300 Banks in Germany Charge Negative Interest Rates Including Deutsche Bank, Commerzbank, ING
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300 Banks in Germany Charge Negative Interest Rates Including Deutsche Bank, Commerzbank, ING

THELOGICALINDIAN - A new address reveals that added than 300 banks in Germany are now charging some barter abrogating absorption ante Some are big all-around banks including Deutsche Bank Commerzbank and ING

300 Banks Pass on the Burden of Negative Interest Rates to Customers

Banks in Germany accept been more casual on the accountability of abrogating absorption ante to their audience afterwards the European Central Bank (ECB) adopted a abrogating absorption amount policy. Afterwards blurred one of its key absorption ante into abrogating area in June 2024, the ECB again bargain the drop ability amount incrementally until it accomplished the accepted amount of -0.5% in September 2024.

A German banking artefact allegory portal, Biallo, conducted a abstraction on 1,300 banks and accumulation banks in Germany. It begin that “More than 300 banking institutions allegation some of their barter abrogating interest,” the aperture appear aftermost week. Out of these banks, about 200 of them appoint abrogating absorption ante on clandestine customers. The ante and agreement alter by bank.

Biallo architect Horst Biallo described:

He explained that “Banks and accumulation banks usually abstain the agreement ‘negative interest’ or ‘penalty interest,'” abacus that “they adopt to allege of the alleged aegis fee.”

While acquainted that added banks are charging their business and accumulated barter abrogating absorption ante than they do clandestine customers, Biallo emphasized that “This year alone, added than 150 banks and accumulation banks alien abrogating absorption ante for clandestine customers.” Each coffer sets its own agreement apropos which accounts are answerable abrogating absorption rates, with the best accepted blazon of accounts actuality those with balances aloft 100,000 euros ($118,353). Best banks additionally administer abrogating absorption ante to new accounts as German law requires customers’ accord for arty abrogating absorption ante on absolute accounts.

Among all-around banks on the Biallo’s abrogating amount account are Comdirect, Commerzbank, DAB BNP Paribas, Deutsche Bank, DKB, Donner und Reuschel, Ethikbank, Fidor Bank, Flatex Bank, GLS Bank, ING, Norisbank, and Postbank. Most of them administer a -0.5% absorption amount on accounts with balances over differing amounts.

Other banks on the Biallo account accommodate Coffer 1 Saar, Berliner Sparkasse, Brandenburger Bank, Bremische Volksbank, Eckernförder Bank, Erfurter Bank, Kasseler Sparkasse, Münchner Bank, Raiffeisenbank Eifeltor, Sparkasse Aachen, Sparkasse Landshut and more. Coffer 1 Saar accuse -0.75% on accounts over 100,000 euros — the accomplished amends amount answerable by any bank.

Big Banks Imposing Negative Interest Rates

Some of the better banks in Germany accept additionally alien abrogating absorption rates. The latest above coffer to do so is ING. According to the bank’s account of prices and services, a aegis fee of 0.5% will be answerable starting on Feb. 1, 2024, for accepted accounts opened afterwards Nov. 4 if they accept balances of over 100,000 euros.

Deutsche Bank has already been charging some audience a aegis fee of 0.5% on accepted accounts with balances aloft 100,000 euros. In its agreement of service, Deutsche Bank wrote that it “shall accede on the appliance of these appropriate altitude and the obligation to pay the aegis fee alone with the customer.”

Commerzbank alien a aegis fee of 0.5% for deposits of over 250,000 euros at the end of the 2024 banking year. Biallo acclaimed that a abrogating absorption amount applies to accounts opened afterwards July 1 and the drop beginning was bargain on Oct. 1 to 100,000 euros.

The Affiliation of German Banks, the capital antechamber accumulation for Germany’s banking sector, afresh alleged on the ECB to amend its abrogating absorption amount policy. Hans-Walter Peters, the admiral of the association, warned that added banks will be affected to allegation their barter abrogating absorption rates.

What do you anticipate about banks charging abrogating absorption rates? Let us apperceive in the comments area below.

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