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Best Savings Accounts in the Netherlands (2023)

Maya Chidiac| Updated August 17th, 2023

Saving money can help investors grow their funds and is considered an important step in managing finances, especially with rising interest rates in the Netherlands due to the European Central Bank’s actions.

Whether you are an ambitious saver who prefers higher yields by locking his money for a certain period or a cautious one who prefers easy access to his money but with lower returns, you can find various savings accounts offered by banks and financial institutions in the Netherlands.

In this article, we will talk about the best savings accounts in the Netherlands, comparing regular savings accounts (flexible) with the time-deposit saving accounts. We will discuss their interest rates, management fees, investment amounts and other conditions. 

Finally, we will answer how to open a Dutch savings account by providing the requirements.

Best regular (flexible) saving accounts in The Netherlands

In the Netherlands, the “Regular Savings Account” is a basic savings account allowing you to deposit and withdraw money anytime. This type of account typically offers lower interest rates but provides easy access to your funds. The interest rate on these flexible saving accounts is variable and depends on market conditions.

Bank / Provider OpenBank BigBank Wise YapiKredi Bunq
Interest rate p.a. 3.00%
for the first 6 months
2.6%
no promotional period
2.46% 2.08% 2.01%
no promotional period
Amount up to EUR 300,000 up to EUR
( no maximum)
No limitations No limitations up to EUR 100,000
Interest payments Monthly Annually Monthly Quarterly Monthly
Call Availability Anytime within 3 bank working days Anytime Anytime Anytime
Account Fees Free Free Fees applicable when transferring or converting the cash Free Free
Deposit Insurance Available Available Not available Available Available

Best Fixed-Term Savings Accounts in The Netherlands

As their name implies, a fixed-term deposit is a savings account that locks your money for a certain period and grants you a relatively high-interest rate. In the Netherlands, this type of account is the most popular. Here is a comparison of the best term-deposit saving accounts regarding interest rates.

Bank /Provider Klarna Orange Bank BigBank OpenBank
Interest rate
for 3 months
N/A 3.40% N/A 2.10%
Interest rate for 6 months 3.45% 3.50% N/A 2.50%
Interest rate for 12 months 3.95% 3.70% 3.20% 2.76%
Interest rate for 18 months N/A N/A N/A 3.00%
Interest rate for 24 months 3.85% 3.80% 3.25% 3.05%
minimum amount x EUR 5,000 EUR 1,000 EUR 25,000
maximum amount EUR 85,000 EUR 100,000 EUR 100,000 No limit
Deposit Protection Available Available Available Available
Account fees Free Free Free Free

Flexible saving accounts in The Netherlands Reviewed

OpenBank Flexible savings account

Openbank is a digital bank that offers various financial products and services, including savings accounts. It is a subsidiary of the Spanish bank Grupo Santander. In the Netherlands, OpenBank offers different types of saving accounts, including the flexible saving account called the “Spaarrekening account”.

Advantages

  • 3.00% interest rate for the first six months for new customers (the highest in our comparison)
  • Interest is paid monthly, so you can benefit from compounded interest
  • Free maintenance fees on your account
  • Deposits up to EUR 100,000 are protected by the European law 2014/49/EU and guaranteed by the Deposit Guarantee Fund in Spain.

Drawbacks

  • A maximum amount of EUR 300,000
  • For balances above EUR 300,000 the interest is zero.
  • A 2.25% interest rate is applied after six months ( a relatively low-interest rate in the Dutch market)

BigBank Flexible savings account

Bigbank is an Estonian-based bank primarily operating in Estonia, Latvia, Lithuania, Finland, Sweden, and Spain. More recently, BigBank expanded its operation and entered the Dutch market. It provides many financial products and services, including saving accounts. BigBank’s flexible savings account is called the “flexibel-sparen” account.

Advantages

  • 2.60% interest rate is applied to your balance for an unlimited period.
  • Free maintenance fees on your account
  • Deposits up to EUR 100,000 are guaranteed by the Estonian Deposit Guarantee Scheme

Drawbacks

  • A maximum amount of EUR 100,000
  • Interest is paid annually, so you can’t benefit from compounded interest
  • No joint accounts

Wise Flexible Saving Account

Wise, formerly known as TransferWise, is a foreign exchange financial technology company based in the UK. It primarily targets people looking to send and receive money internationally cost-effectively. With Wise, you can hold your money in cash, stocks or interest. By choosing the interest form, your funds will be invested in government-backed short-term loans and bank deposits, and the interest earned will be passed to you.

Advantages

  • 2.46% interest rate paid on your account with no period limitation
  • Interest is paid monthly so you can benefit from compounded interest
  • No restrictions or limits on the interest earned

Drawbacks

  • A deposit guarantee scheme does not cover deposits, but the company has some safeguards for customer funds on European accounts.

YapiKredi Flexible saving account

YapiKredi is a prominent Turkish bank that primarily operates in Turkey, providing banking services to customers in the country. The bank does not have any physical branch in the Netherlands. However, it offers many financial products on the Dutch market, including savings accounts.YapiKredi flexible saving account is called “Euro Plus Savings Account”.

Advantages

  • 2.08% interest rate paid on your account with no period limitation
  • No maximum amount
  • Free maintenance fees on your account
  • Interest is paid quarterly, so you can benefit from compounded interest
  • Deposits up to EUR 100,000 are guaranteed by the Deposit Guarantee Scheme (DGS)

Drawbacks

  • No physical Branch in the Netherlands
  • A bit complicated requirements when opening a new account

Bunq Flexible Saving Account

Bunq is a digital online bank based in the Netherlands that provides various banking services, including payments, debit cards, loans and savings accounts. One of the key features of Bunq’s saving accounts is that they can be customised for each client. Customers can create multiple bank accounts within a single Bunq account. 

