SNS, ASN Bank and RegioBank will also charge negative interest rates on current, savings and investment accounts from 1 March 2021.

On the part of the balance that exceeds 250,000 euros, both private and business customers pay a negative interest of 0.5 percent per year, de Volksbank reports Tuesday.

The negative interest does not apply to youth and youth accounts, reports the bank, which is owned by the State.

For other customers of SNS, ASN and Regiobank, the savings interest rate for amounts up to EUR 250,000 will remain 0.01 percent for the time being.

The bank does emphasize that interest rates are variable and can be adjusted.

De Volksbank is not the first bank to charge negative interest rates.

ABN AMRO was the first major bank to make such an announcement.

Last year, the bank announced that it would reduce the interest on savings to 2.5 million euros to 0 percent and charge interest above that.

Banks such as ING and Rabobank followed suit.

The amount from which negative interest is charged differs per bank.

The border is also regularly adjusted.

At ABN AMRO, for example, the threshold has been lowered to 500,000 euros.