From January 1, 2021, some ING Belgium clients will have negative rates applied to their savings, the bank announced on Tuesday October 20, relayed by Echo and RTBF. A decision that will only concern savers with assets of more than two million euros in the same account. In detail, the legal minimum interest rate of 0.11% will be applied up to one million euros. If the account is no longer provided, the excess will be transferred to an unregulated account where a 0% rate will be applied. If the sum is again greater than one million euros, a rate of -0.5% will then be applied to the excess amount.
The bank explains that it wants to adapt to the markets. “ING Belgium will henceforth charge the impact of the fall in interest rates on a small proportion of its customers’ deposits,” she said. But these negative rates should concern only a few customers: less than 1% of companies and 0.1% of individual savers, suggests ING Belgium.
Earlier this year, its parent company also announced the application of negative rates to its wealthiest customers in the Netherlands. ING is not the first Belgian bank to announce such a measure. As L’Écho reminds us, Triodos has announced that it will no longer offer regulated accounts, starting next December. Accounts showing more than 500,000 euros will now benefit from a negative rate. As for the Puilaetco bank, since the end of last year, it has applied negative rates to its customers with savings of more than five million euros. Other banks may well follow suit.
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