Negative interest

Applicability of negative interest explained

From 1 January 2022, you pay negative interest if the balance of all of your current and savings accounts totals more than €100,000. Read on to find out how this works.

Clients with account balances of more than 100,000 euros will pay 0.25% less negative interest from 1 August 2022. The interest rate will go from -0.5% to -0.25%. On 1 October, ABN AMRO will further raise the interest for these clients by another 0.25%, to 0%, provided the ECB raises the deposit rate in September, as announced on Thursday, 9 June 2022.

 

Balance classes and negative interest

Balance classes explained

The terms and conditions make it possible for us to use balance class(es) and, as a result, apply an interest rate for each balance class(es). The total balance on all your different current and savings accounts is used to determine your balance class(es). Joint accounts are included partially in the calculation. From 1 January 2022, you pay negative interest if the balance of all of your current and savings accounts totals more than €100,000. You pay negative interest on the part above €100,000.

Your current balance classes

We will determine which balance classes you fall under by adding up the balances on all of your current and savings accounts. Joint accounts are included partially in the calculation. Do you have a joint account with your partner, for instance? Then the balance of this account is included for 50%. The following balance classes apply from 1 January 2022:

Balance class (total balance on current and savings accounts)* Interest rate*
€0 to €100,000 0%
From €100,000 -0.50%

*Balance classes and interest rates are subject to change.

Do you invest with us?

Because you invest with us, you will temporarily receive a compensation of a part of the negative interest. This compensation is deducted from the negative interest you have to pay. 

More about this compensation arrangement

Calculating your total balance and interest

Let’s say you have €50,000 in a current account in your own name and €60,000 in the joint savings account you share with your partner. Of the balance on the joint savings account, 50% is included in the calculation of your total balance. In this example, you have a total balance of €80,000 (€50,000 + €30,000). This puts you in the first balance class*, meaning you don’t need to pay negative interest. 

*Balance class €0 to €100,000.

Balance class Your balance in the balance class Interest rate Daily interest
€0 to €100,000 €80,000 0% €0
From €100,000 €0 -0.50% €0

Let’s say you have two savings accounts in your own name, each with a balance of €100,000. You also have a joint savings account with your partner and the balance on that account is €350,000. Of the balance on the joint savings account, 50% is included in the calculation of your total balance. In this example, you have a total balance of €375,000 (€100,000 + €100,000 + €175,000). Your total balance falls under both balance classes*.

*Balance class €0 to €100,000 and balance category from €100,000.

Balance class Your balance in the balance class Interest rate Daily interest
€0 to €100,000 €100,000 0% €0
From €100,000 €275,000 -0.50% € -3.77*

*-0.50% of €275,000 is €-1,375 on an annual basis. €-1,375 / 365** days is €-3.77 interest on a daily basis.

**Leap years are calculated on the basis of 366 days.

More information about when negative interest applies and 'balance classes'

The following current and savings accounts are used to determine the balance classes: 

Current accounts 

All personal current accounts and ABN AMRO MeesPierson current accounts. An exception to this are the accounts in a foreign currency. We charge negative interest on balances in a foreign currency with a negative reference rate. In that case, you will pay this interest on your entire positive balance. Reference rates are set daily or monthly. More information such as current interest rates and conditions can be found at abnamro.nl/foreigncurrencyaccount.

From 1 July 2021, you pay negative interest on the Rechtbankrekening (estate account). The calculation of negative interest on the Rechtbankrekening deviates from how we calculate the negative interest on the other current and savings accounts. Read the Q&A 'How is negative interest on Rechtbankrekeningen (estate accounts) calculated?' below to find out how this works.

Savings accounts 

  • Vermogens Spaarrekening 
  • Vermogens Arrangement Spaarrekening 
  • Direct Sparen 
  • Direct Kwartaal Sparen*
  • KinderToekomst Spaarrekening 
  • KinderBonus Sparen 
  • Royaalrekening 
  • Beleggers Spaarrekening 
  • Private Banking Spaarrekening 
  • Charitas Spaarrekening 
  • Private Banking Spaarrekening Zakelijk 
  • Ondernemers Oriëntatierekening 
  • Private Banking Beleggersrekening 
  • Beleggers Liquiditeiten Rekening 

If you also have business current and/or savings accounts in your own name, visit the webpage about negative interest for commercial clients to find out whether they are also included in the calculation of your total balance. Business current and/or savings accounts in your company’s name are not included in the calculation of your total balance in your own name.

*In January 2022 Direct Quarterly Savings will change to a different savings account. Read more about this change.

