Credit Suisse is offering significantly higher deposit rates to attract new funds from wealthy clients in Asia, aiming to counter recent outflows and retain its bankers.

The Swiss bank is providing a 6.5% annual rate on new three-month deposits of $5 million or more, according to three sources familiar with the matter who chose to remain anonymous.

For one-year deposits, Credit Suisse is offering rates as high as 7%, the sources also confirmed.

Bloomberg initially reported the 6.5% deposit rate, while Reuters later received additional details from insider sources.

A Credit Suisse spokesperson stated, “The banking sector has been responding to global rate hikes with higher rates and Credit Suisse is fully focused on providing our clients with differentiated advice and competitive solutions.”

The rates being offered are 100 to 200 basis points higher than those of major competitors in the region, including JPMorgan, UBS, and Citi Group, as noted by two of the sources and a senior wealth manager.

Citi and UBS declined to comment, while JPMorgan has yet to respond to requests for comment.

One source mentioned that the new deposit rates are higher than Credit Suisse’s lending rates in Asia, which raises concerns about the sustainability of such a funding gap.

The special deposit rates are available until the end of the current quarter and apply only to new cash deposits, not to existing portfolios, according to a third source.

Credit Suisse’s wealth management division has been struggling, with assets falling to 540.5 billion Swiss francs ($575 billion) by the end of last year, down from 742.6 billion francs a year earlier, following worse-than-expected outflows of 92.7 billion francs in the fourth quarter.