Banks in Germany Tell Customers to Take Deposits Elsewhere - The Wall Street Journal wsj.com/articles/banks…
Germany’s biggest lenders, Deutsche Bank and Commerzbank, have told new customers since last year to pay a 0.5% annual rate to keep large sums of money with them.
The banks say they can no longer absorb the negative interest rates the European Central Bank charges them.
The banks say they can no longer absorb the negative interest rates the European Central Bank charges them.
The ECB’s deposit rate, which it charges banks, is minus 0.5%. The central bank has signaled it is unlikely to change that level anytime soon.
In Denmark, where interest rates were cut to below zero two years before the eurozone, banks have gone from charging wealthier clients to smaller ones over the past year.
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