06 dec 2023 om 07:00
Dutch people have almost twice as much money in a foreign account as they did two years ago. At the time it was 5.6 billion euros, by the end of September this had grown to 10.5 billion. Yet that is less than 2 percent of the total Dutch bank balance.
This is evident from figures from De Nederlandsche Bank (DNB), which only looked at countries in the euro zone. The growth in the past two years is probably because interest rates at some foreign banks are higher than at, for example, ING, Rabobank or ABN AMRO.
For example, you can receive 3 to 4 percent interest on a foreign deposit account, while with Dutch banks this is often limited to 2 to 3 percent.
Germany is especially popular. Dutch people have 2.3 billion euros in savings there. Spain and Estonia are in second place, both with 1.5 billion euros. In percentage terms, the increase was largest in Italy, Greece and the Baltic states.
Although we have invested twice as much money abroad in recent years, this is still a small part of the entire bank balance of Dutch people. That amounts to 577 billion euros. Only 1.8 percent of these are with a foreign bank.
Savers critical of banks for low interest rates
Dutch banks have been criticized for some time that their interest rates are too low. The banks themselves receive about 4 percent interest when they deposit their money with the European Central Bank (ECB). But the interest they give to savers is lower.
Banks have made significant profits in recent quarters. This was partly due to the difference in interest that they receive and that they pay. Supervisory authority ACM has started an investigation into the Dutch savings market and whether there is sufficient market forces there.
Beeld: Getty Images
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