Banks raise savings interest after ECB decision | Money

“Especially at the highest savings rates in the market, there is now fierce competition for the saver’s money. The highest interest rate for a freely withdrawable savings account went from 0.35% to 0.65% in a few days,” says Amanda Bulthuis of comparison site Geld.nl.

The French Renault Bank now offers a highest savings rate of 0.65% on freely withdrawable accounts via the Raisin savings platform. Higher interest rates are available on savings deposits. For example, if you put your money on a deposit with the Italian Banca Progretto for two years, you can collect an interest of 2%.

Dutch banks reluctant

The Dutch banks NIBC Direct, Centraal Beheer and DHB recently raised their interest rates slightly. ABN Amro, ING and Rabobank are abolishing negative interest rates for wealthy savers, but are hesitant to raise the interest rate on savings further.

“The Dutch banks are therefore even more cautious and will probably wait a little longer to see whether the further interest rate hike that the European Central Bank expects in September will actually take place,” says Bulthuis.

However, high inflation is a major setback for savers. Despite rising interest rates, monetary depreciation is seriously affecting their returns.

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