Rabobank drops savings interest below one percent

Piggy Bank (Picture: Wikimedia Commons/401(K) 2012)Piggy Bank (Picture: Wikimedia Commons/401(K) 2012)

Rabobank is lowering its savings interest rates to 0.9 percent next week. With this Rabobank is the first large Dutch bank to drop its savings interest below 1 percent, De Telegraaf reports.

Banks have been lowering savings interest rates for several years due to the low interest rates in Europe. Comparison site Spaarrente.nl expects that the other big banks will also bring their savings interests under 1 percent in the next few weeks.