In June, Rabobank announced that it would lower its negative credit interest rate to 0.25% negative as of 1 August. But the negative interest is now disappearing completely.
CEO Wiebe Draijer says he is happy that the bank can stop the negative interest rate earlier than expected. “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,” said the top banker.
Balance
The interest adjustment will apply to customers with a checking account or variable interest savings account with a balance above €100,000. The change also applies to new deposits on Rabo GroenSparen and to deposits made more than a year ago.
For accounts with a balance of up to €100,000, nothing will change. Rabobank will still pay an interest of 0.01% on private savings accounts with a variable interest rate up to and including €100,000. On private current accounts, the interest remains 0% for balances up to and including € 100,000. The same rates apply to business customers.