ING Bank will no longer charge customers with large deposit savings interest from October after the European Central Bank raised interest rates for the first time in 11 years last week.
The current negative interest rate of -0.5% has prompted most Dutch banks to impose similar fees on savers with more than €100,000 in their account.
ING said the charge would no longer apply from October 1, after the ECB said the base rate would drop to -0.25% on July 1 and told people to expect further rise to zero or +0.25% in September.
Rabobank last week reduced its interest charges from 0.5% to 0.25% on savings over €100,000 from August. ABN Amro, Volksbank, Knab and Triodos, which have similar fees in place, have yet to make an announcement.
Thank you for your donation to DutchNews.nl
The DutchNews.nl team would like to thank all the generous readers who have donated over the past few weeks. Your financial support has helped us extend our coverage of the coronavirus crisis into evenings and weekends and ensure you are kept up to date with the latest developments.
DutchNews.nl has been free for 14 years, but without the financial support of our readers, we would not be able to provide you with fair and accurate information on all things Dutch. Your contributions make this possible.
If you haven’t donated yet, but would like to,
you can do it via Ideal, credit card or Paypal.