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Auto Shows Trend towards negative interest rates for high savings is accelerating

10:41  09 september  2020
10:41  09 september  2020 Source:   pressfrom.com

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The negative interest rate that everyone is citing is the intra-bank interest rate , or "overnight rate ". Its the interest rate banks pay for loans they take If interest rates are negative , banks actually pay the central bank for keeping their reserve accounts. That said, nothing forces them to offer the same

Negative interest rates are not only an unconventional monetary policy tool, but they are also a recent one. Sweden's central bank was the first to deploy Additionally, negative rates charged by a central bank may carry over to deposit accounts and loans. This means that deposit holders would also be

Größere Summen auf dem Tagesgeldkonto können zunehmend ins Geld gehen. © Daniel Karmann / dpa Larger sums in the overnight money account can increasingly go into the money.

Larger sums in the call money account can increasingly go into the money. According to an evaluation by the comparison portal Verivox, the number of banks and savings banks that charge customers negative interest rates has increased almost tenfold within twelve months.

According to this, 126 financial institutions now charge penalty interest for larger balances, especially on the overnight money account, a year ago there were only 13 institutes. In the meantime, lower sums are also being charged more frequently. According to the information, 27 institutes are currently granting less than 100,000 euros as an exemption. With 3 banks, savers have to pay negative interest from the first euro.

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Negative interest rates occur when borrowers are credited interest rather than paying interest to lenders. While this is a very unusual scenario, it is most likely to occur during a deep economic recession when monetary policy and market forces have already pushed interest rates to their

So, about those negative interest rates . Simply put, this is when interest rates actually drop below zero. What it means in practice is that a high school student with a savings account would likely see no interest paid on that account, but would also likely be able to get much cheaper loans for college

"For many banks, the interest rate cut by the ECB in September 2019 was the initial spark to enforce negative interest rates in private customer business", analyzes Oliver Maier, Managing Director of Verivox Finanzvergleich GmbH. “At that time, negative interest rates were still the absolute exception for private customers. Since then we have observed a sustained dynamic. " The trend towards negative interest rates is unbroken.

According to the information, three credit institutions still exceed the penalty interest rate of the European Central Bank (ECB). You debit credit above the respective exemption amount with minus 0.6 percent.

Europe's monetary authorities had tightened the penalty interest on bank deposits from 0.4 to 0.5 percent a year ago. Commercial banks have to pay the interest when they park excess money at the central bank. Even if there are now tax exemptions for certain sums, from the point of view of the industry this remains a billion dollar burden. More and more financial institutions are therefore passing the costs on.

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To most people, negative interest rates and negative yields sound illogical, if not impossible. Applied to the banking sector, negative rates mean that the depositor has At small negative interest rates , these risk-averse people will cling to a low, certain loss rather than a potentially higher uncertain loss.

Higher APYs: High -yield savings accounts generally offer significantly higher interest rates than The Citi Accelerate Savings account has a competitive APY in select markets. High -yield savings accounts have a wide range of uses, but one of the best ones is to save up for big-ticket items.

Europe's largest direct bank ING is also considering penalty interest for new customers. "We currently have no concrete plans to introduce a custody fee for our existing accounts," said CFO Norman Tambach recently to the German press agency. “We are monitoring the market development very closely and are seeing that more and more banks are introducing a custody fee for new accounts. We are accordingly preparing to respond to these market developments. " Shortly afterwards, ING Germany CEO Nick Jue affirmed at a conference: "We have to prepare for everything if the business situation makes it necessary that we have to do it." The institute, which is active in Germany and Austria, currently has no plans to introduce negative interest rates.

consumer advocates consider negative interest rates forbidden in principle. They are only permitted for existing and new customers if the custody fee has been explicitly agreed with the customer. It is not enough just to change the general terms and conditions. Those affected should contact the consumer advice centers if they have any questions. According to

Verivox, 13 banks also charge a fee for the usually free call money account. This would actually result in negative interest even if they were not shown as such. The comparison portal evaluates the price notices published on the Internet by around 800 banks and savings banks. According to the Deutsche Bundesbank, there were 1,717 credit institutions in Germany last year.

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