ABN Amro has become the first of the three big Dutch banks to lower the interest paid on one of its savings accounts to almost zero, broadcaster NOS said on Friday.
From November 1, savers with the bank’s most popular savings accounts will earn a basic 0.01% interest, or €1, if they keep €10,000 in their account for a full year. ING currently offers 0.02% and Rabobank 0.03%.
Earlier, Rabobank chief executive Wiebe Draaijer said that the introduction of ‘negative interest rates’ on customer accounts would be ‘extremely undesirable’.
The banks blame European central bank policy for the problem. They are required by law to keep some of their cash at the ECB, and are now being charged to put their money there. Tridos cut its interest rate to zero a while ago.
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