ING customers will receive 1 percent interest on their savings from 1 June. That is now 0.75 percent. It is the second interest rate hike in a short time at the country’s largest bank. In doing so, the company follows its competitor Rabobank, which announced last week that it would increase its savings interest for the second time in more than a month.
From next month you will receive 1 percent interest at ING up to 10,000 euros. You receive 0.9 percent for a savings amount between 10,000 and 1,000,000 euros. You will not receive interest on the amount above that. Interest rates will also rise for business customers.
The increase is particularly striking because ING also increased the interest rate for savers at the beginning of this month, from 0.5 to 0.75 percent. Rabobank also recently took similar steps.
The interest rate hikes are partly a result of the policy of the European Central Bank (ECB). It has raised interest rates seven times in less than a year, in the fight against inflation. With higher interest rates, the ECB wants to encourage regular banks such as Rabobank and ING to also raise interest rates for their customers, such as savings interest. This should make consumers more hesitant to spend money.
The banks have indeed raised their interest rates a few times since then, but the increases were smaller than those of the ECB. The banks have recently been criticized for making substantial profits, but only slightly raising interest rates on savings.
2023-05-23 09:18:09
#ING #raises #interest #savers #row #Economy
