We have introduced positive interest rates Since 1 October 2022, we have removed negative interest rates and introduced positive rates on selected personal customer account types. Read more
Terms until 1 October 2022
On 1 August 2022, we change the variable interest rate on personal customer deposits from minus 0.70% p.a. to minus 0.20% p.a. This means that, as a personal customer, you will pay less interest on deposits in your accounts.
The variable interest rate on cash deposits related to pension schemes will change to minus 0.19% p.a. for amounts exceeding DKK 100,000.
The variable interest rate on deposits denominated in euros will change to 0.00% p.a.
We are making the change as a consequence, among other things, of the Danish central bank’s rate hike on 21 July 2022.
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
If you pay negative interest, the full interest amount for all of your deposit accounts is charged to one of the accounts.
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. However, 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 and sales, and accounts holding compensation amounts that are protected from creditor claims.
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.
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.
The following pension savings are not subject to negative interest rates:
Pension funds invested in assets held in custody accounts
Pension accounts linked to Puljeinvest, Danske Porteføljepleje Pension or Merchant Formuepleje
Do you need advice about your options?
You are always welcome to write to us via Danske Mobile Banking or Danske eBanking, to call us or to book a meeting with us.
If you have Danske Mobile Banking or eBanking, it is easy to check whether you have to pay negative interest and how much.
How to check negative interest
In Danske Mobile Banking, tap the blue circle with the three dots in your account overview and tap Negative interest.
In Danske eBanking:
Click the arrow to the right of the account to which negative interest is charged
Click View account terms
Scroll down to Interest
Negative interest on pension accounts is accessible only through Danske eBanking.
When we determine the interest rate, we do so on the basis of a number of factors, for example the general interest rate level, the interest rate level of the Danish central bank, market trends and commercial considerations.
It is these factors, together with the continuing existence of negative rates, that we have taken into consideration in connection with our decision to now lift interest rates by 0.5 of a percentage point.
Overall, we have a strong value proposition for our customers, but we of course closely track trends in interest rates and the competitive situation.
Economists generally expect more normal interest rate levels to return in the coming period, and with expectations of further rate hikes in the near future, it looks likely that we as a society will soon be able to put negative interest rates behind us.
If you have your NemKonto account with us, you will pay negative interest if your total deposits exceed DKK 100,000 – and only on the amount that exceeds the threshold.
If the deposits in your accounts do not total more than DKK 100,000, you will not pay negative interest.
If you do not have your NemKonto with us, your total cash deposits with us are subject to negative interest.
If you have your NemKonto account with us, negative interest is charged if your total cash deposits exceed the DKK 100,000 threshold – but only on the amount exceeding the threshold. Interest is calculated on a daily basis on deposits in accounts subject to negative interest, and the full amount of interest is charged to a single account. Negative interest is not charged if your total cash deposits are below the threshold.
If you do not have your NemKonto account with us, your total cash deposits with us are subject to negative interest.
If you have a pension account with a cash balance with us, you must pay negative interest if the balance in the pension account exceeds DKK 100,000. The interest amount is charged separately to each individual pension account.
If you are to pay negative interest, the interest amount is charged at the end of each quarter – that is, at the end of March, June, September and December.
Yes, you receive an interest statement. You receive an aggregated interest statement for all of your accounts – with the exception of pension accounts for which you get an interest statement for each individual account.
Yes, negative interest is tax-deductible, and we report negative interest amounts to the Danish tax authorities on your behalf. Negative interest amounts paid are stated as an interest expense in your tax assessment notice. We also report interest amounts on your behalf if you pay negative interest on cash deposits in a pension account. In respect of pension accounts, negative interest amounts are included in the calculation of your tax on pension returns.
You are welcome to open additional accounts, but the threshold is not increased as it applies across your accounts. This means that a single threshold applies, whether you have one or ten accounts, for example. If your NemKonto account is with us, a threshold of DKK 100,000 applies. If you do not have your NemKonto account with us, your total cash deposits are subject to negative interest.
For pension accounts, the situation is different. For such accounts, a separate threshold of DKK 100,000 applies to each account. This means that, if you have several pension accounts, you may hold up to DKK 100,000 in each account without paying negative interest. However, you cannot generally open more than one of each type of pension account.
If you hold accounts jointly with others, cash deposits in these jointly-held accounts are distributed equally between you and the other account holders, and your share of the funds is then included in your total cash deposits with us.
If, for example, you hold an account jointly 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.
If you have a jointly-held account subject to negative interest, we always report negative interest amounts for you personally on the basis of your individual basis of calculation. This also applies if negative interest is charged to the jointly-held account.
See “How is negative interest calculated?” for more information about how negative interest is calculated for jointly-held accounts.
At skat.dk, you can see the amounts reported.
If you withdraw your money to store it, for example, in your home, please note that there is a certain risk associated with that. If a fire breaks out in your home or you are burgled, you run the risk that your insurance will not cover cash and you therefore lose your savings.
If you have to pay negative interest, it may be a good idea to discuss your options with us. What the best option is for you depends on your individual situation and needs. We will be happy to advise you about your options. Write to us via Danske Mobile Banking or Danske eBanking, call us or book a meeting with us:
We will be happy to advise you about alternatives to cash deposits. What the best option is for you depends on your individual situation and needs. We will be happy to advise you about your options – write to us via Danske Mobile Banking or Danske eBanking, call us or book a meeting with us:
As regards 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
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.
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