Joint accounts are included partly in the calculation of your total balance. Do you have a joint account with your partner, for instance? Then the balance of this account is included for 50%. Do you have a joint account with 2 additional account holders? In that case, 33 1/3% of the balance is included in the calculation of your total balance.

These exceptions are not fixed and could be changed in the future.

  • Spaardeposito's 
  • Termijndeposito's 
  • Fiscale spaarproducten 
  • Vermogensbeheerrekening 

The calculation of negative interest on the Rechtbankrekening (estate account) deviates from how we calculate the negative interest on the other current and savings accounts. The negative interest is calculated per account as every Rechtbankrekening (estate account) is regarded as a personal bankruptcy or debt restructuring (Wsnp). Per account the threshold above you will pay negative interest of € 100,000 applies. You pay negative interest per month. We always charge the interest in the following month.

Let's say you have 4 Rechtbankrekeningen (estate accounts):

Account Balance Interest rate Daily interest*
1 € 80,000 0% € 0
2 € 120,000 0.5% over €20,000 (€120,000 -/- €100,000) € 0.27
3 € 320,000 0.5% over €220,000 (€320,000 -/- €100,000) € 3.01
4 € 60,000 0% € 0

*Leap years are calculated on the basis of 366 days.

If you and your company are separately registered with us, we will treat you and your company as separate clients and your balance tiers will be calculated separately.

Business current and/or savings accounts in your company’s name are not included in the calculation of your total balance in your own name. In this case, we will calculate the total balance of accounts in your own name and accounts in your company's name separately.

You can find the balance of your ABN AMRO current and savings accounts in the Mobile Banking app or in Internet Banking. There you can also view and download your account statements.

If you're not using our online banking services, you can find the balance of your accounts on your paper account statements.

If you have paid negative interest in the past year, you may not see this fully reflected in the financial annual overview. For an overview of paid negative interest, please refer to your interest notes.

Do you receive any of your current or saving account statements digitally? Then you will also receive the Invoice negative interest in Internet Banking. This makes it easier for you to save an invoice in your records or forward it to your accountant. You will receive a Bankmail whenever a new Invoice negative interest is available for you.

Do you receive all your current or saving account statements on paper? You will receive the Invoice negative interest by post, a couple of days before the negative interest is due. If you use Internet Banking, you can also find your invoices online.

If you only have joint accounts, you may not be able to view and download the Invoice negative interest in Internet Banking. This is why you will receive the Invoice negative interest by post as well. We are trying to solve this issue as soon as possible.

How can I find my Invoice negative interest?

  • Log in to Internet Banking
  • Go to ‘Self service’ > ‘Download statements’
  • Select ''Download other statements’ and follow the steps shown in this screen
  • Select in the drop down menu 'Overview type' the ‘Invoice negative interest’

In this overview you will find all invoices you have received.

You can find the Invoice negative interest via the Mobile Banking app by going to ‘Self service’ > ‘Download account statements’. Select in the drop down menu ‘Overview type’ the ‘Invoice negative interest’. 

Can I set a preference in the way I receive my invoices?

Unfortunately it is not possible at this moment to set a preference in the way you receive your Invoice negative interest. We are trying our best to make this available as soon as possible. We will inform you once you are able to set this preference, e.g. from paper to digital, yourself.

  • You pay negative interest per calendar quarter, i.e.: 
    • quarter 1: January, February, March 
    • quarter 2: April, May, June 
    • quarter 3: July, August, September 
    • quarter 4: October, November, December
  • We always charge the interest in the month following a calendar quarter. So the interest for quarter 1 is charged in April, for example. We do this in the second half of the month.
  • If you have a Rechtbankrekening (estate account), you pay negative interest per month. We always charge the interest in the following month.
  • We will debit the total amount of negative interest from one of your accounts once per quarter. 
  • Here is how we determine which account to debit the negative interest from: 
    • First, we look at whether you have a current and/or savings account in your own name. 
      • If you do, we will debit the negative interest from an account in your own name. If you have more than one account in your own name, we always use a current account first. If you don’t have a current account, we will debit the negative interest from a savings account. 
      • If you don’t, we will debit the negative interest from a joint account. In this case too, we will initially try to debit the negative interest from a current account. If you don’t have a current account, we will debit the negative interest from a savings account. 
  • If you have to pay negative interest for a quarter, you will receive an interest invoice several days before the negative interest is debited. This invoice will be sent digitally if you use Internet Banking. The interest invoice shows how much negative interest you need to pay and how we calculated it. It will also specify the account number that the negative interest will be debited from.