In Denmark the banking rules have changed to allow negative rates for accounts with a surplus of $100,000 or more. Previously negative rates could only apply to account with more than $1million.

The change will effectively see the banks charging people to hold their money. The countries of Europe are watching with interest, ready to learn from Denmark’s experience.

“So far, it’s just been a lot of theories about what will happen, but now we get a chance to see it in real life,” said Jan Storup Nielsen, a senior analyst at Nordea,. “For the rest of Europe and the ECB this is perfect, because they can let Denmark learn all the consequences and then see what they should decide.”

Low interest rates have seen householders borrow more money, but they have also been saving a lot as well. Low interest rates are often accompanied by inflation, however this has not been seen in Europe. Thus allowing householders to gain from the low rates; without  the usual pain.

Read More: Yahoo Finance