Photo: Wikimedia Commons

After the European Central Bank raised interest rates for the first time in 11 years last week, ING Bank will stop charging interest to customers who have saved significant deposits from October.

With the current negative interest rate of -0.5%, most Dutch banks are now imposing similar fees on savers with more than € 100,000 in their accounts.

ING announced that the ECB will raise the base rate to -0.25% on July 1st and will apply the rate from October 1st after telling people that it will be raised to zero or + 0.25% in September. He said he wouldn’t.

Rabobank cut interest rates from 0.5% to 0.25% last week on savings of over € 100,000 from August. ABN AMro, Volksbank, Knab and Triodos, which impose similar charges, have not yet announced.

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