• Tweeter

  • republish

Screenshot of Volksbank Raiffeisenbank Fürstenfeldbruck website. This bank levies a rate of -0.5% from a credit of 0.01 euro on every day savings account (Tagesgeldkonto) opened since October 1, says his website. www.vrbank-ffb.de/privatkunden.html

A negative interest rate from the first penny of savings. The Volksbank Raiffeisenbank is the first German bank to tax all deposits. Current accounts are not affected by this measure.

This is a first in Germany. A Bavarian cooperative bank, the Volksbank Raiffeisenbank in the city of Fürstenfeldbruck, near Munich, will charge 0.5% of all new sight savings accounts opened since 1 October.

This negative interest rate means that customers will pay to put their money. In other words, if a customer deposits 1,000 euros, the bank will credit him only nine hundred ninety-five (995) euros.

►A read: Banks are increasingly using negative interest rates

About one in four banks in Germany billed negative personal rates in September based on a certain amount of savings. Until now, this measure only applied to the most affluent clients with savings of more than 100,000 euros.

At the beginning of November, the limit of 100,000 euros had been crossed for the first time when the Volksbank Magdeburg introduced a negative interest rate from savings of 75,000 euros.

A phenomenon that is explained by the decrease in the rent of money. After the crisis of 2008 , the ECB, like the other central banks, has massively lowered its rate, to revive the credit.

► Read: ECB supports growth and announces further interest rate cuts