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Deutsche Bank abolishes custodian fees in October

The second phase is scheduled for October

“If the deposit rate is brought to zero or positive in a second step, we will no longer charge a custodian fee in the retail banking sector,” the Deutsche Bank spokesperson said. “The ECB’s second step is scheduled for September, so Deutsche Bank and Postbank should completely waive the custodian fee for their retail clients in October.”

Since mid-May 2020, Deutsche Bank has been charging so-called custody fees in its business with private clients. Clients currently have to pay negative interest of € 50,000 on current and investment accounts and € 25,000 for overnight money. It’s the same with Postbank, which belongs to the Deutsche Bank group.

ING will abolish negative interest rates in July

Commerzbank does not yet specify when it will reduce custody fees for clients with large deposits. The bank is awaiting the ECB’s next decisions, a spokesman for the Frankfurt institution said Monday when asked. Commerzbank chief Manfred Knof said in mid-May: “If the ECB reacts, then we can and will react quickly.”

According to the comparison portal Verivox, at least 451 of the approximately 1,300 banks assessed in Germany currently apply negative interest rates to private customers (as of June 8, 2022). The Biallo Internet portal even has 582 banks and savings banks that collect negative interest from private customers (as of 9 June 2022).

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