Savings interest rates in the Netherlands 2020, by bank

How high is the interest rate on savings in the Netherlands? The majority of Dutch or bigger financial service providers had an interest rate that was close to zero percent. ING, Rabobank and ABN AMRO, the country's three biggest banks in terms of assets, all offered an interest rate of zero or 0.01 percent. Generally speaking, this ranking indicated that larger banks and financial service providers offered lower rates than more specific banks or particular online brokers.

These numbers could further decline in the future due to monetary developments. On September 12th, 2019, the European Central Bank (ECB) announced it would cut its main deposit rate for the first time since 2016. It would now reach an all-time low of -0.5 percent (from -0.4 percent), making it more expensive for banks to deposit their money at the ECB and cheaper for consumers and companies to borrow money. The idea behind the ECB's policy is that consumers should be less likely to save their money and spend more in the national economy, whereas companies should invest more as it is easier to borrow money. This raises the possibility, however, of a negative interest rate on households savings (meaning consumers could have to pay money to store money at a bank).