The Zürcher Kantonalbank (ZKB) is lowering yield rates across its accounts in reaction to the negative interest decision taken by the Swiss National Bank (SNB).
Changes to interest rates will take effect on February 15, 2015.
ZKB checking accounts will no longer deliver any yields at all.
Young customers will only receive half of the yields previously earned on their youth savings account, or 0.5% per annum instead of the former 1% per annum.
Yield rates will also be halved for the standard ZKB savings account for adults, with rates dropping to 0.05% instead of 0.1% per annum.
The largest Swiss cantonal bank is reckoning with further insecurity in financial markets and corresponding low revenues for banks. On the whole, the bank predicts a difficult year for bankers.
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