Now that the signals seem to be in the green for an interest rate hike by the European Central Bank (ECB), mortgage rates are creeping up and some markets are seeing movement in the – still negative – interest rates on many savings, the question arises whether we will ever receive savings again. ING, ABN AMRO and Rabobank understand the question, but do not really provide an answer.
“We understand the question,” said a spokesperson for Rabobank. “But we are not making any statements about possible changes, other than keeping an eye on market developments.”
The ABN AMRO spokesperson has a slightly different variant of the same answer. “We can’t make any statements about that at all, that can only be done when something changes. When the time is right.”
It FD reported earlier this week that ING in Germany has raised the limit for negative savings interest – that you have to pay the bank to save there – to 500,000 euros. This indicates that movement is possible.
“This depends on local market conditions,” said a spokesman for ING Netherlands when asked. Explaining whether the circumstances here are different than in Germany is a bridge too far. “In general terms, our interest rate policy follows the market movement.”
At ABN you still pay negative interest in the Netherlands from a balance of more than 100,000 euros per person. At both Rabobank and ING this is per account.
Receiving interest on your regular savings account is now a thing of the past, ABN and ING. At Rabobank you receive 0.01 percent interest up to EUR 100,000.