Cooperative bank Rabobank has cut the interest payable on some savings accounts to under 1%, making it the first Dutch bank to take the step.
People who have an internet savings account with no conditions on withdrawals will now get 0.9% interest on their money. Other big Dutch banks, including ABN Amro and ING, are expected to do the same within the coming weeks.
ING, Rabobank and ABN Amro’s simple internet-based savings schemes cover 80% of the €300bn Dutch savings market.
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