Leipzig – Busy savers may soon be asked to pay at Leipziger Sparkasse. A spokesman for the bank said on Friday that anyone who has more than 50,000 euros in their personal current account or overnight money account will have to pay a so-called custody fee.

So the affected people will have to pay 0.5 per cent on the amount over and above the tax exemption. Anyone with about 55,000 euros in their account would have to pay 25 euros a year in so-called negative interest. According to the spokesperson, about two percent of existing customers with personal accounts are affected by the regulation. So far, negative interest rates have mainly affected new customers.

The regulation takes effect from the moment the exemption is exceeded – provided that the relevant framework agreement has already expired. According to Sparkasse Leipzig, the settlement will be sent in September. In addition, they want to make the customers aware of the custody charges when they come to the branch. If a Framework Agreement is not signed, the Bank may terminate the customer relationship as a last resort.

“The aim is to avoid debiting the custody charges for the customers concerned,” a bank spokesperson said. So they want to “give in-depth advice” and show them “reappointment options”. The decision was taken in view of comparable regulations by other companies and the low interest rate policy of the European Central Bank (ECB). “Our deposits grow by about 100 million euros every month. This costs us at the European Central Bank.”

Other savings banks also have negative interest rates. For example, they apply to Ostächsische Sparkasse Dresden – but only to new customers. According to the information, the tax exemption is 25,000 Euro. Sparksey Chemnitz also has a comparable regulation.