Dutch households keep saving: more than €600 billion in bank accounts

The savings of Dutch households in Dutch banks went up by €24.2 billion in 2024. The year before, in 2023, bank deposits grew significantly less, by €14.9 billion.

According to the most recent figures, Dutch savings abroad accounted for another €16 billion. 

Rising wages and inflation boost savings

The €24.2 billion increase in savings is substantial: only during the COVID-19 years (2020 to 2022) did Dutch households save more, at an average of €38.7 billion a year.

The current savings drive may be a result of wages rising in 2024, due to which some households can set aside more money.

Similarly, the Dutch may be saving more because of inflation. Price hikes make households more pessimistic about their purchasing power, so they tend to keep more money in reserve as a precaution.

Besides saving more, Dutch households also paid off more of their debts in 2024, resulting in a decrease of total household debt.

This article (in Dutch) provides more background on possible underlying reasons why the Dutch started saving more last year.

Increase in bank deposits reflected only in savings accounts

The increase in bank deposits is reflected only in savings accounts. The combined amount in payment accounts actually fell: at the end of 2024, €113.4 billion was in Dutch households' payment accounts held with Dutch banks, €4.0 billion less than a year earlier.

In contrast, the combined amount in savings accounts rose sharply over the same period, from €458.9 billion to €487.1 billion. One possible explanation are the higher interest rates offered on savings accounts compared to payment accounts. 

Households tie up a larger proportion of their savings for longer periods of time

The Dutch still hold the lion’s share of their savings in what are known as deposits redeemable at notice. These include internet savings accounts from which money can easily be withdrawn. By the end of 2024, the Dutch had €395.3 billion in this type of account, about two-thirds (66%) of total bank deposits held with Dutch banks.

Over the past two years, however, deposits with agreed maturity have gained popularity. Since early 2023, their share has risen from 10.9% to 15.3% by the end of 2024, or €91.8 billion. A total of €857 million in interest was paid on these fixed-term savings accounts in 2024.

Households can choose how long they fix their savings in a deposit with agreed maturity. The increase in these types of deposits is reflected mainly in deposits with a maturity of up to one year.

More information

• Table 5.2.6: Dutch household savings
• Table 5.2.5: Loans raised and deposits accepted by MFIs from the private sector, by sector and instrument
• Table 5.2.7.1: MFI households deposits and loans, interest rates
• Dashboard: Household savings
• News item: Dutch households see foreign bank deposits double in two years
• Autumn Projections 2024