Small savers will no longer receive any interest at all from ING from 2022

ING mentions in an explanation the ‘difficult market conditions’ with which the bank says it is dealing. For example, the Dutch have saved almost 40 billion euros since the corona outbreak, while the demand for loans by consumers and companies has actually decreased.

Because banks have been obliged since September 2019 to store their surplus savings with the European Central Bank (ECB) at a negative interest rate of 0.5 percent, this is costing them more and more money. Banks are increasingly passing this on to their customers.

Not the first

As a result of this situation, savers with more than EUR 100,000 in their ING account were already faced with a negative savings interest rate of 0.5 percent. The smaller assets are being saved by ING for the time being, but ING cannot fall any further.

ING is not the first bank to set the interest rate for ordinary savers at 0. ABN Amro already decided to do this last year. At the other big two, Rabobank and ASN, savers currently receive 0.01 percent interest on directly withdrawable credit. The question is for how long.

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