Bank has lowered the interest on the freely withdrawable savings interest to 0.03%. Follow the other major banks Goodbank and Good Finance.
Decreases savings interest to 0.03%
Goodbank, Good Finance and ING have remained calm for the time being. While interest rates continued to fall around them, they kept their rates at 0.05%. Not that this was a difficult task. The 3 large banks are at the bottom of the savings interest overview.
The first bank to lower the interest rate now. From July 16, 2018, customers will only receive 0.03% on their ‘Orange Account’. This makes ING the first major bank to lower the interest on the freely withdrawable savings account this year.
Will Goodbank and Good Finance follow?
Goodbank and Good Finance have to deal with declining market interest rates. Re-lending your savings means little to them. Another option, storing the savings at the European Central Bank (ECB), even costs money. The ECB deposit rate is currently -0.4%. The ECB has announced that it will gradually phase out the ‘low interest rate policy’ after 2018. This apparently takes too long and they have decided to further lower the savings interest rate.
Banks keep a close eye on each other. has already lowered savings interest rates a number of times, after which the other 2 major banks are responding. We therefore expect Good Finance and Goodbank to further reduce savings rates in the not too long terms. Follow the other major banks Goodbank and Good Finance.
Do you still save with a large bank?
You can transfer your savings (in part) to higher interest rates.
- Choose an (online) savings specialist for a higher interest rate (maximum 0.35%).
- View our range of deposit savings (with interesting foreign banks up to 1.81%).
- Choose saving with conditions such as monthly savings or savings insurance policy (maximum 2.00%).