16 February 2023, by Victoria Séveno
Rabobank, ING and ABN Amro have confirmed that they’ll be doubling their interest rates on savings, from 0,25 to 0,5 percent.
Banks in the Netherlands finally offering interest on savings
After years of Dutch banks offering little to no interest on savings accounts, last autumn saw all the major banks confirm that interest rates would finally be rising above zero. While the interest rates remained fairly low and differed depending on the bank, it marked a significant step in the right direction for those with savings accounts in the Netherlands.
Now, three major Dutch banks – Rabobank, ING and ABN Amro – have announced further increases in 2023, all doubling their interest rates from 0,25 to 0,5 percent over the coming weeks.
While this news has been welcomed by customers, profit figures released by banks over the past several weeks have revealed that banks – not customers – have been the ones benefitting from the higher interest rates. Rabobank saw its profits increase by 10 percent between 2021 and 2022, while ABN Amro and ING booked increases of 4 and 5 percent respectively.
Higher interest rates at ING, Rabobank and ABN Amro in 2023
At Rabobank, the first bank to announce the change, the higher rates come into effect on February 16. All savings accounts – regardless of their size – will see interest rates rise to 0,5 percent as of Thursday.
Customers at ABN Amro will have to wait a little longer; the higher rates will be coming into effect on March 1. From next month, an interest rate of 0,5 percent will apply to direct savings, wealth savings, and child savings accounts of up to 1 million euros, as well as business flexible savings accounts of up to 5 million euros.
Meanwhile, over at ING, customers with savings accounts of up to 10.000 euros will see their interest rates double to 0,5 percent. from March 1. Those with between 10.000 and 100.000 euros in savings will see their interest rates rise from 0,15 percent to 0,4 percent. The interest rate on accounts of over 100.000 euros will remain at 0 percent.
Thumb: Bjoern Wylezich via Shutterstock.com.