UBS will tax deposits from 250,000 Swiss francs

To respond to the pressure of low interest rates on its balance sheet, UBS has decided to tax its clients’ deposits from 250,000 Swiss francs, against 500,000 previously.

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Low rates continue to weigh on banks. To the point that UBS has chosen to tighten its deposit policy in Switzerland. The Swiss bank will indeed lower the threshold from which fees apply on deposits in order to offset the pressure of negative rates. Asked, UBS France did not wish to react.

From July 1, fees will therefore apply for cash deposits of more than 250,000 Swiss francs (or 231,000 euros) with a rate of 0.75% per year, explains an internal note revealed on Tuesday by the AFP. Previously, this threshold was set at 500,000 euros, with a rate of 0.6% per year.

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