Banks and their various savings accounts. What is the deposit guarantee scheme and which banks are covered by it? What are the differences between certain accounts and which banks are active in the Netherlands?
Banks and the deposit guarantee scheme
Nowadays there are many different types of savings accounts to save money in a bank. It is important to consider for yourself whether you always want to have your money available and can therefore withdraw it at any time, or whether you can do without the money you put in an account for a number of years. The interest is considerably higher when you lock your money in an account for, for example, five years. This is called the savings deposit. However, if you want to withdraw your money from these types of accounts in the meantime, you will owe the bank a fine. It is therefore useful to be really sure that you can afford to miss this amount for the specific term. It is certainly a good idea to compare interest rates on a number of bank websites, because the interest rate can vary considerably from bank to bank. What is also important is to see whether the bank to which you entrust your money is covered by the deposit guarantee scheme. The deposit guarantee scheme means that if a bank can no longer fulfill its obligations (for example due to bankruptcy), account holders do not have to worry that their money has disappeared. This guarantee is 100,000 euros per bank. You can check how this is arranged with a particular bank by checking whether the bank is listed in the Register of Credit Institutions and Financial Institutions of De Nederlandsche Bank. It is strictly prohibited to run a bank in the Netherlands without a license and Dutch banks with a license are ultimately obliged to participate in the deposit guarantee scheme.
You can deposit and withdraw money (free of charge) from a savings account at any time. The interest on a savings account is variable and can therefore be changed by the bank at any time, while the interest on a deposit is fixed.
In the past, the interest that a bank pays on an internet savings account was often slightly higher than the interest on other savings accounts. This was because you could arrange your affairs yourself via the internet and therefore did not need the time of a bank employee. Nowadays there are several accounts that can be managed via the internet.
The savings deposit has a fixed term and a fixed interest rate. Due to the longer retention period, the bank often gives a higher interest rate than on all other savings accounts.
Children’s savings account
Parents and grandparents can open such a savings account for their child or grandchild.
There are two options for pension savings:
- The annuity insurance. Capital is built up here.
- The annuity payment. This is a periodic payment from which the accrued capital is paid out.
Sustainable saving is a less well-known form of savings. A number of years ago, a tax benefit was linked to sustainable savings. This has no longer been the case since 2010.
Business savings account
The two main variants also apply to business savings. Fixed for a long time or flexibly with a lower interest rate.
There are quite a few banks to choose from these days. Here are the names in alphabetical order.
- ABN AMRO
- Aegon Bank
- AK Bank
- Anadolu Bank
- ASN Bank
- AT Bank
- Bank of Scotland
- Central management
- Credit Europe Bank
- Delta Lloyd Bank
- DHB Bank
- Friesland Bank
- Guarantee bank
- ING bank
- NIBC Direct
- SNS Bank
- TEB Bank
- Triodos Bank
- Westland Utrecht
- Yapi Kredi Bank
- ABN AMRO savings bank
- OHRA insurance and banking