Until December 2008, households put more savings into time deposits than they redeemed from them. Thus they profited from the attractive interest rates applying to time deposits. Part of these deposits had been withdrawn from readily redeemable savings accounts, such as Internet savings accounts, where until December 2008 households had withdrawn more money than they deposited.
Since December this trend has been reversed. In February 2009 savers made net withdrawals totalling EUR 2.9 billion from time deposits, the highest amount since October 2001. A large part of this amount was parked in easily accessible savings accounts. One reason for this was that in October last year, the rate on time deposits was 1.8 percentage points higher. In January, however, the difference declined to 1.1 percentage points. Another reason may be that amid the current financial crisis, Dutch households prefer the more liquid types of savings deposits.