is added to the improvement in liability management with the rise in interest rates with a double movement: on the one hand, it raises the remuneration of its ‘Orange Account’ to 0.3% and, on the other, it will stop charging the custody with which it penalized the high balances in deposits.
The orange bank adopted in for deposits of more than 30,000 euros without linkage after the collection began months before in Germany seeking to compensate for the losses caused by having to guard the liquidity of its clients since the ECB then applied a surcharge of 0, 40% to the bank for funds left at your teller window.
At that time, the entity estimated that the measure would affect only 4% of its clients, but
ING thus became one of the few banks to penalize high balances of retail customers -it charged a commission of 0.3% per year for balances over 100,000 euros- and Caixa d’Enginyers, although all or most passed on the costs to institutional clients and large unrelated corporations.
The ECB’s decision to stop penalizing bank liquidity in July already led to the and retail.
With ING, which precisely based its development strategy on offering products without commissions and remunerating savings, surcharges on deposits would be eliminated.
At the same time that this surcharge was imposed, it also lowered the remuneration of the ‘Orange Account’, to 0.01% for clients with recurring income and suppressed it for the rest. Now the remuneration rises to 0.30% APR for all, coinciding with movements of different entities to reward savings in the new scenario of rising rates.
“In this way, the entity remains true to its DNA, based on simplicity and transparency, and advances in its strategy so that more and more people trust ING to be their bank,” the bank explained.
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