If you save, interest is calculated. The interest rate can be both positive and negative as well as exactly 0. With a positive percentage you receive interest on the balance on your savings account, with a negative percentage you pay interest on the balance. At ING you can choose between savings accounts with a fixed interest rate or with a variable interest rate. That means the following choice: do you want to secure your savings for a longer period or do you always want to have straight away over your money? In general, the longer you lock down your savings, the higher the interest rate. But how do you make a wise choice? In the table below you can see the differences between the two types of savings:
| Variable interest | Fixed interest |
|---|---|
|
|
In the case of a savings account with a variable interest rate, ING can change the savings rate at any time. The amount of the variable savings rate is determined by, among other things:
Some of the savings that the bank manages are again loaned out in the market in the form of, for example, mortgages and loans to companies. The bank lends part of this money for a longer period because this usually yields a higher interest rate. This is done at fees based on capital market interest rates.* But to ensure that our customers can always withdraw their savings, we do not lend all the savings for a longer period. We lend part of it briefly against fees based on money market interest rates.**
* The capital market is the supply and demand of credit with a term of more than one year.
** The money market is the supply and demand of credit with a term of less than 1 year.
How much savings we lend for a short period and how much for longer periods depends on the amount of savings our customers withdraw.
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