ING Will Start Charging Dutch Savers Negative Interest Rates Over €100k

ING will charge a negative interest rate of 0.5 percent from 1 July for customers with a balance of more than 100,000 euros per account. The threshold for the negative interest rate was previously at 250,000 euros.

ING says it is implementing the change due to the low and negative interest rates in the market. The bank says that for 98 percent of customers nothing will change as it only affects around 2 percent.

Almost all other large banks also charge a negative interest rate above a certain savings balance, but they usually apply a higher threshold. 

ABN AMRO currently only pay from 500,000 euros to save while for Rabobank, the cut off is at 250,000 euros.

When you factor inflation (1.18%) and wealth tax, almost all savings accounts offer negative returns anyway.

For those looking for alternatives to big banks AmsterdamTips has a fairly comprehensive breakdown of the savings market (not a sponsorship or affiliate).

“Piggy bank with Euro Note” by Images_of_Money is licensed under CC BY 2.0

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