Dutch savings increase

According to the National Bank of the Netherlands (De Nederlandsche Bank, DNB), in 2023 the volume of funds in the accounts of residents of the country increased by 14,9 billion euros. The Dutch saved approximately the same amount in the years leading up to the coronavirus crisis. More (approximately 37,8 billion euros per year) ended up in savings accounts only in the first years of the coronavirus crisis, from 2020 to 2022, but then the growth in savings was provoked by restrictive measures: the Dutch could not spend money on vacations and mass entertainment.

The increase in the savings of the country's residents indicates that a moderate economic recession and significant inflation have not left the Dutch without a means of subsistence. At the same time, due to higher interest rates by the European Central Bank last year, interest rates on savings accounts also increased. In 2023, these accounts received about 1,7 billion additional funds in the form of accrued interest.

DNB notes that current account holders began to transfer funds from them en masse to savings accounts: in 2023, current account balances decreased by 14,1 billion euros. In addition, many Dutch people began to move their funds from local banks to foreign ones. The reason is higher interest rates for storing money. At the end of September 2023, about 10,5 billion euros were transferred to foreign accounts in other EU countries.

What should Dutch residents with savings remember?

Savings in bank accounts, including foreign ones, lead to taxation under Box 3 of the tax return. Don't forget to indicate them to avoid being fined. To accurately calculate taxes and receive all possible tax benefits, trust the filing of your tax return to specialists!