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.