Savings accounts in the Netherlands

If you are looking for a savings account in the Netherlands, you’ll be glad to know that there’s a wide variety of accounts to choose from. This guide lists and compares a range of savings accounts in the Netherlands, to help you pick the best one for yourself.

How do savings accounts work in the Netherlands?

Savings accounts act as wealth-growing tools to help you store and grow your cash. However, interest rates in the Netherlands tend to run low. Considering an inflation rate of over 1% and Netherland’s wealth tax rates range from 0,5367% to 1,584%, it may be difficult to find a Netherlands bank account offering strong savings returns. Nevertheless, savings accounts in the Netherlands offer you a space to store your cash and help you budget towards long-term financial goals.

How do interest rates work on Dutch savings accounts?

• The rate you receive. Interest rates in the Netherlands tend to fall below 1% and the major banks tend to offer 0% rates. You will typically find rates between 0.05-0.15% with the highest rates around 0.2%.
• Variable or fixed. All interest rates in the Netherlands are variable.
• Negative rates. Some banks offer negative rates for higher balances. For example, you may receive a rate of -0.05% for balances over €2,500,000.
• Higher rates for longer periods. Some Dutch savings accounts offer higher interest rates for quarterly savings accounts. So, if you hold your balance in the account for the whole quarter, you will receive a higher rate. This rate is made up of a base interest rate and a bonus interest rate.

What types of savings accounts are there in the Netherlands?

There are two types of savings accounts available in the Netherlands: standard savings accounts and time deposit accounts.

Compare digital banks accounts with a linked savings account

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Name	Product	Mobile View Digital Banks EN	Monthly fee	Card delivery	Mobile payments	Supported currencies
bunq Easy Bank Personal		Monthly fee € 2.99 Card delivery Up to 10 working days Mobile payments Supported currencies 19	€ 2.99	Up to 10 working days	Apple Pay, Google Pay, Fitbit Pay, iDEAL	19	Benefit from zero FX fees, bill splitting facility, and a wide range of advance payment features with this low-cost digital account.	Go to site More Info		loading Fetching your data...
bunq Easy Money Personal		Monthly fee € 8.99 Card delivery Up to 10 working days Mobile payments Supported currencies 19	€ 8.99	Up to 10 working days	Apple Pay, Google Pay, Fitbit Pay, iDEAL	19	A card linked to up to 25 individual IBAN accounts. Earn interest on all money in your account and benefit from competitive rates and fees.	Go to site More Info		loading Fetching your data...
bunq Easy Green Personal		Monthly fee € 17.99 Card delivery Up to 10 working days Mobile payments Supported currencies 19	€ 17.99	Up to 10 working days	Apple Pay, Google Pay, Fitbit Pay, iDEAL	19	An account with an exclusive stainless steel card. Help the environment – a tree will be planted for every € 100 you spend.	Go to site More Info		loading Fetching your data...

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How do I compare savings accounts in the Netherlands?

Savings accounts are simple to understand and even easier to compare. Here are a few factors to take into account when choosing your next savings account.

• Interest rate. You should be keenly aware of the interest rate paid out to your savings account, as you’ll know exactly how quickly your savings could grow. Understand whether it’s a monthly or yearly payout, or if the interest rate involved is fixed or flexible.
• Deposit terms. The next thing you need to consider is the nature of your savings goal. If you are saving for a longer-term objective, a deposit term account could work. However, if the money is for an emergency fund or day-to-day usage, this would be a poor choice due to its fixed deposit term period.
• Online or mobile access. For some, the ability to check your finances on the go can be pretty important, especially for a flexible savings account. Having a mobile app to do so can be especially handy, so make sure to check if such a feature is available with your chosen savings account.
• Minimum deposit. Some deposit term accounts do require a minimum investment amount, also known as a minimum deposit. Consider if you can afford to allocate money towards covering this deposit and take note of any fall-below fees involved.

