of the domestic currency.
“The economists at Credit Suisse anticipate that the prime rate in Switzerland will be raised further over the course of the year,” the bank said in a statement.
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