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Credit Suisse to charge negative interest rates on large deposits

Credit Suisse Group AG said it will start charging clients with deposits of more than CHF2 million, citing a persistent negative-interest-rate environment.

Customers will be charged a negative interest rate of 0.75% on deposits over CHF2 million, while a negative rate of 0.85% will be applied on deposits of more than CHF10 million.

The change will come into force Nov. 15 for corporate clients and Jan. 1, 2020, for private accounts and savings accounts.

"In line with the approach that has long been followed by other banks, Credit Suisse is now also introducing negative interest rates for clients with very large CHF cash holdings," the bank said in a statement.

Banks across Europe have begun responding to negative interest rates. UBS Group AG said in July that it may levy deposit fees on small and medium-sized enterprise customers if the Swiss National Bank further lowers its rates.

In October, UniCredit SpA said it will charge clients for holding deposits above €100,000 from 2020, and many German banks have joined the wave of passing costs related to negative ECB interest rates onto retail customers.