Savings accounts vs inflation

Inflation is an economic phenomenon whereby the worth of your money diminishes each year. For example, what you may purchase now with €10,000 is probably more than what you may purchase with the same amount of money in 50 years. Storing your money in a savings account could, therefore, help your counter inflation if the interest rate offered by your provider is higher than the rate of inflation.

How do I set up a savings strategy?

Growing your wealth goes beyond opening a savings account. You should take the time to create a savings strategy to help you save more and achieve your personal financial goals. Here are some tips to help you set up a savings plan.

• Use the 80/20 rule. According to the 80/20 rule, you should save 20% of your income each month. This rule is a helpful guide for you to budget well and save money consistently.
• Create an emergency fund. Emergencies could really eat away at your precious savings. Additionally, savings stored in deposit term or fixed-term accounts may not be used for sudden emergency expenditure. To avoid such difficulties, create a separate emergency fund that sits in an easily accessible savings account.
• Automate your monthly savings. Saving regularly sounds easier than it actually is. With so much on your mind, you could easily forget to save money consistently. As such, you should seek a savings account that offers automated savings features. For example, you may automate your salary-receiving bank account to transfer 20% of its contents to your long-term savings account once a month.
• Know your financial goals. What’s the point of saving money if you’re not quite sure what you’re saving for? Be clear of your financial goals — from short-term goals like buying a house to long-term goals like saving for your child’s university fund.

Are savings taxed in the Netherlands?

The Netherlands imposes a taxed 30% on the assumed profits or lump sum profits, this means that even if you make 0 profit, a wealth tax will still be charged. An exemption on the first €30,360 for individuals and €60,720 for fiscal partners applies. However, you may be entitled to tax refunds, depending on your financial situation. Do clarify with your provider bank or consult a personal financial advisor for a better understanding of your specific tax requirements.

What is the DGS?

The Deposit Guarantee Scheme, or DGS, guarantees your savings deposit up to €100,000. Simply put, they offer protection in the Netherlands for the safety of your savings account. The DGS covers plenty of savings accounts in the Netherlands, from flexible savings accounts to term deposits. Do take note that some savings accounts available in the Netherlands may be covered by a foreign country’s Guarantee Scheme as the bank itself may be headquartered overseas.

How do I open a savings account in the Netherlands?

Opening a savings account in the Netherlands is quick and easy. You may open an account by visiting your physical bank branch, or starting an application online.

Eligibility requirements

The eligibility requirements for opening a savings account will differ across banks and account types. For example, student accounts may require you to be enrolled full-time in a Netherlands-based university. However, in general, most savings accounts in the Netherlands are open to both citizens and expatriates living in the Netherlands.

Documents needed

You will need to provide essential documents when signing up for a new savings account. In general, you may need to have the following items on hand.

• Identification documents such as your Dutch Identity Card, BSN or residence permit
• Proof of address including utility bills or rental contracts
• Evidence of income including employment contracts or payslips

Frequently asked questions about Netherlands savings accounts

• What is the minimum age for savings accounts in the Netherlands?

  Savings accounts may usually be opened by individuals aged 18 and above. Children savings accounts in the Netherlands are available, as long as parents sign up on behalf of their child.

• What is a digital savings account?

  There are plenty of digital current accounts available in the Netherlands, from providers like N26 and Revolut. These accounts come from banks that do not have a physical branch. However, only a handful of digital banks offer savings accounts in the Netherlands with interest payments. One of which you may wish to consider is bunq.

• Can I share my savings account?

  Yes, there are plenty of savings accounts in the Netherlands which offer joint-account functionality. Give your provider a call and see which options may be available to you.

• Can expatriates open savings accounts in the Netherlands?

  Yes, there are savings accounts available for expatriates in the Netherlands. This differs across providers and bank account types, so be sure to check before opening a savings account. In general, local banks might be more strict with expatriates looking to open savings accounts. Digital banks, on the other hand, tend to offer more convenient and accessible applications.