February 6, 2020 / 3:54 PM / 11 days ago

In reversal, ING in Germany to charge for previously free accounts

FRANKFURT (Reuters) - ING Deutschland, the online-only German division of the Dutch bank ING Groep (INGA.AS), will start charging fees for some of its accounts, as it feels the bite from ultra-low interest rates, the company announced on Thursday.

The new policy is a change in strategy from the zero-fees offering that had lured millions of German savers from competitors like Deutsche Bank (DBKGn.DE) and Commerzbank (CBKG.DE), catapulting it to the No. 3 retail bank in Germany.

ING Deutschland said it would begin charging 4.90 euros a month for checking accounts with monthly inflows of less than 700 euros.

The parent bank ING Groep earlier on Thursday reported a fourth-quarter pre-tax profit of 1.34 billion euros, slightly below analysts’ estimates as regulatory costs rose.

Reporting by Hans Seidenstuecker; writing by Tom Sims; editing by Thomas Seythal

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