Savings
accounts

There are lots of different savings accounts in the Netherlands. To deposit your money for shorter or longer periods of time and the harder you can access it the higher the interest rate.

Savings accounts in the Netherlands: everything you need to know

There are numerous savings accounts available in the Netherlands. The choice depends on your savings goals, how long you want to keep your money and how much risk you want to take. In this article, we discuss different facets of savings accounts so you can make the best choice for your situation.

The different types of savings accounts

  • Freely withdrawable savings account
    This is the most common savings account. You can deposit and withdraw money into it at any time. The interest rate is usually low, but you have the flexibility to use your money whenever you want.
  • Savings deposit:
    Here you put a fixed amount of money for a certain period of time. You can't access your money during that period. The interest rate is usually higher than on a freely withdrawable savings account.
  • Term deposit:
    This is a savings deposit with a fixed term and a fixed interest rate. You cannot access your money during that period. The interest rate is usually higher than on a savings deposit.
  • Savings mortgage:
    With a savings mortgage, you save money to finance the repayment of your mortgage. The interest rate is usually lower than on a savings account, but you do enjoy tax advantages.
  • Children's savings account:
    This is a savings account specifically for children. The interest rate is usually higher than in a regular savings account.

Interest rates

Interest rates on savings accounts are currently very low. The European Central Bank (ECB) has a negative interest rate, which means that banks have to pay money to deposit money with the ECB. This depresses savings rates.

Factors affecting interest rates:

  • The level of ECB interest rates.
  • Competition among banks.
  • The risks taken by the bank.
  • The term of the savings account.

Tips for choosing the best savings account

  • Compare interest rates: Compare the interest rates of different banks before opening a savings account.
  • Pay attention to terms and conditions: Read the terms and conditions of the savings account carefully. Note the interest rate, term, withdrawal options and fees.
  • Determine your savings goal: How much money do you want to save and for how long? This will determine which savings account is best suited.
  • Consider your risk profile: How much risk are you willing to take with your savings? Choose a savings account that fits your risk profile.

Savings Guarantee

Dutch savings are guaranteed up to €100,000 per person per bank by the deposit guarantee. This means you get your money back if the bank goes bankrupt.

Future of savings accounts

The future of savings accounts is uncertain. Low interest rates are likely to persist for some time. It is possible that in the future banks will offer other savings products with higher returns, but also with more risk.

Savings accounts

There are lots of different savings accounts in the Netherlands. To deposit your money for shorter or longer periods of time and the harder you can access it the higher the interest rate.

Savings accounts in the Netherlands: everything you need to know

There are numerous savings accounts available in the Netherlands. The choice depends on your savings goals, how long you want to keep your money and how much risk you want to take. In this article, we discuss different facets of savings accounts so you can make the best choice for your situation.

The different types of savings accounts

  • Freely withdrawable savings account
    This is the most common savings account. You can deposit and withdraw money into it at any time. The interest rate is usually low, but you have the flexibility to use your money whenever you want.
  • Savings deposit:
    Here you put a fixed amount of money for a certain period of time. You can't access your money during that period. The interest rate is usually higher than on a freely withdrawable savings account.
  • Term deposit:
    This is a savings deposit with a fixed term and a fixed interest rate. You cannot access your money during that period. The interest rate is usually higher than on a savings deposit.
  • Savings mortgage:
    With a savings mortgage, you save money to finance the repayment of your mortgage. The interest rate is usually lower than on a savings account, but you do enjoy tax advantages.
  • Children's savings account:
    This is a savings account specifically for children. The interest rate is usually higher than in a regular savings account.

Interest rates

Interest rates on savings accounts are currently very low. The European Central Bank (ECB) has a negative interest rate, which means that banks have to pay money to deposit money with the ECB. This depresses savings rates.

Factors affecting interest rates:

  • The level of ECB interest rates.
  • Competition among banks.
  • The risks taken by the bank.
  • The term of the savings account.

Tips for choosing the best savings account

  • Compare interest rates: Compare the interest rates of different banks before opening a savings account.
  • Pay attention to terms and conditions: Read the terms and conditions of the savings account carefully. Note the interest rate, term, withdrawal options and fees.
  • Determine your savings goal: How much money do you want to save and for how long? This will determine which savings account is best suited.
  • Consider your risk profile: How much risk are you willing to take with your savings? Choose a savings account that fits your risk profile.

Savings Guarantee

Dutch savings are guaranteed up to €100,000 per person per bank by the deposit guarantee. This means you get your money back if the bank goes bankrupt.

Future of savings accounts

The future of savings accounts is uncertain. Low interest rates are likely to persist for some time. It is possible that in the future banks will offer other savings products with higher returns, but also with more risk.

Wondering what we can do for you?

With about sixty colleagues in two locations, we are never far away. All advisors are trained as financial planners and understand better than anyone how important it is to see assets in the bigger picture.

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