After years of Dutch banks offering little to no interest on savings accounts, the past couple of months have seen a number of major banks announce increased interest rates for customers. Here’s everything we know so far. 

Why are Dutch banks suddenly increasing interest rates?

Interest rates in the Netherlands have been set at 0 percent for several years now, but after the European Central Bank (ECB) announced higher interest rates earlier this year, Dutch banks have been encouraged to make a change, finally announcing interest rates of above 0 percent for savings accounts. 

As of November 2, in an attempt to combat the high inflation rates seen across Europe – the Netherlands recently recorded an inflation rate of 14,3 percent – the ECB raised its interest rate on the main refinancing operations, the interest rates on the marginal lending facility and the deposit facility by 0,75 percentage points, to 2, 2,25 and 1,5 percent respectively. 

Which banks in the Netherlands are offering interest on savings?

So far, a number of the major banks in the Netherlands have announced changes to their interest rates. These include:

  • ABN AMRO 
  • Rabobank
  • ING
  • SNS 
  • ASN Bank
  • RegioBank

The rules vary depending on your bank, but the new rates will come into effect in December 2022. 

What are the new interest rates at my bank?

Wondering whether or not these new rates will apply to your bank account? This is what we know so far about the increased interest rates.

Interest rates at Rabobank, ABN AMRO and ING

Rabobank was the first to announce that it would be raising interest rates before the end of the year. From December 1, a variable interest rate of 0,25 percent will apply to all savings and investment accounts, significantly higher than the rate of 0,01 the bank currently offers for accounts of up to 100.000 euros. If you have a so-called RegenboogRekening – an account parents can set up for their child – the rate will increase to 0,35 percent.

ABN AMRO and ING were quick to follow in Rabobank’s footsteps, raising their interest rates from 0 percent to 0,25 percent. At ABN AMRO, interest will be available for accounts of up to 1 million euros, whereas at ING it will only apply to accounts of up to 10.000 euros. Above this amount, the interest rate will be set at 0,15 percent for accounts of between 10.000 and 1 million euros, and 0 percent for accounts over 1 million euros.

Interest rates at SNS, ASN and RegioBank 

The latest news sees three other, smaller Dutch banks – SNS, ASN Bank and RegioBank – also confirm positive interest rates for customers. From next month, RegioBank and SNS will both be offering customers interest rates of 0,25 percent for accounts of up 25.000 euros. At ASN Bank, an interest rate of 0,2 percent will apply to accounts of up to the same amount.

Larger savings accounts will benefit from slightly lower interest rates (0,15 percent for accounts between 25.000 and 50.000 euros, and 0 percent for accounts above 50.000 euros). All three banks currently have interest rates of either 0 or 0,1 percent.

International banks still offer the biggest interest rates

While Dutch banks have not only abolished their negative interest rates but are finally offering customers positive interest rates on savings accounts, RTL Nieuws reports that interest rates at international banks are still higher – although at this point the differences are minimal. 

“You will certainly not get rich, with a maximum of 85 euros per year [available] for 10.000 euros in savings,” the Dutch news site writes. Out of all the Dutch banks, LeasePlan Bank appears to offer the highest rates (0,5 percent). 

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