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My Dutch bank is introducing new ‘negative interest’ rates for wealthy clients.

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by COINS NEWS 180 Views

Since 1 July 2021, an ABN AMRO client pays negative interest if the balance of all of their current and savings accounts totals more than €150,000.

As of 1 January 2022, they will be lowering the threshold above which you will pay negative interest to ‘only’ €100,000.

From that date, clients whose total balance on ABN AMRO accounts exceeds this figure will start paying 0.50% negative interest on the amount in excess of the threshold. The change applies to both retail and business clients.

Quick Maths: -0.50% of €275,000 is €-1,375 on an annual basis. €-1,375 / 365 days is €-3.77 interest on a daily basis.

”All banks are required to hold a percentage of these savings with the European Central Bank (ECB), for which banks currently pay negative interest. As clients are holding larger sums in their accounts, banks are parking more money with the ECB on top of the mandatory reserve. As a result, we are paying more interest to the ECB, which we are partly passing on to clients by charging negative interest rates. The 100,000-euro threshold means roughly 95% of clients won't have to pay negative interest. A transitional arrangement is in place for investment clients”.

https://www.abnamro.com/clearing/en/news/negative-interest-threshold-to-be-lowered-to-eur-100-000

submitted by /u/Jxntb733
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