ING Bank will no longer charge interest on customers with large deposit savings 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 a similar charge on savers who have 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 increase to -0.25% on July 1 and told people to expect a further rise to zero or +0.25% in September.
Rabobank last week cut its interest charge from 0.5% to 0.25% on savings above €100,000 from August. ABN Amro, Volksbank, Knab and Triodos, who have similar charges in place, have not yet made an announcement.
Thank you for donating to DutchNews.nl.
We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.Make a donation