Taking a gamble with negative interest rates

Having money in the bank isn’t what is used to be. The ECB’s negative interest rates are filtering through the system, with one German bank now charging its customers to store their cash.

If you have never heard of Germany’s Skatbank, a direct bank based in the small Thuringian town of Altenburg, you are certainly not alone in your ignorance.

Until last weekend, hardly anyone knew much about the bank, which must be the only financial institution in the world named after a card game (Skat, Germany’s most popular card game, was invented in Altenburg two centuries ago).

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