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A Danish bank is launching a 0.6% negative interest rate on its savings accounts for millionaires

August 21, 2019

Jyske Bank, one of the largest lenders in Denmark, has announced that it will start charging wealthy clients to store their money, just weeks after introducing the first ever negative interest rate mortgage for customers.

The bank said on Tuesday that any customer with deposits of more than 7.5 million Danish krone ($1.1 million) will receive an interest rate of negative 0.6% to store their money.

This means that every year the balance in the account will decline. With the minimum deposit of 7.5 million krone, that equates to a loss of around 44,000 krone, or $6,600.

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