The direct bank ING is increasing the interest rates for overnight money - much to the delight of many customers.
The step should also increase the pressure on other financial institutions.
Frankfurt/Munich - Rosy times for savers?
With the direct bank ING, a large bank in this country has turned the interest rate screw and raised the percentage for overnight money to three percent.
So far, the bonus campaign was only aimed at new customers, the interest rate was two percent and the term was four months.
The new conditions of the ING will come into force on Wednesday, April 5, 2023.
What is unusual about this measure is the fact that there is an interest rate increase for both new and existing customers.
"With this step, we are reaffirming our growth ambitions and also letting our existing customers participate more in rising interest rates," said Nick Jue, CEO of the German division of the major Dutch bank, the
dpa
.
Overnight money exceeds the three percent mark at the direct bank ING
With the interest rate increase, the financial institution intends to increase the number of private customers by 2025 from the current figure of around 9.1 million to over ten million.
The measure is made possible by the recent turnaround in interest rates by the European Central Bank (ECB).
The ECB's interest rate policy has an impact on investors - both positive and negative
Since the summer of 2022, financial institutions no longer have to pay interest if they park money at the ECB, instead they earn money from it.
As a result, customers with fresh money are in hot demand again, and interest rates are moving higher as a result.
As a rule, however, existing customers receive lower interest rates than new customers, but this is not currently the case with the direct bank ING, which belongs to the ING Groep.
Oliver Maier from the comparison portal
Verivox
expects other banks to follow suit: "In the near future, the interest rate rally should pick up speed and classic savings investments will finally bring more lucrative returns again."
The downside: overdrafting the account or taking out a loan will be more expensive.
The effects can also be felt in the real estate sector.
(PF with dpa material)
