Rabobank is increasing the savings interest rate for large savers by 0.25 percentage point, the bank reported on Friday. The bank will increase the interest on savings from -0.5 to -0.25 percent for deposits above EUR 100,000 as of August. Nothing changes for small savers.
The reason for the increase is the interest rate decision of the European Central Bank (ECB). The ECB will raise its main interest rate – the interest that banks receive from the ECB for depositing money – by 0.25 percentage point from July. This is the first increase in more than eleven years.
Since the so-called deposit rate goes hand in hand with savings rates, banks were expected to follow suit in due course. Earlier in the day, the four major Dutch banks (ING, ABN AMRO, Rabobank and de Volksbank) kept their jaws closed to NU.nl: they did not want to say whether a possible increase in consumer savings rates is imminent.
Rabobank is the first major Dutch bank to slightly increase the savings interest rate for large savers. “The financial system is not designed for a situation in which interest rates are negative for a long time. That is why we want to end charging a negative interest rate for all our customers as soon as possible,” said CEO Wiebe Draijer.
As of August, the bank still charges -0.25 percent interest for assets above 100,000 euros. At the other three large banks, that rate (still) remains at -0.5 percent. When asked, they inform NU.nl that the increase at Rabobank does not (yet) change their savings interest.
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