Friday 14 August 2020

Rabobank is third big bank to introduce negative interest rates

Rabobank’s headquarters in Utrecht. Photo:

Rabobank has become the latest of the big Dutch banks to charge negative interest on large savings accounts.

Some 400 clients with over €1m in savings at the bank will be charged 0.5% on their savings, but those with less will be spared and will continue to receive 0.01% in interest, Rabobank said on Tuesday.

Business clients will also have to pay 0.5% on savings of over €1m.  This will impact some 6,600 clients, the bank said.

ABN Amro and ING have already introduced negative interest rates on large savings accounts. ABN Amro’s negative rate starts at €2.5m, ING’s at €1m.

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