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DKB introduces negative interest

D.he online bank DKB based in Berlin, a subsidiary of Bayern LB, is now also introducing negative interest rates for new customers. For newly opened accounts, the bank charges a negative interest rate of 0.5 percent from an exemption of 100,000 euros. According to its own information, the second largest direct bank in Germany follows the largest, ING Germany, which announced a similar step at the beginning of November.

The smartphone bank N26 has even introduced negative interest from a limit of 50,000 euros. “After other digital banks have already submitted, another large direct bank, the DKB, is demanding a so-called custody fee from its private customers,” said Oliver Maier, Managing Director of Verivox Finanzvergleich GmbH.

“As with ING, existing customers shouldn’t be affected for the time being,” writes the Biallo Internet portal. Verivox now has 166 banks and savings banks that show negative interest rates for private customers in their price notice. In its database, Biallo even came up with 240 banks and savings banks with negative interest rates for private customers and 320 institutes with negative interest rates for corporate customers.

“This should mean that the wave of negative interest rates that is currently heading towards savers should gain momentum again,” writes Biallo: “After all, according to our latest research, large regional banks in Hamburg, Munich and Cologne have recently introduced a penalty rate for private deposits.”

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