August 6, 2019 / 11:53 AM / 3 months ago

UBS slashes threshold for fee on euro deposits at Swiss bank

FILE PHOTO: A man walks past a UBS logo projected on a screen in Singapore, January 14, 2019. REUTERS/Feline Lim/File Photo

ZURICH (Reuters) - UBS Group will halve to 500,000 euros ($559,900) its threshold for charging a 0.6% deposit fee on euro accounts at its Swiss banking unit, Switzerland’s largest lender said on Tuesday.

The change, which the bank said brings it in line with its competitors, takes effect as of November amid expectations that rates on money and capital markets will remain ultra low for an extended period.

UBS said last week it will impose from November a negative interest rate of 0.75% on wealthy clients who deposit more than 2 million Swiss francs ($2.05 million) with its Swiss bank. 

“UBS has a wide range of investment products to offer clients alternative solutions. For clients who wish to hold higher Swiss franc cash balances, UBS offers attractive fiduciary deposits with other UBS Group entities or third parties,” it added in a statement.

Reporting by Angelika Gruber, Writing by Michael Shields; Editing by Louise Heavens

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