Negative interest rates for
personal customers

As general interest rates continue to be negative, we charge negative interest rate on deposits.

From 1 March 2022, pension accounts with a cash balance of more than DKK 100,000 will be subject to negative interest rates – see “Negative interest on pension accounts” below. The interest conditions for pension accounts differ from those for other types of account.

Threshold for salary accounts, savings accounts and budget accounts, for example

Thresholds for payment of negative interest:

  • DKK 100,000 if you have your NemKonto account with us
  • DKK 0 if you do not have your NemKonto account with us

The interest rate is -0.70% and is variable. If you pay negative interest, the full interest amount for all of your deposit accounts is charged to one of the accounts. This generally applies to accounts in which you have cash deposits – for example salary accounts, savings accounts and budget accounts.

If you hold accounts jointly with others, your share of the funds is included in your total cash deposits with us. If, for example, you hold an account with your partner, in which an amount of DKK 100,000 is deposited, half of that amount counts towards your threshold, and half counts towards your partner’s threshold.

Note that different interest conditions apply to pension accounts – read more below.

Negative interest on pension accounts

From 1 March 2022, you must pay negative interest on pension accounts with us with cash deposits exceeding DKK 100,000. So you will pay negative interest if you hold more than DKK 100,000 in cash in a pension account. The threshold applies for each pension account and does not depend on whether you have your NemKonto with us.

This is how we calculate interest on pension accounts

For cash deposits exceeding DKK 100,000, the interest rate will be -0.69% p.a., while for deposits of less than DKK 100,000, the interest rate will continue to be 0.01% p.a. The interest rates are variable.

For pension accounts, negative interest amounts are charged separately to each account, and the money does not count towards the threshold for the charging of negative interest on your other accounts.

Which pension accounts are subject to negative interest rates?

From 1 March 2022, you must pay negative interest on all pension accounts with us with cash deposits exceeding DKK 100,000 – also cash deposits in the form of returns on assets in custody accounts. Pension funds invested in assets held in custody accounts and pension accounts linked to Puljeinvest, Danske Porteføljepleje Pension or Merchant Formuepleje are not subeject to negative interest rate.

Do you need advice about your options?

If you pay negative interest, it may be a good idea for you to discuss your options with us. You are welcome to write to us via Danske Mobile Banking or Danske eBanking, to call us or to book a meeting with us.

Book a meeting

 

Which accounts are subject to negative interest rates?

Generally, accounts in which you as a customer can deposit funds are subject to negative interest rates. Certain types of accounts are exempted from negative interest rates. This applies to a number of accounts for children, such as Pondus accounts, child savings accounts and Min Konto accounts, as well as special accounts used for home purchases or sales, and accounts holding compensation amounts that are protected from creditor claims.

Accounts - negative interest       Accounts – exempted

See examples of how we calculate negative interest

Do you have a bank home loan?

Regarding home loan accounts, only the part of the account balance that exceeds the loan amount counts towards the threshold for payment of negative interest. The deposit rate that applies to the home loan account is not changed. This applies to

  • Danske Prioritet or Danske Prioritet Plus loan accounts
  • Danske Boliglån Plus loan accounts
  • Danske Andelsboliglån Plus loan accounts

Have you received a compensation amount that is protected from creditor claims?

If you have received compensation for disability or loss of provider and the compensation has been kept in a separate account, you do not pay negative interest on that amount. This applies retrospectively from 1 January 2021.

Read more

Questions & Answers