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?”
– 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.”
— 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%.