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Rabobank raises savings rate for second time after high inflation

Rabobank is raising interest rates on savings balances for the second time in a short time. As of Aug. 15, most savers will receive interest on their outstanding balances between the current 1.25% and 1.5%. Rabobank is therefore targeting the highest savings rate among the three major Dutch banks.

Customers investing their savings on a fixed basis for up to one year will benefit from an interest rate hike two weeks early. If you leave your savings unattended for a long period of time, you can receive higher interest rates.

For example, market interest rates, the rates at which banks lend money to each other, have risen sharply recently due to central bank actions to combat high inflation. Rabobank’s new savings rate hike is a response to this, a bank spokesman said.

The savings rate will always follow the market rate with some lag, the spokesperson said. This is because banks often invest savers’ money in long-term products such as mortgages, and interest rates on these products were very low until about two years ago.

Earlier this month, Rabobank’s interest rate was also raised from 1% to 1.25%. ABN AMRO recently announced that in August it will raise the interest rate on all deposits up to €1 million to 1.25%, a quarter of a percentage point higher. ING also announced a rate hike by the middle of next month. All his ING retail customers will receive 1.25% interest on savings balances of up to €10,000. Beyond that, ING’s interest rate will be 1.15% on his balances up to €1 million.

These three major banks manage about 80% of all Dutch savings accounts, but they don’t offer their customers the best interest rates. Relatively new online bank Bunq is trying to lure customers with a 2.46% interest rate. Other banks also offer significantly higher interest rates. Open Bank, a subsidiary of Santander in Spain, hopes to attract savers with a 3% interest rate for the first six months.

https://nltimes.nl/2023/07/22/rabobank-raises-savings-rates-second-time-response-high-inflation Rabobank raises savings rate for second time after high inflation

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