In the Netherlands, savings interest is not directly taxed. Instead, you pay wealth tax (“vermogensrendementsheffing”) on savings above ~€57,000. All accounts shown here are covered by the EU Deposit Guarantee Scheme, protecting up to €100,000 per person per bank.
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Common questions
Can expats open a savings account in the Netherlands?
Absolutely! You can open savings accounts with Dutch banks like ING, ABN AMRO, and Rabobank, as well as digital banks like bunq. You'll need a BSN and valid ID. Some platforms like Raisin also give you access to savings accounts from other EU banks.
Is my money protected in Dutch savings accounts?
Yes. All accounts shown here are covered by the EU Deposit Guarantee Scheme, which protects up to €100,000 per person per bank. This applies whether the bank is Dutch or from another EU country.
Should I choose the highest interest rate?
Not necessarily. Consider factors like promotional vs. standard rates, how easily you can access your money, and whether you're comfortable with a foreign bank. Sometimes a slightly lower rate from a Dutch bank is worth the convenience.
What are promotional savings rates?
Many banks offer higher 'promotional' rates for new customers, typically lasting 3-12 months. After the promo period, the rate drops to the standard rate. These can be a good way to earn extra interest, but make sure you know what the rate will be afterwards.
Do I pay tax on savings interest in Netherlands?
In the Netherlands, you don't pay tax on the interest itself. Instead, you pay 'vermogensrendementsheffing' (wealth tax) on savings above the tax-free threshold (around €57,000). This is calculated as part of your annual tax return.
What about fintechs like Trade Republic or Revolut?
These are legitimate options with EU deposit protection. Trade Republic is a German broker offering 2.00% on cash. Revolut has a Lithuanian banking license. They are safe but work differently than traditional banks.