ZURICH -- Credit Suisse, the third-largest bank in Switzerland, has launched what it claims is Burope's first telephone based bank for small and medium-sized businesses and self-employed workers.

The service, called Cashbox, includes a checking account and a 3% interest-bearing account.

It follows last year's introduction of CS-Firstphone, a telephone bank for individual clients.

Money can be switched automatically between the interest-earning Cashbox account and the current according to guidelines set by the customer. The bank allows up to $70,000 to be deposited.

Credit Suisse said up to 10 additional business or private accounts can be linked in a CS-Firstphone business program.

Customers can enter payment instructions or request information on any of the accounts by telephone 24 hours a day, seven days a week. The service costs $14 a month.

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