Finance

After ABN and ING, ASN and SNS are now also screwing savings interest to zero

Of all the major Dutch banks, only Rabobank still offers its customers some interest, although the 0.01 percent of course it doesn’t help either. At ING and ABN Amro, the interest is already at zero. It is still unclear whether Rabo will follow that example of the competition.

“We do not yet have the plan to adjust that percentage,” said spokesman Eric Lagerwey on behalf of the bank. If this does happen, and he doesn’t rule it out, customers will be notified with a message.

From April 1

That dreaded message was sent to customers yesterday ASN, SNS and regional bank sent. From April 1, customers will receive 0 percent interest on their savings, the three subsidiaries of De Volksbank report.

In addition, the banks are tightening their rules for customers who have a large sum of savings at their disposal. Since 1 July 2021, customers have to pay interest for every euro above 100,000 euros in one individual account. Customers with two accounts with 60,000 euros on each of them, therefore, get off to a good start.

The banks are closing this small hole in the net: from 1 April, customers will pay negative interest on the sum of all accounts.

Low interest rate ECB

The brands of De Volksbank cannot do otherwise because of the policy of the ECB, they declare themselves. The European Central Bank has had very low interest rates for a long time. In addition, since September 2019, banks are obliged to store their excess savings at the ECB overnight, at an interest rate of 0.5 percent.

And that is starting to become more and more difficult, partly due to the corona crisis, in which the savings of Dutch people only increased extra fast. With all the corona measures, consumers were able to spend a lot less on restaurants, cafes, culture and holidays. According to a recent study by ING, this resulted in no less than 22 billion euros in extra savings.

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