{"id":10942,"date":"2020-05-23T06:13:04","date_gmt":"2020-05-23T06:13:04","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=10942"},"modified":"2020-05-23T06:13:05","modified_gmt":"2020-05-23T06:13:05","slug":"news-commentary-1066-100-european-banks-charge-negative-interest-rates","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=10942","title":{"rendered":"News Commentary #1,066 – 100 European Banks Charge \u201cNegative\u201d Interest Rates"},"content":{"rendered":"\n

They Pay You to Borrow and Charge You to Save!<\/strong><\/p>\n\n\n\n

As sort of a follow-up to the article we reprinted in News Commentary #1,063<\/em>, here\u2019s a very interesting article by Kevin Helms that appeared in Bitcoin dot com.<\/em>\u00a0 If you haven\u2019t yet read News Commentary #1,063<\/em>, I highly recommend that you read it before reading this.\u00a0 The idea of \u201cnegative\u201d interest rates is a very thought-provoking topic.\u00a0 It isn\u2019t only a theoretical imaginary topic either as the following article points out.\u00a0 Apparently, over 100 banks in Germany have adopted this procedure in an effort to counter recessionary tendencies and to encourage spending.\u00a0 Read the article below to find out more\u2026<\/p>\n\n\n\n

Germany Enters Recession as Over 100 Banks Charge Negative Interest Rates<\/strong><\/p>

Germany has plunged into a recession with the worst quarterly contraction since the global financial and economic crisis of 2008, according to official data. Over 100 banks in the country are now charging customers negative interest rates.<\/p>

Germany Enters Recession<\/p>

The German economy is now in a recession according to data released Friday by the country\u2019s Federal Statistical Office, Statistisches Bundesamt. The authority announced:<\/p>

The corona pandemic hits the German economy hard \u2026 [Q1\u2019s contraction] was the largest decrease since the global financial and economic crisis of 2008\/2009 and the second-largest decrease since German unification.<\/em><\/strong><\/p>

\u201cA larger quarter-on-quarter decline was recorded only for the 1st quarter of 2009 (-4.7%),\u201d Statistisches Bundesamt confirmed. The Federal Statistical Office reports to the Federal Ministry of the Interior. Europe\u2019s biggest economy shrank 2.2% in the first three months of the year. The eurozone economy fell by its\u00a0sharpest rate on record\u00a0at 3.8% in the first quarter.<\/p>

The figures for the final three months of 2019 were revised to show a contraction of 0.1%, which means Germany\u2019s GDP growth has been negative for two successive quarters, the technical definition of a recession.<\/p>

Economists, including those at Deutsche Bank, expect a worse slump in the second quarter as the full effects of the lockdown become apparent. Chancellor Angela Merkel has warned that if the coronavirus\u2019 transmission rate worsens, Germany could return to the lockdown measures.<\/p>

Over 100 Banks Charging Negative Interest Rates<\/p>

Throughout the recession and the covid-19 crisis, the number of banks charging negative interest rates in Germany has been climbing rapidly. In April, news.Bitcoin.com reported that\u00a080 banks\u00a0were passing on the burden of negative interest rates to some of their customers. At the time of this writing, that number has grown to more than 100 banks.<\/p>

Examples of banks charging negative interest rates in Germany. News.Bitcoin.com has provided an expanded list of banks charging negative rates in the country\u00a0here. Source: Verivox<\/p>

The German consumer comparison portal Verivox has examined about 800 banks in Germany and found that well over 100 banks are now charging negative interest rates. The portal divides them into three categories.<\/p>

Among banks charging negative interest rates, 94 of them have published their rates online or on their account price sheets. Ten more banks are charging fees on overnight deposit accounts which are usually free, therefore creating de facto negative interest rates on these accounts. In addition, the consumer portal noted that based on media reports, 22 other banks are charging negative interest rates but they have yet to publish their rates online. Moreover, each bank has its own rules of what accounts are charged negative interest rates.<\/p><\/blockquote>\n\n\n

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They Pay You to Borrow and Charge You to Save! As sort of a follow-up to the article we reprinted in News Commentary #1,063, here\u2019s a very interesting article by Kevin Helms that appeared in … News Commentary #1,066 – 100 European Banks Charge \u201cNegative\u201d Interest Rates<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":9422,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[3544,3546,4218,4221,4213,4220,4211,4219],"class_list":["post-10942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-bitcoin-news","tag-bitcoin-update","tag-borrowing-money","tag-btc-vs-economy","tag-european-banks","tag-germany","tag-negative-interest-rates","tag-saving-money","exalt-entry"],"yoast_head":"\nNews Commentary #1,066 - 100 European Banks Charge \u201cNegative\u201d Interest Rates - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=10942\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #1,066 - 100 European Banks Charge \u201cNegative\u201d Interest Rates - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"They Pay You to Borrow and Charge You to Save! 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