Due to the persistently low interest rates, Rabobank is going to levy a -0.5 percent savings interest with an amount above 1 million euros, making it the third bank to opt for a negative savings interest. Savers with less money in the account are spared.
The negative interest rate is charged on the amount that exceeds 1 million euros and the rates apply per account. According to Rabobank, about 400 private customers will be affected by the change on 1 July.
For private customers with a balance up to 1 million euros nothing changes: they continue to receive 0.01 percent interest.
Business customers retain an interest rate of 0.01 percent for amounts up to and including 100,000 euros. A rate of 0 percent applies between 100,000 and 1 million euros. Customers must pay 0.5 percent interest above 1 million euros. Here too the arrangement applies per account.
According to the bank, around 6,600 business customers will face negative interest rates from 1 May.
“With these adjustments, 99.9 percent of all private and business customers are still free from negative interest,” Rabobank writes. The bank wants to protect this majority against negative interest rates for as long as possible, but warns that it cannot guarantee that because of the persistently low interest rates.
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