If your savings are sitting in a traditional Dutch bank account right now, there’s a very good chance your money is working harder for your bank than it is for you.
Dutch banks have long offered savings rates that make your euro do little more than exist. But one digital bank is currently doing things very differently — and new customers stand to benefit.
Trade Republic, Europe’s largest savings platform, is currently offering new customers in the Netherlands 3% interest per year on their cash.
It’s paid out monthly, there’s no cap on how much you can deposit, and you can withdraw whenever you like.
How does 3% compare to other banks in the Netherlands?
To put that number in context, it helps to look at what else is on the market right now.
Research commissioned by Trade Republic and conducted by Ipsos I&O found that 59% of Dutch savers are unhappy with the interest offered by their banks, with interest in Dutch savings accounts sitting at just around 1.25%.
Among digital banks, the picture is better — but still well short of 3%.
If we look at the current best savings accounts in the Netherlands, the closest competitors currently on offer are Scalable Capital at a variable 2.5%, and Raisin at 2.85% for the first three months only.
To put things into perspective: if you save €10,000 in an ordinary Dutch savings account at around 1.25% interest, you’ll earn €125 in 12 months. At Trade Republic’s 3%, you’d earn €300 in the same period. Open an account now.
What makes Trade Republic’s offer different?
The rate is the headline, but there’s more going on under the hood.
Trade Republic offers a free current account with a Dutch IBAN, meaning you can send money to anyone, add or withdraw funds from other banks instantly, and earn interest on your cash at the same time.
For internationals who’ve just arrived and are still navigating how to open a Dutch bank account, having a single app that handles spending, saving, and investing is a meaningful simplification.
Other features worth knowing about:
- 1% Saveback — every card payment puts 1% back into your savings or investment plan
- No ATM fees on withdrawals over €100
- No foreign transaction fees — handy if you regularly send money internationally
- Free savings plans for stocks and ETFs, starting from €1
How does the interest actually work?
Trade Republic passes the European Central Bank’s deposit rate directly to its customers, rather than pocketing the difference the way most traditional banks do.
The 3% rate for new customers sits above the current ECB deposit rate of 2.25% and is being treated by Trade Republic as a promotional offer for new sign-ups.
The interest is paid monthly, directly into your cash balance. There’s no minimum deposit, no fixed term, and no cap on the amount that earns interest.
It’s worth noting that, as with all variable-rate accounts, the rate can change — particularly as the ECB adjusts its own rates.
Trade Republic is currently offering new customers in the Netherlands 3% interest per year on cash, paid monthly, and with no fixed term. Open a free account with a Dutch IBAN and start earning from day one.
Is Trade Republic safe?
This is the question every expat rightly asks before moving their money somewhere new.
Any amount under €100,000 per account holder per bank is protected by the EU deposit guarantee scheme, regardless of what happens to the bank holding your money.
And with 200,000 customers in the Netherlands alone, Trade Republic has established itself as one of the leading savings platforms in the country.
Trade Republic works particularly well for internationals in the Netherlands who want to consolidate their financial life into one place without paying fees or sacrificing interest.
If a high interest rate is your priority, Trade Republic’s current offer is hard to beat.
Are you currently using a digital bank for your savings in the Netherlands, or are you still with a traditional bank? Let us know in the comments.