From today the major banks will once again pay interest on our savings accounts. These are ABN AMRO, ING, ASN Bank, RegioBank, SNS and Rabobank. All have announced that from 1 December they will again pay interest on at least minor savings.
In late 2019 or early 2020, almost all banks reduced the interest on savings to 0, or even 0 in some cases. Rabobank’s interest rate, for example, never dropped below 0 .01%. With more savings deposits, the interest rates of all banks have even turned negative.
ABN AMRO is now raising interest on all savings to 0.25%. This applies to both small savers and those with 10 million euros in their account. “I am happy for our clients that with this hike we are leaving behind the period of zero or even negative interest rates,” said CEO Robert Swaak. “With these passages we are returning to more normal waters.”
At Rabobank, the interest rate ranges from zero to 0.25%. “We pay interest up to a maximum credit of 5 million euros.”
Central banks continue to raise interest rates
When it comes to interest rates, ING distinguishes between small and large savers. For example, anyone with up to €10,000 in a savings account can expect 0.25% interest. “This means that most ING savers receive interest on their entire balance,” the bank says.
Those who have deposited between €10,000 and €1 million at the largest bank in the Netherlands have to settle for 0.15%.
Banks that come under de Volksbank are distinguished by both savings balance and various brands. In ASN, interest on a balance up to and including 25,000 euros will go down to 0.20 per cent, in RegioBank and in SNS to 0.25 per cent. For balances from €25,000 up to and including €50,000, it will be 0.10% and 0.15% respectively. Savers with more than €50,000 continue to receive no interest from these three banks.
Now that central banks continue to raise interest rates, there is hope that savings rates will continue to rise as well.
