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ABN Amro and ING are among the largest banks in the Netherlands by assets, alongside Rabobank and SNS bank. But how do they differ in terms of account types and benefits?
In this guide, we’ll analyse each of the banks’ account offerings up close to help you make a well-considered choice.
Not all bank accounts are made equal. While most people tend to assume that bank accounts are “all the same”, it’s simply not true. Bank accounts often have significant differences ranging from features to fees, so it’s important to pick the one that serves your banking needs.
For example, if you wish to have a joint account with your partner and need an extra bank card, make sure to find one that offers this option. If you travel frequently, you’d want to look at bank accounts with low foreign exchange fees. Make sure to brief yourself on the different account types to make an informed choice before committing to one.
ABN Amro
ABN Amro is a bank that is committed to helping create a better world through sustainability. It’s the first bank in the world to offer wearables that enable retail customers to make payments in higher amounts at point-of-sale using a PIN.
It offers a selection of individual, joint and fee-free junior accounts, but do note that these accounts are non-interest bearing at the moment. Also, bear in mind that being in the red would incur hefty fees at ABN Amro.
ING
ING is a socially engaged financial institution that offers free bank accounts for students, children (up to 12 years old) and teens (up to 18 years old). Additionally, you can also customise your own debit card with a range of unique designs at a small fee.
However, ING charges relatively high fees for overdrafts and overseas cash withdrawals. But if these are not much of a concern for you, ING can be an ideal choice.
| Features | ABN Amro | ING |
|---|---|---|
| Fees |
|
|
| Joint account option | Yes. Choice of one or two debit cards, with a monthly fee of € 1.70 and € 3.35 respectively | Yes, from € 1.10 extra per month (including an extra debit card) |
| ATM withdrawals | Free withdrawals from ATMs within the Netherlands – up to € 10,000 daily | Free withdrawals from ATMs within the Netherlands – up to € 10,000 daily |
| Contactless payments |
|
|
| Card options |
|
|
| Credit card |
A Gold card costs € 3.60 per month with a purchase guarantee of 365 days. |
A platinum card costs € 52.20 p.a. with a purchase guarantee of 365 days and a spending limit of up to € 20,000. A student credit card costs € 13.80 p.a. with a spending limit of up to € 1,000 |
| Overdraft |
Note: All interest rates are variable and may be subject to change |
Note: All interest rates are variable and may be subject to change |
| Overseas payment and withdrawal fees | Debit card
Credit card
| Debit card
Credit card
|
| Customer support |
|
|
| Interest rates |
|
|
| Depositing cash notes |
|
|
| Security | iDEAL transactions require authorisation from the mobile banking app, which is only accessible with your unique login details. | iDEAL transactions require authorisation from the mobile banking app, which is only accessible with a five-digit PIN code. |
| Savings interest | 0.0% | Up to 0.01% on your savings account |
| Card delivery | Within 3 working days | Within 3 working days |
| Regulations | ABN Amro is licensed in the Netherlands and regulated by the Dutch Central Bank. | ING is licensed in the Netherlands and regulated by the Dutch Central Bank. |
| Other services |
|
|
| Extras | The ABN Amro mobile banking app may be synced with the GRIP cash book app, providing a complete overview of your income and expenditure. | You may personalise your debit card with a photo or your own design. |
| In-depth review | Learn more about ABN Amro | Learn more about ING |
Take a look at how these two banks stack up against each other in different areas:
ING’s Orange Savings account has no monthly fees, but ABN Amro charge € 1.95 per month for their basic account. If you’re looking to open a joint account or apply for an extra debit card, ING is also slightly cheaper. However, this difference is negligible and does not warrant a need to switch.
ING also stands out for being a more affordable banking option for students. Students can open an account at ING for free and apply for a student credit card with a € 1,000 spending limit.
If your bank account tends to be in the red, then ABN Amro is a better choice. The amount that you can be overdrawn at this bank is also higher than at ING and at a more advantageous interest rate. Students, on the other hand, receive a better interest rate at ING.
Both ING and ABN Amro will require you to pay negative interest for balances above €100,000 as of 1st January 2022.
Both banks offer multiple insurance policies and other services, so you’d have a single point of contact for all these financial matters. ABN Amro offers a handy mobile app, which provides a clear overview of your expenses. At ING, you’d have the option to personalise your own debit card.
When it comes to choosing a Dutch bank, both ING and ABN Amro are good choices – with their fair share of differences and similarities. In short:
Since there’s no ‘best’ account and neither bank is better than the other, it all depends on your banking needs and personal goals. Switching bank accounts may also be a hassle, so make sure you’re clear on what to look for and compare all account options before applying.
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