Credit Suisse Is Latest Bank to Charge Clients for Cash Deposits

In a normal world savers are expected to receive compensation for giving their money to the bank. Instead, due to negative interest rates, we are now seeing more financial institutions actually charging their clients for fiat cash deposits, with Credit Suisse the latest big bank to join in on this practice.

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Credit Suisse to Punish Big Savers

Zürich-headquartered multinational investment bank Credit Suisse has recently announced that it will soon begin offering negative interest rates on Swiss franc accounts above a certain threshold, effectively charging big savers for holding their fiat cash at the bank. Clients with balances of over 2 million CHF ($2.02 million) will be charged at a rate of -0.75%, and those with balances of more than 10 million CHF will have to pay a higher rate of -0.85%. These changes will be implemented November 15 for business clients and January 1, 2020 for individuals.