SEB introduces negative interest rates

7/4/2016 9:15 AM
Category: Business

Businesses with more than a million euros in SEB accounts will likely have to start paying the bank 0.4% interest a year.

SEB told daily Postimees last week that the negative interest rates wouldn’t enter into effect automatically yet, but that companies had until Aug. 14 to decide whether or not they wanted to stay and pay, or terminate their contracts with the bank.

Of clients that didn’t respond the bank would assume that they agreed with the new terms, SEB announced on its website.

Swedbank and Danske Bank introduced negative interest rates for other banks on Jul. 1. Vice president of the Bank of Estonia, Madis Müller, said that SEB’s decision to introduce such interest rates for its business clients was questionable, and pointed out that so far most banks hadn’t considered them.

Editor: Dario Cavegn

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