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The Covid-19 pandemic has caused economies around the world to struggle. As with the global financial crisis of 2008-09, many central banks have once again cut interest rates close to zero, or just below, to negative interest rates.
In the UK, the Bank of England cut its rate to a record low of 0.1% in March 2020, and recently the Monetary Policy Committee (MPC) voted to maintain the bank rate at 0.1%.
Source: BBC Business News: https://www.bbc.co.uk/news/business-59160991
The European Central Bank, the Bank of Japan and others have already reduced interest rates to be negative.
Source: European Central Bank: https://www.ecb.europa.eu/press/pr/stats/mfi/html/ecb.mir2012~1ba3aebbfb.en.html
As a result of the negative interest rate in the eurozone, we have introduced an annual fee of 1% to hold large amounts (over 50,000.00) of euros in your fidomoney account. This came into effect in October 2021.
We’ve introduced this fee because the negative interest rate in the eurozone means it costs us money to hold euros for our customers.
Please note that this only applies to accounts holding euros, and over €50,000. Accounts with other currencies and smaller amounts won’t have to pay the annual fee.
If you have any questions about this, please get in touch. You can contact your account manager on +44 (0) 20 8039 4347, or by email at: [email protected]