The development in the direction of negative interest rates on the in a single day deposit account has accelerated within the Corona disaster, in keeping with the Verivox comparison portal. According to knowledge from the portal, 80 monetary establishments have at present revealed negative interest rates of their value notices (closing date April 8).

Of these, 23 institutes launched negative interest rates from March 9. These initially apply to new clients. So far, nevertheless, the clear majority of the institutes have spared their non-public clients.

“In the corona crisis, the trend towards negative interest rates accelerated noticeably,” stated Oliver Maier, managing director of Verivox Finanzvergleich GmbH. Since some establishments make particular person agreements with rich clients, a whole of greater than 80 monetary establishments are prone to cost negative interest rates, defined Maier.

In addition, there can be 7 monetary houses, the place the normally free in a single day account prices charges. This would truly end in negative interest rates. The comparison portal evaluated the worth notices revealed on the Internet by round 800 banks and financial savings banks. The focus is on in a single day accounts. According to knowledge from the Deutsche Bundesbank, there have been 1,717 credit score establishments in Germany final 12 months.

For a very long time, negative interest was primarily levied on very excessive balances from EUR 100,000 and extra. Meanwhile, in keeping with Verivox, savers with decrease funding quantities are additionally affected in some circumstances. According to this, at the very least 15 banks grant considerably lower than 100,000 euros in allowances – three of them even cost the negative interest from the primary euro.

According to client advocates, negative interest is just permitted for current and new clients if the custody charge has been explicitly agreed with the shopper. It isn’t sufficient to only change the final phrases and circumstances.

Money houses at present must pay 0.5 p.c interest when parking money on the European Central Bank (ECB). Even if there are actually larger allowances, the business is complaining about billions. Banks and financial savings banks have been passing the prices on to company clients for a while.

Bank President Hans-Walter Peters not too long ago known as on the ECB to finish the burden on banks with negative interest rates. “In view of the economic situation in Europe, there is an urgent need to suspend negative interest rates immediately,” stated the President of the Federal Association of German Banks (BdB) to the “Handelsblatt”. This would permit banks to strengthen their fairness and make lending simpler, Peters argued.

Since the introduction of negative interest rates nearly six years in the past, the ECB has withdrawn round 26.5 billion euros from European banks, Peters stated. “This is money that banks are lacking today to provide their customers with loans.”

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