Advantages

  • Interest is paid monthly, so you can benefit from compounded interest
  • Free maintenance fees on your account
  • Deposits up to EUR 100,000 are guaranteed by the Deposit Guarantee Scheme (DGS)

Drawbacks

  • 2.01% interest paid on your account (the lowest in our comparison)
  • A maximum of EUR 100,000

Fixed-term savings accounts in The Netherlands Reviewed

Klarna Fixed-term saving account

Klarna AB, the Sweden-based bank, recently launched new savings products in the Dutch market. The freely withdrawable and the fixed-term deposits are available through the Raisin savings platform.

Advantages

  • 3.95% interest rate paid on your balance for a 1-year period (the highest in our comparison)
  • 3.85% interest rate paid on your balance for two years (the highest in our comparison)
  • Free maintenance fees on your account
  • Deposit is secured up to SEK 1,050,000 (around EUR 88,000) by Swedish state deposit insurance.

Drawbacks

  • A maximum of EUR 85,000
  • No access to your funds before the end of the term

Orange Bank Fixed-term saving account.

Orange Bank is a wholly-owned French telecom “Orange Group” subsidiary. The bank offers a wide range of financial services and products in Europe, including consumer loans, insurance and savings accounts. Orange Bank offers term deposits in the Netherlands on the platform Raisin through its Spanish branch in Madrid.

Advantages

  • 3.70% interest rate is paid on your balance for one year
  • 3.80% interest rate is paid on your balance for two years
  • Free maintenance fee on your account
  • The French deposit guarantee secures deposits up to EUR 100,000.

Drawbacks

  • A minimum of EUR 5,000  and a maximum of EUR 100,000
  • No access to your funds before the end of the term
  • Spanish withholding tax applies to your interest-generated income

BigBank Fixed-term saving account.

The Estonian-based bank BigBank offers the Dutch market fixed-term saving options with attractive interest rates. Big bank’s fixed-term deposit is called “deposito contracten”.

Advantages

  • 3.20% interest rate is paid on your balance for a 1-year term
  • Up to 3.50% interest rate for longer periods (3.30% for three years, 3.40% for four years and 3.50% for five years and above)
  • Free maintenance fee on your account
  • The Estonian Deposit Guarantee Scheme secures deposits up to EUR 100,000.

Drawbacks

  • A maximum of EUR 100,000
  • Interest is paid annually, so you can’t benefit from compounded interest
  • No joint accounts
  • No access to your funds before the end of the term

OpenBank Fixed-Term Saving Account

This 100% digital bank offers fixed-term savings account options from 3 to 24 months. OpenBank can offer a “Welcome Savings Deposit” if you are a new customer. The latter pays a 3.00% interest rate on your money placed for 12 months without maximum investment. However, after the “Welcome” period, your account becomes a normal “Open Savings Deposit “ bearing a relatively low-interest rate on the Dutch market.

Advantages

  • 2.76% interest rate is paid on your balance for a 1-year term
  • Possibility to gain 3.00% for a 1-year term if you’re a new customer
  • No maximum amount limitation
  • Free maintenance fee on your account
  • Early withdrawal of your funds can be made without penalties
  • Deposits up to EUR 100,000 are protected by the European law 2014/49/EU and guaranteed by the Deposit Guarantee Fund in Spain.

Drawbacks

  • Interest is paid annually, so you can’t benefit from compounded interest
  • Relatively low-interest rates are applicable on different terms (the lowest in our comparison)

How to Open a Savings Account in The Netherlands

Opening a Savings account in The Netherlands is easy and can generally be done with a few steps:

1 – Choose your bank or Provider:

In the Netherlands, you can find many well-known banks like ABN Amro, Rabobank, and ING and foreign banks without offices there. These digital banks operate mainly online, offering more attractive interest rates than traditional banks. It is then important to research which bank will best suit your needs.

2 – Gather your Identification Documents:

Before opening your account, make sure all the following documents are ready. This will make the account opening process faster and easier. The documents needed to open a saving account in the Netherlands are as follows:

a) Proof of ID: Passport or Identification Card

b) Proof of address: Utility bill, Tenancy agreement

c) Citizen Service Number (BSN): (“burgerservicenummer”) if you are a Dutch Citizen

d) Dutch Residence Permit or Registration with the Foreign Police: (”Vreemdelingenpolitie”) if you are a foreigner residing in the Netherlands.

3 – Open your account:

Some banks offer to open your account online, while others require your physical presence. If you choose a traditional bank, book an appointment beforehand (if in person) or simply open an account online.

4 – Bank confirmation:

After completing the account opening application, receiving your bank account details may take some time (Normally, ten working days). Once received, your account is ready.

Final Thoughts

In 2022, the European Central Bank started raising interest rates, encouraging Dutch banks also to increase their interest rates on saving accounts.

To maximise your income, choose your bank carefully, knowing it’s also worth looking for digital banking platforms’ offerings. Online banks are becoming more popular in Europe, offering higher interest rates than traditional banks.

Thank you for reading this article. We hope that the comparison we did and the information we provided will help you with your research in finding the best savings accounts in the Netherlands.

Maya Chidiac
Contributor

Forex and Money Market Senior dealer
Financial Markets, Banking and Finance Expert

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