Major banks will resume interest payments to depositors

In July 2022, the European Central Bank (ECB) raised the interest rate on deposits for the first time in 11 years. In June, the ECB interest rate was negative and amounted to -0,5%, in July it became zero, in September the actual deposit rate was +0,75%. Accordingly, the Dutch banks are preparing to raise interest rates on deposits and again pay interest on stored savings. From December 1, ING and ABN Amro banks will start paying interest on deposits again, Rabobank previously announced the same decision. 

At ING bank, the interest rate will depend on the amount of the deposit:

• with the amount of savings up to 10 thousand euros, the interest rate will be 0,25%;
• with savings up to 1 million euros - 0,15%; 
• for amounts over EUR 1 million, the interest rate will remain zero.

Rabobank and ABN Amro will pay 0,25% on the savings of private depositors if the amount of savings does not exceed 1 million euros. Find out about the application of bank rates in the previous period from our article.

Decisions to raise interest rates are made throughout the civilized world, including the United States. These decisions are part of a program to reduce inflation, which was accelerated in connection with the COVID-19 pandemic and Russian aggression in Ukraine.