ABN AMRO BANK N.V. On 1 January 2022, ABN AMRO is lowering the account balance threshold for negative interest to 100,000 euros. From that date, clients whose total balance on ABN AMRO accounts exceeds this figure will start paying 0.50% negative interest on the amount in excess of the threshold. The change applies to both retail and business clients.
One of the reasons for negative rates is that consumers and businesses have been saving more in recent years. All banks are required to hold a percentage of these savings with the European Central Bank (ECB), for which banks currently pay negative interest. As clients are holding larger sums in their accounts, banks are parking more money with the ECB on top of the mandatory reserve. As a result, we are paying more interest to the ECB, which we are partly passing on to clients by charging negative interest rates. The 100,000-euro threshold means roughly 95% of clients won't have to pay negative interest. A transitional arrangement is in place for investment clients.
In addition to the negative interest threshold, a small number of other changes will come into effect on 1 January for business clients. For retail clients, not a lot is changing regarding payment fees. The most important change for business clients concerns charges for additional users of internet banking services. The monthly fee for the first user of internet banking remains at 5 euros, while the additional user's fee will be increased from 1 to 1.90 euros a month. That fee hadn't been updated since 2009. In addition, we will in the next year adjust the fees for depositing and withdrawing money to bring them in line with market prices. The date this new fee will take effect will be announced on this website in due time.
Over the next few weeks, clients will receive more detailed information about the changes. In addition, we will be posting an overview of the updated business fees on
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ABN Amro Bank NV published this content on 19 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2021 13:20:06 UTC.
