The head of private banking at Deutsche Bank thinks that deposit rates will go up again.
Lars Stoy, the head of private banking at Deutsche Bank (ETR:DBKGn), told the Frankfurter Allgemeine Zeitung on Thursday that he thinks deposit interest rates will go up even more now that the European Central Bank is raising rates.
“We started raising our customers’ deposit rates at Deutsche Bank a few weeks ago,” the newspaper quoted him as saying. “But I think there will be more steps taken next year, both for the Deutsche Bank brand and for Postbank.”
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Stoy told the newspaper that there will be more competition between banks for deposits. “We are already planning campaigns to get people to put money in.”
After a big rate hike in July, the ECB raised its deposit rate to 0.75% from 0% last month. This is the highest level since 2011, and more changes are planned for the next few meetings.
