ING gives in to negative interest rates … Commissions arrive at the ‘bank without commissions’

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The Dutch bank ING gives up and finalizes changes in its commercial policy to introduce service commissions to its star product: Orange Account. Until now, the financial group remained one of the few entities that did not charge their clients a commission for the custody of their savings without requiring any type of condition or link.

As of April, things will change: the group will charge 10 euros per month to those clients who do not have their payroll paid directly to the bank and have balances in excess of 30,000 euros.

The change will only penalize those users who use the bank as a piggy bank for their savings. According to its calculations, 171,000 of the almost 4 million accounts it has operating in Spain.

These clients have become a financial burden for the group in the current negative interest rate scenario. It involves more than 5.1 billion euros The custody of which costs the ING itself money in a scenario of much stagnant savings and little demand for financing.

Sources close to the group explain that most of its clients will not suffer the change, either because they have direct debit payroll or because their savings are below the limit of 30,000 euros.

It is not the first time that the Dutch entity has had to adapt its product to market conditions. Just two years ago the account offered a 5% remuneration during the first year due to the deposit of savings.

ING is the latest bank to join the race to tighten fees applied by the country’s large banks to try to mitigate the effect that negative interest rates are having on its income statement. In any case, this group will only require a link, while other entities require additional linkages such as the contracting of other products such as credit cards or funds.

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