Frankfurt This Monday is the end of negative interest rates at Deutsche Bank. From August 15, the money house will no longer charge a custody fee. This also applies to Postbank and Norisbank, which belong to Deutsche Bank.
As a result, the number of banks with a custody fee for private savers continues to fall. Most financial institutions that had introduced a fee for high deposits in current and money market accounts have already abolished it again. Instead, some institutes could now go back to catching customers by paying positive interest on savings deposits.
Germany’s banking sector is thus reacting to the interest rate hike recently initiated by the European Central Bank (ECB). The central bank, for its part, raised the penalty interest rate on short-term deposits from commercial banks from 0.5 percent to zero at the end of July.
Even before the ECB decision, some credit institutions had refrained from charging negative interest rates. Immediately after the ECB interest rate meeting, numerous financial institutions announced that they would refrain from future custody fees.
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