Banks have to pay high interest rates when they park their money with the ECB. They are increasingly passing this on to customers – in the form of penalty interest. Postbank is also planning such a step.
Difficult times for savers: Postbank, a Deutsche Bank brand, wants to charge a so-called “custody fee” of minus 0.5 percent for current accounts with a balance of 50,000 euros or more from June 21 – for new customers. This should also be due on overnight money accounts – from an amount of 25,000 euros, as the institute explained on Wednesday.
The “FAZ” had previously reported. A “custody fee” is equivalent to a penalty interest. More on penalty interest read here.
Existing customers are not affected by the changes. So far, the Deutsche Bank has only charged penalty interest from a balance of 100,000 euros – everything that goes beyond the sum is subject to high interest. Now that should change, at least with your Postbank brand. “We keep an eye on market developments and decide on how to proceed in due course,” it says.
334 banks charge penalty interest
The money house is by no means alone in this. According to the comparison portal Verivox, 334 credit institutions in Germany charge negative interest on credit balances, the limits are very different.
In the meantime, even direct banks are following suit, i.e. financial institutions that do not operate a branch network but only operate online. ING and DKB announced at the end of last year that they would introduce custody fees for high savings deposits for new customers.
There is a reason for this development: commercial banks currently have to pay 0.5 percent interest when they park excess funds with the European Central Bank (ECB).
Even if there are now tax exemptions for certain sums, this remains a billion dollar burden for the industry. More and more financial institutions are passing on the costs in whole or in part and charging their customers negative interest.