Thus, fintech is one of the first banks to react to the expected change in interest rates by the European Central Bank – thus returning to its original streak.
Bank of Berlin for N26 smartphones no longer wants to charge negative interest. From July, deposits over €50,000 will also be exempted from a 0.5 percent custody fee. The company announced this on Wednesday. The Handelsblatt newspaper first reported.
The company responds According to their own statements to the expected shift in interest rates by the European Central Bank (ECB). Last month, after eleven years of zero interest rate policy, it announced its intention to raise its key rate again in July – initially by just 0.25 percent. With that said, the European Central Bank announced a stronger increase for September if inflation continues.
N26 is one of the first banks to respond to the ECB’s announcements, thus returning to its original streak. Fintech filed for custody fees in November 2020 – although CEO Valentin Stalf did so in August 2019 He promised via TwitterThat there will be no negative interest rates at N26 in the future either. Since then, new clients have had to pay a 0.5% custody fee on deposits of €50,000 or more. The only exceptions were private and business customers with a paid account at the “you” or “metal” level.
The bank has now carefully noted the potential effects of higher interest rates and wants to pass the benefits to customers as quickly as possible, the bank said, according to “Handelsblatt.” However, she did not want to limit the number of customers who have recently been affected by negative interest rates.