The interest that customers with more than a hundred thousand euros on their account have to pay to Rabobank will be lower. The bank follows the announced step of the European Central Bank (ECB) and sets the interest rate at minus 0.25 percent. That is now minus 0.5 percent.
Nothing will change for customers with less than 100,000 euros in an account. Customers with a savings account receive up to a ton of 0.01 percent in credit. On current accounts, the interest at Rabobank is up to a ton at 0 percent.
If customers have more savings than 100,000 euros, they must therefore pay interest to the bank. Most banks have set this up because they also lose money to put their money at the ECB. Rabobank did so reluctantly, CEO Wiebe Draijer said. “We find negative interest rates an undesirable phenomenon for our customers and for the economy as a whole. The financial system is not designed for a situation in which interest rates are negative for a long time.”
Rabobank is the first major bank in the Netherlands to tinker with negative interest rates. ING announced in Belgium earlier this week that it would abolish the negative interest rate for private savers. ING was not yet able to announce a policy change for the Netherlands.
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