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Danske Bank Lowers Negative Rate Threshold, Denmark’s Business Minister Says 'Enough is Enough'

On April 26, 2021, the Danish multinational banking and financial services corporation Danske Bank published a press release explaining that the institution has changed the threshold for personal customers and standard interest rates for business customers in Denmark. The Bank plans to lower the threshold for charging negative interest on deposits from DKK 100,000 to DKK 250,000 ($16k to $40k USD).

Denmark Savers Will Feel the Brunt of Negative Rates This Summer

A number of large financial institutions in Europe have been embracing negative interest rates. News recently reported on ECB President Christine Lagarde’s opinion of the situation and how she defended negative interest rates. Lagarde noted that it might bother savers, but people need to put the global economy ahead of savers. Moreover, the Bank of England (BoE) wants British banks and building societies in the region to have negative bank rate solutions ready by August 2021.

At the end of April, following financial institutions like ING, Barclays, and a number of Swiss banks, the Danish financial services corporation, Danske Bank, introduced negative rates for certain deposit sizes. In fact, Denmark was the first country to introduce negative rates on a large scale back in 2012.

With the new terms, Dankse Bank deposits from DKK (Danish crowns) 100,000 to DKK 250,000 ($16k to $40k USD) will fall into the category of negative rates.

Danske Bank Lowers Negative Rate Threshold, Denmark’s Business Minister Says 'Enough is Enough'
The picture above is the rates for Dankse Bank business customers. For personal customers, the threshold for the charging of negative interest will be “DKK 100,000 and will be calculated on the basis of the aggregate amount of deposits in all of the customer’s accounts. Any share of deposits in jointly held accounts is included in the DKK 100,000 threshold.

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currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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