ABN Amro raising savings account interest rate slightly along with ING, Rabobank

ABN Amro has announced that it will increase the savings account interest rate as of 1 December. From then on, a rate of 0.25 percent will apply to private savings accounts up to and including 1 million euros, instead of 0 percent. According to the bank’s CEO, Robert Swaak, this step means that "we are returning to more normal waters.”

ING will apply the same interest rate from 1 December for savings balances of up to 10,000 euros from all private customers of the bank, it was announced Monday morning. The interest on a savings account with a balance between 10,000 and 100,000 euros will become 0.15 percent, just like on accounts with a balance between 100,000 and 1 million euros.

A 0 percent interest rate will remain in place on on savings accounts with over a million euros.

Last week, Rabobank, one of the country’s other major banks, announced a similar rate hike. Banks are raising the interest rates they offer as central banks raise interest rates in their battle against high inflation.