UBS to charge fees on accounts over €500,000

UBS plans to charge its Swiss clients an annual fee of 0.6% on deposits of more than 500,000 euros ($560,000), lowering the threshold from the previous €1m. The world's largest wealth manager is moving to penalise its richer clients for being risk averse as negative interest rates in Europe are poised to stay. UBS's decision comes after Credit Suisse said it will impose a fee of 0.4% on customers with euro accounts of more than €1m from September. UBS has already said it will introduce negative rates for clients holding large Swiss franc balances, while Credit Suisse said it's also co...