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ING – Savers at ING with more than 100,000 euros in their account will no longer have to pay negative interest on their savings from 1 October. ING will announce this on Monday. The interest rate will be increased from -0.50 percent to 0 percent. This makes ING the first major bank to announce that it will eliminate negative interest rates.

Savers with less than 100,000 euros did not have to pay interest. For them, the interest rate was already at 0.

The bank’s announcement comes shortly after a new interest rate decision by the European Central Bank. The ECB will increase its main interest rate – the interest rate that banks receive from the ECB or have to pay for storing money – by 0.25 percentage points as of July. This is the first increase in more than eleven years. An increase of 0.25 percentage points is expected to follow in September.

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To determine their own interest rate, banks such as ING look at the ECB’s interest rate. Last Friday, Rabobank was the first Dutch bank to announce that it would raise interest rates by 0.25 percentage points. From August, that bank will still charge an interest rate of -0.25 percent for savers with more than 100,000 euros.

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Whether the ECB’s interest rate decision had a direct impact on ING’s interest rate hike, a spokesman cannot say. “We don’t make any statements about that. We determine the interest rate on the basis of various factors,” he says

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