Sparkasse still has penalty interest from the first euro – that could change in the summer

Created: 05/11/2022, 17:30

By: Josef Ametsbichler

The penalty interest, which the banks call the custody fee, still applies.

(Iconic image) © Michael Weber/imago

After ING pushed ahead with the custody fee, financial institutions in the Ebersberg district are still waiting for an interest rate decision from the ECB

District –

Penalty interest on deposits have become established at the commercial banks in the district – and that will not change for the time being.

The reason for a request from EZ was a decision by the direct bank ING, the online market leader in Germany, which is making waves in the industry: ING is increasing the exempt amount from which it charges a custody fee of 0.5 percent from the current 50,000 to 500 000 euros, which is equivalent to an abolition.

The reason given by ING is that the European Central Bank is probably also aiming to end negative interest rates for banks in view of the return of inflation, probably in the summer.

The so-called deposit facility is still at minus 0.5 percent, where it has been since September 2019, and the rate was last at zero in 2013.

Sparkasse Munich-Starnberg-Ebersberg promises "immediate effects"

The Kreissparkasse München-Starnberg-Ebersberg, for example, used this interest rate to justify the fact that it has been charging private and business customers a penalty interest rate of 0.5 percent plus a 0.1 percent administration fee since the turn of the year – from the first euro.

"Adjustments to the allowances are currently not planned," said the savings bank when asked by the EZ.

However, should the ECB lift the negative interest rate, "there will be an immediate impact on our customers," the bank promises.

The amount of the custody fee is based on that sentence.

Penalty interest: That's what the Raiffeisen banks say

The Raiffeisen banks Ebersberg and Zorneding, which are about to merge, take a similar line.

The interest rates that have recently risen on the capital market affect lending transactions with medium to long-term maturities.

Only when the ECB takes action will "this also have an impact on the custody fees", according to Raiffeisenbank Zorneding.

The Raiffeisen-Volksbank Ebersberg does not want to commit itself just yet: Then "we will examine very carefully what consequences this development can have in our customer business," it says from there.

Both cooperative banks are currently granting tax exemptions of EUR 25,000 for new customers; these are higher for existing customers, depending on the type of account.

You can find more current news from the district of Ebersberg at Merkur.de/Ebersberg.

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