Darlings! Investing we want, we will and we must. This is smart and makes us actively engaged in making our money become more money! But in addition, saving is also hugely important. Having a piggy bank is crucial because this makes sure you have a backup. Quit your job? Stepping out of a relationship? Starting your own business? Having a pot of money behind you makes these kinds of decisions many times easier. But then if you’re going to save, it’s nice to get interest – even if only an iniminite amount. At which bank will you get the most savings interest? We looked into it and share the savings rates at Dutch banks in 2023.
How much savings should you have?
How much savings should you have, what is wise? We at Elfin sleep well ourselves at being able to stick it out for at least six months without any income. But that’s personal. Aim for at least 3 months of “emergency buffer.
Interest is for crying out loud, right?
That’s right. At many banks today, the interest rate on your savings account is very low. This is also one of the many reasons why investing is so hugely popular today. On average, you can expect around 8% returns when you invest your money. This was different in the old days, when you could still grab a few percent on your savings. You are now seeing savings rates rebound to 1%, 2% and sometimes even more in 2023.
What about that exactly, why is that interest rate so low?
You can think of savings interest as a fee that banks pay to dispose of your savings. That compensation comes about through the price paid for money in the financial market. And that price has everything to do with supply and demand. If demand is high and supply is low, then interest rates rise. If there is much supply and little demand, then interest rates fall. Right now, interest rates are rising slightly again, determined by ECB, to curb inflation in particular at this time.
Give it to me, at which bank do you get the most savings interest?
Okay, here’s what you want to know. You have those three months saved together, well nice if you can still possibly get a mini percent interest on this. I mean, anything is better than 0%, right?
Before we go on, pay close attention!
Because before you deposit your money in a high-interest bank, you want to be sure anyway:
- This party is under the desposito guarantee system. So that your assets are covered up to a ton. As long as no more than €100,000 (per account holder) is deposited at a bank covered by this system, regulator De Nederlandsche Bank (DNB) stands guarantor and your money is 100% safe. Also in the event of bank failure. If you have more than €100,000 in savings, it’s better to spread it over several banks.
- License from DNB. You don’t want crooks.
- You don’t want to pay any fees, right? You already get so little interest, your money should especially not decrease.
- Look carefully to see if it is a deposit savings account (this means you lock up your money for a certain period of time) or a flexible savings account (this means you can access your money anytime. I personally like it best).
- Flexibility: you want to be able to access your money quickly, and no huubhuubbarbatruuc practices when you want to transfer money.
The bank with the highest savings rates in 2023
BunQ
- Interest rate: 2.46%
- Account opening fee: €0
- Minimum deposit: none
- Savings rate up to: €100.000
Find out more
about the savings account at Bunq.
Knab
- Interest: up to €250,000 you get 1.75%.
- Account opening costs: a savings account costs nothing, but you must have a Knab Plus package. This costs €6 per month. It allows you to manage as many as 5 checking accounts and an unlimited number of savings accounts. No idea who needs unlimited savings accounts, but nice that at least it can be done.
- Minimum deposit: €0.
- Record as often as you want.
Read more about saving with Knab here.
Peaks
- Interest: between 3.13% and 3.38%, depending on the Peaks package you chose.
- Cost of opening account: you must have a Peaks package, the prices for this vary. Read our review on Peaks where you can also read more about the fees.
- Minimum deposit: €0
- Note! This is not actually saving, but an investment. This money is invested in an ETF with bonds as collateral.
Read more about Peaks interest account here.
Brand New Day
- Interest: 1.5%, regardless of the amount in your savings account.
- Cost account: €0
- Minimum deposit: €0
- Withdrawing money: all day everyday.
Learn more about the savings account at Brand New Day here.
Rabobank
- Interest rate: starting at 1.7%
- Account opening fees: you pay no fees for the savings account, but the condition is that you have a payment package with Rabobank. So especially convenient if you already have an account with Rabobank.
- Minimum deposit: €0
- Record as often and when you want.
Find out more about saving with Rabobank here.
ABN AMRO
- Interest: 1.25% up to €500,000
- Account opening costs: you pay no extra fees, but for a flexible savings account you do need an ABN AMRO checking account
- Minimum deposit: €0
- Opening: flexible and as often as you want.
Read more about the savings account at ABN AMRO here.
ING
- Interest: starting at 1.25%, rising to 0% if you have more than a million in savings.
- Cost of account: depends on your payment package with ING.
- Minimum deposit: €0
- Recording: flexible and as often as you want.
