Dutch households see foreign bank deposits double in two years

By the end of June 2022, Dutch households had some €7.3 billion in bank deposits in other euro area countries. In two years’ time, therefore, they more than doubled. Bank deposits include money in both savings and payment accounts.

Over the same period, Dutch households' bank deposits with Dutch banks went up 7.8% to €597.3 billion.

Although the money held in bank accounts abroad still represents only a small percentage of the total balance owned by Dutch households, it is on the rise: from 1.3% in June 2022 to more than 2.4% as of 30 June 2024. Higher savings rates offered by many foreign banks in response to the ECB’s interest rate hikes over the past two years may help to explain the increased mobility of Dutch savers.

Italy matches Germany as the country with the most bank deposits held by Dutch households

Italy in particular has rapidly gained in popularity in recent years as a country to hold bank deposits: as at 30 June 2024, Dutch households held roughly the same amount in deposits in Germany as in Italy, at €2.6 billion in each country.

For many years, Germany has been the euro area country where the Dutch held the most bank deposits. Traditionally, Dutch households also deposit relatively large volumes in savings in other nearby countries, such as Belgium and France. Since the interest rate hikes, however, Estonia and Italy have also become more popular.

Conversely, foreign euro area households in the euro area hold roughly €12.7 billion in bank deposits in the Netherlands, against €10.6 billion two years ago. This category includes emigrated Dutch nationals living abroad for more than a year.

Within the European Union, it has been agreed that the deposit guarantee offers equivalent protection in all countries. Within the euro area, savings are always protected up to €100,000 per bank per person.

Loans taken out from banks abroad show a more moderate increase

Besides bank deposits, Dutch households also have loans with foreign banks, but their amount has changed relatively little in two years. As of 30 June 2024, they stood at some €15.7 billion, against €14.3 billion two years ago. 

The shares of Belgian and German banks are of particular significance, at €5.8 billion and €3.9 billion, respectively.

More information

• Table 5.2.6: Dutch household savings (also available through our API)
• Table 5.2.5: Loans raised and deposits accepted by MFIs from the private sector, by sector and instrument
• Dashboard: Household savings
• News item: Dutch households save more abroad
• Deposit Guarantee Scheme: Is my money at a foreign bank protected by the Dutch Deposit Guarantee?