Major Dutch banks raising interest rates to 1,25 percent

Just a few weeks after raising interest rates to 1 percent, ABN Amro and Rabobank have confirmed that customers will soon see interest rates on savings accounts rise to 1,25 percent. 

Interest rates in the Netherlands still on the rise

Last autumn marked a turning point for Dutch banks; after years of little to no interest, banks in the Netherlands started to offer their customers interest on their savings again. Over the course of the past several months, banks have raised their interest rates time and time again, with the most recent increases coming into effect at the beginning of June. 

Now, just a few weeks on, it’s been confirmed that two of the biggest banks in the Netherlands, ABN Amro and Rabobank, are raising interest rates yet again. Their other major competitor, ING, is yet to announce any further increases.

ABN Amro and Rabobank raising interest rates

Currently, customers at ABN Amro with up to 1 million euros in their accounts receive 1 percent interest. From August 1, 2023, this figure will rise to 1,25 percent. The higher rate also applies to business accounts of up to 5 million euros.

Over at Rabobank, the changes will come into effect a little earlier: from July 17, 2023, an interest rate of 1,25 percent will apply on all accounts worth up to 5 million euros.

Thumb: Dutchmen Photography via Shutterstock.com.