Banks in Germany Tell Customers to Take Deposits Elsewhere
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More customers are having to pay negative rates as savings have surged amid the pandemic
published :
3 Mar 2021 at 04:00
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Commerzbank, one of Germany's biggest lenders, has told customers since last year to pay a 0.5% annual rate to keep large sums of money with it. (Photo: Bloomberg)
Interest rates have been negative in Europe for years. But it took the flood of savings unleashed in the pandemic for banks finally to charge depositors in earnest.
Germany's biggest lenders, Deutsche Bank AG and Commerzbank AG, have told new customers since last year to pay a 0.5% annual rate to keep large sums of money with them.