With savings rates in the Netherlands ranging from under 1% at some banks to over 3% at others, where you keep your money matters more than ever. Here are five practical strategies to maximise the interest you earn on your savings.
1. Do Not Settle for Your Main Bank's Rate
This is the single biggest mistake expats make with their savings. The big Dutch banks—ING, ABN AMRO, and Rabobank—offer savings rates that are significantly lower than what is available elsewhere. The convenience of keeping everything with one bank costs you real money.
Example: On EUR 30,000 in savings, the difference between a 1.5% rate (typical big bank) and a 2.8% rate (top challenger) is EUR 390 per year. Over five years, that is nearly EUR 2,000 in extra interest—for simply opening a different savings account.
Opening a separate savings account with a higher-rate provider is one of the easiest financial wins available. It takes 15-30 minutes, and the money can usually be transferred instantly.
2. Look Beyond Dutch Borders
Some of the best savings rates available in the Netherlands come from EU-based banks operating under the European passport system. These banks are fully regulated and your deposits are protected up to EUR 100,000 under the deposit guarantee of their home country (which meets the same EU standards as the Dutch guarantee).
Top options include:
- Openbank (Spain): High instant-access rate, excellent English app
- Bigbank (Estonia): Top rates for both flexible and fixed deposits
- Trade Republic (Germany): Competitive rate on uninvested cash
- Klarna (Sweden): Good fixed-deposit rates
For a full comparison, visit our savings account comparison page.
3. Use a Tiered Savings Strategy
Not all savings serve the same purpose, and they should not all be in the same type of account:
- Emergency fund (3-6 months expenses): Keep in a high-rate flexible savings account. Accessibility is essential
- Medium-term goals (1-3 years): Consider a 1-year fixed deposit for a higher guaranteed rate
- Long-term savings (3+ years): A longer fixed deposit can lock in a good rate, or consider moving to investments for potentially higher returns
This tiered approach ensures you are earning the best possible rate on each portion of your savings while maintaining access to the money you might need.
4. Watch for Promotional Rates
Many banks offer promotional rates to attract new customers—sometimes 0.5-1% higher than their standard rate. These promotions are legitimate, but there are things to watch out for:
- Duration: Most promos last 3-6 months. Know when the promo ends and what the standard rate is
- Set a calendar reminder: When the promo expires, compare your rate to the market and switch if needed
- New customer only: Some promos are only for new customers. You cannot close and reopen to get the promo again
- Maximum deposit: Some promos cap the amount that earns the higher rate
Rate hopping—moving your savings to whichever bank offers the best current promo—can earn you extra interest, but it requires active management.
5. Automate Your Savings
The most important factor in building savings is not the interest rate—it is consistent saving. Set up automatic transfers from your current account to your savings account on payday. Even EUR 200/month adds up to EUR 2,400/year plus interest.
Apps like bunq make this particularly easy with automatic savings rules—you can round up purchases, save a percentage of incoming payments, or set custom triggers. ING also offers automatic savings features through their app.
Bonus: Understand the Tax Impact
In the Netherlands, savings are taxed under box 3 based on a "deemed return"—not on actual interest earned. This means you pay the same tax whether your savings earn 1% or 3%. There is no tax penalty for earning more interest, which makes maximising your rate even more worthwhile.
The tax-free threshold for box 3 is approximately EUR 57,000 per person (EUR 114,000 for fiscal partners). If your total assets are below this threshold, you pay no wealth tax at all. For more details, see our guide to the Dutch tax system.
The bottom line: switching to a higher-rate savings account is one of the simplest, risk-free ways to improve your financial position as an expat. It takes 15 minutes and the savings add up every single day.