The turnaround in interest rates by the European Central Bank (ECB) is driving up interest rates on call money.
(Photo: dpa)
Frankfurt In the battle for deposits, competition among banks is becoming increasingly fierce. The beneficiaries are the customers, who can secure increasingly higher interest rates on their savings.
The online bank ING Germany is one of the pioneers. It offers new customers 3.5 percent on call money accounts from Tuesday – limited to six months. “The competition for deposits is becoming more intense,” said ING private customer boss Daniel Llano on Monday at the Handelsblatt conference Future Retail Banking. With the new offer, ING wants to further expand the number of its customers.
In recent months, Llano reports that the number of people who have searched for attractive interest offers and then switched banks has already increased. “I expect that we will see even more changes in the coming months.”
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