And we might already be feeling the pain of negative rates. As Marc Westlake, managing director of Global Wealth, sees it, retail banks have not yet been charging negative rates “explicitly”. But of course customers can still be hit in other ways such as bank fees.
“A bank is not a charity, it will find ways to recoup its costs,” he says. “Banks are brilliant at presenting things like it doesn’t feel like it hurts, so we don’t notice it.”
State Savings are the clear front runner for savings
“If you have €1 million in cash, we need to have a conversation about it.”
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