ING is going to charge a negative interest rate on balances of more than 1 million euros, the bank reports on Friday. A negative interest rate of 0.5 percent will apply to the amount above this limit.
The bank keeps the interest rate for freely withdrawable savings accounts up to 100,000 euros at 0.01 percent and does not follow the example of ABN AMRO. He previously lowered this savings rate to 0 percent.
How many people are actually going to pay?
There are currently 6,400 ING accounts that exceed the 1 million euro limit. This means that more than 99.9 percent of all customers do not have to deal with the negative interest.
The reason for the low or even negative interest rates lies in the policy of the European Central Bank (ECB) to stimulate economic growth throughout Europe. One way to achieve this is to lower interest rates on amounts that banks, including ING, borrow from the ECB and use as credit. Since this interest has been negative since June 2014, ING is paying interest on part of this credit.
Also the interest rates in markets in which ING invests and lends money to have fallen sharply in value and often negative. This also resulted in interest rates falling in recent years.