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January 24, 2024 at 11:33 am Update: 13 hours ago
ING will stop paying out savings interest on a monthly basis. From now on this will happen once a year again, as was usual in the past. This policy changed in 2020, when the interest rate for savers became negative by more than 1 million euros.
“Most savings accounts pay interest annually, sometimes quarterly or monthly,” explains an ING spokesperson. Interest rates are almost always on an annual basis: over 365 days and in leap years such as 2024 over 366 days.
When interest rates for major savers became negative in 2020, ING decided to make interest payments monthly. Wealthy customers who actually had to pay interest to the bank to store their money did not have to pay high negative interest rates once a year.
“The customer experienced no surprises at the end of the year,” says the ING spokesman. “And the interest was deducted immediately, so negative interest was charged on a smaller amount. So the customer paid less interest.”
The vast majority of ING customers did not have to pay any interest to the bank, even when negative interest applied to balances over 100,000 euros.
In October 2022, interest rates turned positive again, albeit slightly. You currently receive 1.25 percent interest with ING on a balance of 10,000 to 100,000 euros. And from now on you will receive this at the end of the year instead of at the end of the month.
Correction: An earlier version of this article incorrectly stated that ING savers earn 1.5 percent interest on balances of up to 100,000. That has to be 1.25 percent. ING customers receive 1.5 percent interest on a savings balance of between 0 and 10,000 euros.
- June 14, 2022 at 4:10 p.m
All three major banks are adjusting savings interest rates
- June 13, 2022 at 7:22 am
ING is abolishing negative interest rates for savers over 100,000 euros
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