UBS to Charge High Net-Worth Accounts Super-rich for cash deposit

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UBS, the world’s largest wealth manager, told its HNW (high-net worth) clients that it would introduce an annual 0.6% charge on cash savings of amounts exceeding €500,000 (GDP £460,000) last week.

The fee will be introduced in November and increases the total fees to 0.75% on savings exceeding 2 million Swiss Francs (EUR €1.9 million). The minimum fee is EUR €3,000 a year. Any accounts with savings that exceed 2 million francs going forward will attract annual fees of approximately 15,000 francs.