Free bank account, no conditions and minimum amount on the account – goes down in history. Direct bank (Internet – bank) ING Deutschland cancels the next bonus. New clients of the bank may have to pay soon if they keep money in an account. The bank plans to introduce fees.
“We currently have no specific plans to introduce fees for keeping money in existing accounts,” said Chief Financial Officer Norman Tambakh. “We are very closely following the development of the market and observe the tendency according to which more and more banks are introducing a commission for keeping money in accounts for new depositors. Accordingly, we are preparing to respond to changes in the financial market. “
The situation is developing so that banks pay 0.5% interest if they invest excess funds in the European Central Bank (ECB). While there are now tax breaks up to a certain point, for banks to pay to keep money at the ECB is a colossal burden, amounting to billions of dollars. Therefore, many financial institutions pass the costs onto their clients, charging negative interest from clients – sometimes from the first euro.
Direct banks have been an exception so far. Over the years, ING, under the name ING-Diba, has attracted customers by advertising relatively high interest rates. Now the situation has changed. At the current low interest rates, the deposits are worth the money that ING plans to receive from its customers.
Since low interest rates make it impossible to attract depositors by offering them interest on short-term and medium-term deposits, ING Deutschland presents clients with an interesting offer for investing in stocks and funds. “We want to make it as easy as possible for our clients to purchase securities and are abolishing the minimum amount for savings plans,” said CEO Nick Joo. “From November 1, it will be possible to accumulate capital by buying securities from us starting from a deposit of one euro. Our clients can decide for themselves how much they are willing to regularly invest in securities. “
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