Deutsche Bank’s head of private banking, Lars Stoy, expects deposit interest rates to increase further after the European Central Bank turns to raise rates, the Frankfurter Allgemeine Zeitung quoted the executive as saying on Thursday.
“A few weeks ago, we at Deutsche Bank began to raise the deposit rates for our customers,” the newspaper cited him as saying. “But I assume that further steps will follow next year, for the Deutsche Bank brand as well as Postbank.”
Competition among banks for deposits will increase again, Stoy told the newspaper. “We are already thinking about deposit campaigns.”
Following a significant rate increase in July, the ECB last month increased its deposit rate to 0.75% from zero, the highest level since2011. Additional rate increases are expected at upcoming meetings.
