11 December 2023, by Emily Proctor
Dutch households are increasingly choosing to place their savings in foreign banks with higher interest rates, according to new figures from the European Central Bank (ECB) and De Nederlandsche Bank (DNB).
Low interest rates at home are sending Dutch savings elsewhere
According to the figures, at the end of September 2023 Dutch households had more than 10,5 billion euros in bank accounts in other Eurozone countries, which is nearly double the 5,6 billion euros previously held abroad just two years ago. This means that 1,8 percent of Dutch households’ savings are being held by banks outside of the Netherlands.
Dutch savers have often historically moved money into neighbouring countries where the interest rates offered by local banks are higher such as Belgium, or Germany, but in recent years there has been a shift towards European economies with even higher interest rates such as Spain, Estonia, Italy and Greece.
The Dutch have the 7th highest bank balances in the Eurozone
In total, the figures show that Dutch residents have 577,2 billion euros in banks in the Netherlands and abroad. That places the country in seventh place in the Eurozone in terms of average bank balance per inhabitant.
Out of the 577 billion euro total, approximately 460 billion euros are held in savings, while the rest are kept in current accounts.
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