Dutch households are placing more and more of their money in savings accounts outside the Netherlands, with no less than €15 billion in savings held within banks in the Eurozone.
In fact, according to De Nederlandsche Bank (DNB) and the European Central Bank (ECB), the amount of savings in foreign accounts in the euro area has doubled compared to June 2022.
But why?
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Why are people moving their savings to foreign banks?
The cause for this is simple: Dutch savings rates are not as good as what some foreign banks can offer.
For example, ABN AMRO currently offers interest rates of 1.50% on its savings accounts. By comparison, German bank, Trade Republic, offers interest of 3.75%.
READ MORE | I wanted to earn more interest on my savings, so I tried Trade Republic: here’s my experience
Savings platforms such as Raisin also offer similarly high rates to Dutch customers, allowing them to open multiple savings accounts with a variety of foreign banks.
As a result, Nu.nl reports that while the amount of money remaining in the Netherlands is still the larger sum (by far), deposits at Dutch banks rose by only 7.8% while foreign figures soared.
READ MORE | 7 questions about using savings platform Raisin in the Netherlands, answered
Ultimately, people want the best interest rates possible, and they aren’t finding them in the Netherlands.
How do I join?
You can check out platforms such as Trade Republic and Raisin to see the interest rates other European banks have to offer. 💡
READ MORE | Dutch savings accounts: Best interest rates in the Netherlands in September 2024
All deposits are guaranteed up to €100,000 under the European Deposit Guarantee scheme, meaning your savings are not only growing but safe.
Do you keep your money in foreign accounts? Tell us about your experience with saving in the Netherlands below.
