The change, which the bank said brings it in line with its competitors, takes effect as of November amid expectations that rates on money and capital markets will remain ultra low for an extended period.

UBS said last week it will impose from November a negative interest rate of 0.75pc on wealthy clients who deposit more than 2 million Swiss francs ($2.05 million) with its Swiss bank.

"UBS has a wide range of investment products to offer clients alternative solutions. For clients who wish to hold higher Swiss franc cash balances, UBS offers attractive fiduciary deposits with other UBS Group entities or third parties," it added in a statement.