Banks not yet ready to say if interest on savings will return

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Now that the signals seem to be on the green for an interest rate hike by the European Central Bank (ECB), that mortgage rates are climbing and that some markets are seeing a movement in interest rates – still negative – on many many savings, the question arises whether we will receive savings again. ING, ABN AMRO and Rabobank understand the question, but do not really provide an answer.

“We understand the issue,” a Rabobank spokesperson said. “But we don’t make any statements about any changes, other than keeping an eye on market developments.”

The ABN AMRO spokesperson has a slightly different variation of the same answer. “We can’t make any statements about it, it can only be done when something changes. When the time is right.”

This DF announced earlier this week that ING in Germany had raised the limit on negative interest on savings – which you have to pay to the bank to save there – to €500,000. This indicates that movement is possible.

“It depends on local market conditions,” said an ING Netherlands spokesperson when asked. To explain whether the circumstances here are different from those in Germany is going too far. “In general, our interest rate policy follows the movement of the market.”

At ABN you always pay negative interest in the Netherlands from a balance of more than 100,000 euros per person. At Rabobank and ING, it’s per account.

Earning interest on your ordinary savings account is now a thing of the past, ABN and ING. At Rabobank, you receive 0.01% interest up to EUR 100,000.

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