When you start saving in the Netherlands, one of the first decisions you will face is whether to put your money in a flexible savings account (where you can withdraw anytime) or a fixed-term deposit (where your money is locked away for a set period at a higher rate). For expats, this decision has some unique considerations.
Flexible Savings Accounts (Vrij Opneembaar)
A flexible (or instant-access) savings account lets you deposit and withdraw money at any time without penalty. The interest rate can change at any point—the bank can raise or lower it with notice.
Current rates (early 2026): Top flexible savings accounts offer around 2.0-2.8% interest. Big Dutch banks like ING and ABN AMRO offer lower rates, typically 1.5-2.0%.
Best flexible savings accounts for expats:
- Openbank: Consistently top rates, fully English, digital-only
- Trade Republic: Competitive rate on cash balance, great app
- bunq Easy Savings: Good rate for a Dutch bank, seamless integration
Fixed-Term Deposits (Deposito)
A fixed-term deposit locks your money for a predetermined period—typically 1, 2, 3, or 5 years. In exchange, you get a guaranteed interest rate for the entire term. You cannot withdraw early (or if you can, there is a penalty).
Current rates (early 2026): Fixed deposits offer around 2.5-3.3% depending on the term and provider. Longer terms generally offer higher rates, though the current yield curve is relatively flat.
Best fixed-term deposits for expats:
- Bigbank: Among the highest fixed rates available in the Netherlands
- Garanti BBVA: Competitive rates, part of BBVA group
- Klarna: Good rates, well-known brand
Key Differences
Interest Rates
Fixed deposits typically offer 0.3-0.7 percentage points more than flexible accounts. On EUR 50,000, that translates to EUR 150-350 extra per year. Meaningful, but not life-changing.
Flexibility
This is where it matters most for expats. Life circumstances can change quickly—you might decide to move to another country, buy a house, or face an unexpected expense. With a flexible account, your money is always accessible. With a fixed deposit, you are committed for the full term.
Rate Protection
If interest rates drop (which they may if the ECB continues cutting rates), a fixed deposit protects your rate. If rates rise, you are locked into the lower rate. Flexible accounts adjust to market conditions in both directions.
Deposit Guarantee
Both flexible and fixed savings accounts are covered by the EU Deposit Guarantee Scheme up to EUR 100,000 per person per bank. This applies regardless of whether the bank is Dutch or from another EU country. For more on how the Dutch tax system treats your savings, see our tax guide.
The Expat Perspective
For expats, flexibility is usually more important than squeezing out an extra 0.5% interest. Here is why:
- Uncertain tenure: If you are not sure how long you will stay in the Netherlands, locking money in a 3-year deposit is risky
- Relocation costs: Moving countries is expensive. Having accessible savings gives you a safety net
- Housing down payment: If you are considering buying property, you want savings available when you need them
- Tax implications: Under box 3, fixed and flexible savings are taxed the same way (based on deemed return, not actual interest), so there is no tax advantage to fixed deposits
A Balanced Strategy
For most expats, we recommend a tiered approach:
- Emergency fund (3-6 months expenses): Keep in a flexible savings account. Accessibility is non-negotiable
- Medium-term savings: If you have savings beyond your emergency fund and are confident you will stay for 1-2+ years, consider putting a portion in a 1-year fixed deposit for the extra interest
- Long-term savings: If you are settled and planning to stay, a 2-3 year fixed deposit can make sense for money you truly will not need
The key is to never lock up money you might need. The interest rate premium for fixed deposits is not large enough to justify the stress of inaccessible savings during an emergency.
Compare the latest rates for both fixed and flexible accounts on our savings account comparison page.