Negative interest looming: Triodos lowers savings interest to 0.1 pct

Triodos Bank halved the savings interests for its normal internet savings account from 0.2 percent to 0.1 percent. And with that the Netherlands is one step closer to a negative savings interest rate, ANP reports. Triodos has the lowest savings rate of banks in the Netherlands. This has been true for some time. But other providers also dropped their savings interest in the past time. The low savings interest is connected to the European Central Bank's policy. The bank keeps interest rates on the capital market low in an effort to boost economic growth in Europe. The savings interest rate is now below 1 percent at all banks in the Netherlands. The highest savings rate available is 0.8 percent, according to a comparison by spaarrente.nl. The three large banks in the country is at 0.3 percent. A negative savings interest is looming. Soon savers may have to pay to put money in their bank account.