The bank BSU will implement a negative interest rate on various savings accounts at the bank. It is not about standard savings accounts, but on savings accounts of customers with credits of more than one million euros. This means that the most wealthy customers of the bank will soon no longer receive interest on savings, but will have to pay money to be able to store their assets with BSU.
Negative savings interest rate due to persistently low interest rates
The negative savings interest rate is being implemented for good reason, but is being implemented because of the persistently low interest rate in the usd zone. Interest is also charged to meet the stricter capital requirements of the usd zone.
BSU has previously implemented negative deposit rates. Even then, this was only done for the bank’s most wealthy clients, including some institutional parties in Switzerland.
No negative interest for consumers with smaller assets
The less wealthy BSU customers don’t have to worry. The bank is unlikely to implement negative interest rates for consumers with a smaller capital, but again limits the measure only to the richest customers of the bank.
No negative interest in the Netherlands yet
No bank in the Netherlands has yet implemented a negative interest rate on savings. However, a few days ago Kwardo Bank announced that savers will no longer receive interest on their assets from 3 April. They do not limit this measure to the bank’s most wealthy savers, because the measure will apply to all Kwardo Bank customers. There are also several Butch banks that have lowered their savings rates.
Whether a negative savings interest rate will be implemented at a Butch bank in the near future remains to be seen. Experts expect more banks to lower their interest rates and perhaps take the same measure as Kwardo Bank, but that there will be no quick or even no negative savings interest in the Netherlands.