Savers in Germany charged for Saving

Should we be worried?

A German co-operative Bank is charging retail customers interest on there savings reported The Financial Times on 19th November 2019

Reuters reported on 19th September 2019- German watchdog opposes ban on bank charges for customer deposits

European Central Bank has charged banks to store their cash since 2014, with the deposit rate currently at minus 0.4%.

Banks in Germany paid 2.4 billion euros to the central bank to hold cash in 2018, the German government said in response to a parliamentary enquiry on negative interest rates.

Some banks have passed on that cost to their corporate and wealthy clients, but banks had shied away from charging regular savers until now, Savers with as little as 1 Euro will be charged.

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by Tinda Anand. Openied

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