Savings rates in 2023

Gone are the days when we get 0% interest on our savings account, THANK GOD, because that is actually quite frustrating: you work hard, put some money aside, and then get 0% interest while inflation is high. Goodbye, purchasing power. This is also a reason why investing has become so popular, we are looking for more rewards on our money. We want to get more out of our money. But we are glad that savings rates are climbing, because saving involves less risk than investing. What are savings rates like in 2023, and where is the best place to put your money in a savings account?

Savings account versus deposit account

Before we continue, let’s briefly consider the difference between a savings account and a deposit account.

Savings account: here you can withdraw your money freely, with a deposit account you often fix your money for a longer term, in exchange for a higher interest rate. Do you want to have your savings available at all times? Then it’s better to use a regular savings account. Can you spare your money for a while? Then a deposit is worth considering.

In this article, we will look at what the savings rates will be in 2023 on the good old savings accounts. We cover:

Bunq
Knab
Peaks
BUX Zero
Brand New Day
Rabobank
ABN AMRO
ING

For savings rates in 2023, we look at banks and parties that have a DNB (De Nederlandse Bank) license in the Netherlands. Sure, there are probably banks in Italy, Latvia and Spain that are also safe and where you get a nice interest rate, but we are team better safe than sorry. Also pay attention if you are a true savings guru: with most parties, your money is covered up to a ton. Should the bank fail, you will be safe up to €100,000 and not lose any money. Double check when opening an account on whether the deposit guarantee actually applies.

Bunq

Bank of the free, online bank Bunq, currently offers 2.46% variable interest on your savings. You get this on your savings up to €100,000. They pay out interest weekly and you can withdraw money from the savings account twice a month. A savings account with Bunq is free. Bunq also has a banking license from DNB.

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 here.

Knab

At Knab, the favorite bank of many freelancers, you get 1.75% interest on your savings, up to €250,000. This is variable savings rate in 2023, which may change.

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.

Peaks

Huh, Peaks is an investment app, right? Yes, it is. But they have a new product. Real savings is not, but we think this one is worth mentioning. When you open a Peaks interest rate account, you invest your money in an ETF(read here what an ETF, exchanged trade fund, even is) that holds your money at Deutsche Bank. Peaks itself says it is an alternative to a savings account. This is what Peaks says about the interest account:

“With the Peaks Interest Account, you invest in an index fund of DWS: one of the largest asset managers in Europe. The index fund holds the money invested with Deutsche Bank, in exchange for interest. As protection against a bankruptcy of Deutsche Bank, the fund holds bonds as collateral. The value of these is equal to the money held at Deutsche Bank.”

You don’t have to put in a minimum amount, Peaks says it is 100% backed by collateral (bonds) and the interest rate is a whopping 3.13% – 3.38%.

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

Read more about Peaks interest account here.

BUX Zero

Another strange one, because BUX Zero is an online broker, right? True. But they want to reward people who have money in the BUX Zero account, which is not invested, for having it at BUX Zero. Up to €25,000, you get 2.5% interest on your money. Each quarter this is paid out and added to your cash.

Interest rate: 2.5%
Cost account: you must have an account with BUX Zero and for that you pay a monthly fee. Read more about the cost of BUX Zero here.
Minimum deposit: €0
Recording: anytime.

Learn more about the interest rate on your BUX Zero account here.

Brand New Day

Brand New Day, known as the retirement bank, also offers a savings account. You get 1.5% interest, fees are €0 and you can withdraw money at any time, as often as you want.

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

The Dutch-based bank is also offering more savings interest rates again today, at 1.7%. Variable interest is paid annually, you don’t need a minimum deposit, and above 5 million euros of savings, you don’t get interest either. Lol. The interest rate is 1.7% on savings up to €20,000. Do you have between €20,000 and €100,000 in your savings account? Then you get 1.6% interest.

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

ABN AMRO offers 1% savings interest on savings accounts that hold up to €500,000. He almost didn’t pass the Elfin balloting, because 1% is pretty low. Their website indicates that the new savings rate at ABN AMRO will be 1.25%.

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

After ABN AMRO and Rabobank, you also get interest on your savings at ING. Again, the same is true with the other major banks: if you have a checking account, you get a savings account with it for free. You can create up to 10 piggy banks, which is convenient. This allows you to save purposefully, for a vacation or home renovation, for example. The interest rate at ING is 1.25% up to €10,000. Up to €100,000, you get 1.15%.

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.

Strange duck: Raisin

Raisin is a platform through which you can easily view, compare and close savings rates with foreign parties. Raisin provides insight into all savings rates. Be careful though: saving abroad can be riskier. So check carefully whether the bank you want to save with is also covered by the deposit guarantee scheme. See more about Raisin and savings rates in Europe here.

Conclusion savings rates in 2023

At the major banks, interest rates are still very low. If you already have a checking account there, it may be attractive to save with your own bank. Alternatives such as an interest rate account with Peaks, or an account with online bank Bunq are attractive. Pay close attention to the costs of the accounts, because if the costs are higher than the interest you receive, well, we’re not getting anywhere.

Savings account versus deposit account