German savers with over €500k will have 'negative interest rates' - Pay 0.25% per annum to save

10/30/2014 - 00:00

  By <a href="">Wolf Richter</a> -<br><br>Deutsche Skatbank, a division of VR-Bank Altenburger Land, which was founded in 1859, is not the biggest bank in Germany, but it’s the first bank to confirm what German savers have been dreading for a while: the wrath of Draghi.<br><br>Retail and business customers with over €500,000 on deposit as of November 1 will earn a “negative interest rate” of 0.25%. In less euphemistic terms, they have to pay 0.25% per annum to the bank for the privilege of handing the bank their hard-earned money or their business cash.<br><br><a href="">READ MORE ON WOLF STREET</a>