Interest charge

ING will abolish the 0.5% interest charge on high savings from October

Photo: Wikimedia Commons

ING Bank will no longer charge customers with large deposit savings interest from October after the European Central Bank raised interest rates for the first time in 11 years last week.

The current negative interest rate of -0.5% has prompted most Dutch banks to impose similar fees on savers with more than €100,000 in their account.

ING said the charge would no longer apply from October 1, after the ECB said the base rate would drop to -0.25% on July 1 and told people to expect further rise to zero or +0.25% in September.

Rabobank last week reduced its interest charges from 0.5% to 0.25% on savings over €100,000 from August. ABN Amro, Volksbank, Knab and Triodos, which have similar fees in place, have yet to make an announcement.

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