The number of German banks charging negative interest rates has been rising rapidly. At least 41 banks now charge negative interest rates on deposits. According to reports, seven of them are imposing negative interest rates even for small deposit amounts.

Also read: Survey: 58% of German Banks Charge Negative Interest Rates

41 Banks Charging Negative Interest Rates

A growing number of banks in Germany are passing on the burden of negative interest rates to their customers as the European Central Bank (ECB) insists on keeping its negative rate policy intact. German consumer product comparison portal Verivox has examined the policies of over 800 local banks and found that 41 of them have posted negative interest rate policies on their websites.

The number of banks charging negative interest rates now almost doubles the number in November last year, when reported that 21 banks fell into this category. Verivox Managing Director Oliver Maier commented:

The impact of the wave of negative interest rates has increased…

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