From 1 April, ABN AMRO will become the first major Dutch bank to lower savings rates to 0% for customers with a balance of less than €2.5 million. Additionally, the bank says on their website that “every client – whether retail or commercial – who has deposited more than €2.5 million will be charged 0.5% interest per annum on the balance above €2.5 million.”
The bank says that “Savings deposits are increasing…And saving deposits are relatively costly for banks. ABN AMRO pays 0.5% interest per annum on deposits placed with the European Central Bank.”
Twitter responses have been generally negative since the bank informed its customers of the change Monday. User @ShadeStar81 asks, “What’s the point of putting anything on a savings account now?”
What’s the point of putting anything on a savings account now? https://t.co/xfEMxW8hva
— Ikki (@ShadeStar81) January 14, 2020
User @Crypto_NLD asks, “What’s next? Negative interest rates? Storing money at home? Money influx to #Bitcoin? All of the above?”
One of the biggest #banks in the Netherlands (@ABNAMRO) lowers the interest rate of saving accounts to 0%
What’s next?
– Negative interest rates?
– Storing money at home?
– Money influx to #Bitcoin?
– All of the above?— JENS. (@Crypto_NLD) January 13, 2020
User @MLugtmeijer1995 tweets, “Why would you put money in a bank with negative interest? Placing your money in another bank or hiding your money yourself is more advantageous.”
Waarom zou je geld zetten op een bank met negatieve rente? Je geld op een andere bank zetten of je geld zelf verstoppen is voordeliger ? #abnamro #rente
— Martijn Lugtmeijer (@MLugtmeijer1995) January 14, 2020
Twitter user @MarcovanderPol writes, “#abnamro bring the savings interest rate to 0%. That saves the bank 25 million euros a year. In 2018, it made a profit of 2.3 billion.”
#abnamro brengen de spaarrente naar 0%. Dat bespaart de bank 25 miljoen euro per jaar. In 2018 maakte zij een winst van 2,3 miljard.
— Marco van der Pol (@MarcovanderPol) January 14, 2020
The savings interest at ING and Rabobank remains +0.01%.
Source: Wikimedia, Donald Trung The picture is licensed under the Creative Commons Attribution-Share Alike 4.0 International license.
