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In Denmark, Danske Bank changed the interest-deducting amounts it uses for individuals and company accounts

In Denmark, Danske Bank changed the interest-deducting amounts it uses for individuals and company accounts

May 03, 2021 16:23
Paolo Reyna

Danske Bank decreases the minimum deposit from DKK 250,000 to DKK 100,000 and promotes a negative interest margin for businesses from -0.75 p percent to -1. Businesses who engage in less debt-financed growth will be paid the lowest percentage of P.A.A.F.I.A.L. On July 1, 2021, the new rules will go into effect.

Due to the interest rate levels remaining low but rising slowly, Danske Bank will change deposit interest terms for personal and business customers on 1 July 2021.

As of 1 July 2021, consumer deposits that are less than €100,000 are no longer subject to charges.

Prices have been strong for a long time now, and this will not change. Furthermore, we see a growing deposit surplus, which means rising costs for the bank. It's apparent that this won't work for us in the long run, and therefore we have cut interest rates on deposits. As a result of 1 July in 2021, we're happy to include information about alternatives to deposits to consumers, Mark Wraa-Hansen, Personal Customers' CEO, has agreed.

Replacement of self-defined change: Improvement

Having a NemKonto account with Danske Bank offers personal users flexibility The interest rate would be DKK 100,000 and applied on the basis of the amount of all consumer deposits. Deposits in joint-bearing accounts, regardless of the amount, are included in DKK 100,000 The interest rate on deposits will remain at its current level of 0.6% percent and this will mean that the amount of interest paid will remain zero.

In the upcoming weeks, negative interest will be levied on personal bank accounts under Danish Krone (DKK) 50,000, but positive interest on deposits above DKK 50,000.

the negative interest rate would not apply to a number of account forms Creditor- and asset-protection accounts will continue to be separate from the ordinary checking accounts that contain interest.

At 1 July 2021, regular prices for businesses will be increasing around the board It is expected that from 1 July 2021 that the business interest rate will fall from 0.60 percent to - 0.75 percent to 0.00 percent and the savings rate from 0.00 percent to 1.00 percent. Small companies will pay a flat rate of -0.75 percent, while all industry clients will pay a higher percentage.

It's going to take some time before business consumers start to see any changes in their interest rates and we expect long-term low rates to persist and high bank balances for a long time to come." In order to keep our company healthy and sustainable, we need to make sure our deposits are still brought in money. Company consumers will be paying less for their creative endeavors because of the outbreak of the corona disease, another reality that complicates the interest-rate distribution. Of course, we are willing to provide assistance and guidance on non-cash transactions, Niels Bang-Hansen, Head of Business Denmark said.

Danske Bank will be in touch with all of its clients.

Paolo Reyna | Paolo is a senior at the University of Illinois at Urbana-Champaign, majoring in International Studies with a Latin American emphasis. During the fall semester of 2012, he had the opportunity to study abroad in Peru, which piqued his interest in international growth. He learned about the disparities that impact indigenous peoples, got a taste of Peruvian culture, and improved his Spanish skills. Mitchel interned with the Chicago Council on Global Affairs, conducting research on food security in Latin America, after being inspired by his foreign experience. He wants to work in international development and for a government department, writing legislation. He loves playing intramural basketball and practicing for the Chicago marathon when he is not thinking about current events in Latin America.


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