ABN AMRO Set to Discontinue Moneyou Feature Activities in the Netherlands & Germany

ABN AMRO announced on Wednesday plans to discontinue Moneyou activities in the Netherlands and Germany, with the exception of the Moneyou mortgage activities.

According to ABN AMRO, Moneyou started in 2001 as an 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.

“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.”

ABN AMRO reported that 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. In the meantime,  Moneyou will continue to be fully operational for all of its clients. For current mortgage clients,  everything will remain the same according to the bank: the Moneyou mortgage label will continue as part of ABN AMRO Hypotheken Groep.

Yesterday, ABN AMRO reported a net loss of EUR 5 million for Q2 2020. The loss was said to have been driven by impairments along with “good operational performance.” Net interest income is suffering due to very low interest rates.

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