UBS pays bumper rates on deposits to repair Credit Suisse outflows -sources

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing Rights
ZURICH, Oct 4 (Reuters) – UBS (UBSG.S) is trying to attract customers with above-market rates on deposits, according to people familiar with the bank’s activities, as it seeks to boost inflows after taking over stricken peer Credit Suisse.
Clients who deposit their cash at Credit Suisse, now a unit of UBS, earn around 1.8% on upwards of 50,000 Swiss francs ($54,000) held for three months, according to one of the people, who asked to remain anonymous because the matter is private.
At Zuercher Kantonalbank, similar deposits with a mininum investment of 100,000 francs receive interest of 1.34% and at Raiffeisen they earn 1.2%, spokespeople for the two banks said.