In the first six months of 2014, the net inflow of savings was positive and came out at almost EUR 6.6 billion. Money was put into instant access deposits in particular, but fixed-term deposits also saw a slight inflow of savings in the first half of 2014. The majority of Dutch savings – more than 85% – has been put into instant access savings accounts, e.g. online savings accounts. The total amount of household savings held with banks has risen steadily to a record level of EUR 335 billion since the end of 2013 (see chart).
Dutch savings see further increase
- Statistical News Release
Date 25 July 2014
In the first half of 2014, Dutch households deposited more savings with Dutch banks than they withdrew, resulting in a net inflow of almost EUR 6.6 billion. At the end of June, their savings in Dutch savings accounts reached a record level of approximately EUR 335 billion, which is equivalent to an average amount of EUR 44,000 per private household.
The underlying trend in the amount of household savings is also reflected in the monthly deposits and withdrawals of savings. As in previous years, the first half of 2014 saw a clear seasonal pattern, with high net inflows in the months of January and May, mainly attributable to year-end bonuses and holiday allowances paid in these two months, respectively. In the first six months of 2014, monthly net inflows of savings were positive – with the exception of February – and totalled almost EUR 6.6 billion. By comparison, in the first half of 2013, the total net inflow of Dutch household savings totalled EUR 3.6 billion.
An analysis of the underlying flows reveals that both deposits and withdrawals of savings declined in the first half of 2014 versus the same period in previous years. However, the decline in withdrawals of savings was more pronounced than that of deposits, resulting in a net positive effect. There were few withdrawals from instant access savings accounts in particular (more than EUR 8 billion in the first half of 2014 versus almost EUR 16 billion in the same period of 2013) despite the interest rate paid on these savings declining slightly in 2014.