Using an online experiment, we investigate intertemporal preferences to infer people’s willingness to accept negative interest rates (NIRs) on their savings. We find some tolerance of NIRs, i.e., of people being willing to hold money in the bank rather than spend it, thereby accepting less savings at some future time. This tolerance strongly depends on the amount of savings, time horizon, actual savings behavior, and anchoring. Specifically, the higher the amount, the lower is the tolerance of NIRs, consistent with a reverse magnitude effect. Moreover, as the time horizon increases, the tolerance of NIRs decreases. Regular savers are more likely to tolerate NIRs than nonregular savers, which is consistent with status quo bias, higher familiarity with savings deposits, or a future-oriented mindset. We also find a higher tolerance of NIRs on savings when participants are anchored towards NIRs, i.e., when participants are first presented with NIRs and then with positive interest rates (PIRs).

我们使用在线实验调查跨期偏好，以推断人们接受储蓄负利率 (NIR) 的意愿。我们发现NIR具有一定的容忍度，即人们愿意将钱存入银行而不是花钱，从而在以后的某个时间接受较少的储蓄。这种容忍度很大程度上取决于储蓄量、时间范围、实际储蓄行为和锚定。具体而言，数量越高，NIR 的耐受性越低，与反向一致量级效应。此外，随着时间范围的增加，NIR 的容忍度会降低。定期储蓄者比非定期储蓄者更可能容忍 NIR，这与现状偏见、对储蓄存款的更熟悉或面向未来的心态一致。我们还发现，当参与者以 NIR 为基础时，即当参与者首先看到 NIR 然后看到正利率 (PIR) 时，NIR 对储蓄的容忍度更高。