For years, saving money yielded little to no return, but now you can earn some interest again. In the best cases, this can be as high as 3 percent. While most banks offer slightly less, it’s still more than we’ve seen in a long time. Below, we break down which banks are currently offering the highest rates.
Higher Interest Rates on Savings Accounts #
Virtually all banks are now offering some interest on savings accounts. According to comparison site Independer, most Dutch banks provide rates between 1.2% and 1.7%, but in some cases, you can get nearly 3%.
However, these higher percentages sometimes come with conditions, such as locking your money away for a longer period, using the fintech service Raisin, or the rate being an introductory offer for a limited time.
| Bank | Rate |
|---|---|
| OpenBank (Spain) | 3% (for the first three months, then 1.9%) |
| Garanti BBVA | 2.8% (for the first six months, then variable) |
| Nexent Bank | 2.75% (for the first three months, then dependent on term) |
| BigBank (Estonia) | 2.1% |
| Santander Consumer Bank (Spain) | 2.02% |
| Bunq | 2.01% |
| DHB S@veOnline | 2% |
| Banca CF (Italy) | 1.95% |
| FCM Bank (Malta) | 1.91% |
| Banca Progetto (Italy) | 1.9% |
Looking at the larger, more traditional Dutch banks, their interest rates are slightly lower.
| Large Dutch Banks | Rate |
|---|---|
| ING | 1.25% to 1.6% |
| Rabobank | 1.4% |
| ABN AMRO | 1.25% to 1.45% |
| Volksbank (including SNS, ASN Bank, and RegioBank) | 1.4% |
| Triodos | 1.25% |
| Van Lanschot Kempen | 1.45% |
Is Saving Worthwhile? #
So, saving money is worthwhile again to some extent. With a balance of €10,000, you could earn between €200 and €300 per year in a best-case scenario. At the more common Dutch banks, the interest on the same amount would be around €150 per year.
That’s not nothing to leave on the table, but the question remains whether it outweighs inflation. According to the Central Bureau of Statistics (CBS), inflation in the Netherlands is currently around 3.1%. This means your money is worth 3.1% less than it was a year ago.
Since savings interest is still lower than inflation, you ultimately lose some purchasing power by saving. On the other hand, saving does offer certain securities, such as the deposit guarantee scheme which protects up to €100,000.