ABN Amro is to wind down its Moneyou online savings business as continued low interest rates dampen client demand.
Moneyou started in 2001 as ABN Amro’s online mortgage label, followed by online savings accounts in 2008. At the moment, Moneyou has a total of around 500,000 clients in the Netherlands and Germany, mostly with savings accounts and mortgage loans.
In a statement, the bank says: "Interest rates have been at a low level for an extensive period and it is expected that this will not change in the near future. On the one hand, this prevents Moneyou from differentiating itself in the market. On the other hand, the bank as a whole has a liquidity surplus. Against this background, ABN Amro has decided to discontinue these activities."
Current Moneyou clients will be informed about the consequences on an individual basis from October. It is expected that Moneyou will be fully wound down in 2021.
For current mortgage clients, nothing changes: the Moneyou mortgage label will continue as part of ABN Amro Hypotheken Groep.