Four out of five consumers withdraw their savings from the bank when the interest rate becomes negative. This is according to a study by the Consumers’ Association. What would you do in such a case?
There are no banks in the Netherlands with a negative savings interest rate. However, there are already two banks – Van Lanschot and Triodos – that no longer give their savers interest. The Consumers’ Association therefore asked 7,000 panel members what they would do if the interest on savings at their bank falls below 0%.
Only 16 percent of the panel members indicated that they would do nothing if interest rates were negative and would simply leave the money in the bank. More than a quarter indicated that they would switch to a bank that still offers interest if interest rates were negative. One in five, on the other hand, said not to take the money to another bank, but to keep it at home. More than one in ten wants to invest in savings and the rest will use the money to pay off their mortgage or other loans.
What do you do if the interest rate becomes negative?
Do you leave your money in the bank, do you look for another bank or do you keep your money at home? Or do you prefer to use it to invest or to repay loans? Let us know.
Also read what it means for you if the interest rate becomes negative.
Statement: if the interest rate becomes negative, I will withdraw my money from the bank
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