Why Smaller Banks Such as MeDirect, NIBC and Santander are raising interest rates to 2%: Political Pressure and Benefits for Citizens

This is no surprise, because in recent weeks many smaller banks such as MeDirect, NIBC and Santander have raised their interest rates to 2 percent.

Moreover, there was also a lot of political pressure for higher interest rates. The government even threatens to raise the legal minimum interest rate if the banks do nothing. The banks themselves receive more interest for parking their money at the ECB and they receive more interest income from more expensive mortgage loans. Citizens should be able to benefit from this, it is becoming louder and louder.