Dutch households again saved a lot of money in 2024, new figures from DNB show. Together, they held a record amount of €600.5 billion in payment and savings accounts at the end of December 2024.
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The savings of Dutch households in Dutch banks went up by €24.2 billion in 2024. The year before, in 2023, bank deposits grew significantly less, by €14.9 billion.
At De Nederlandsche Bank, we independently compile statistics on the Dutch financial sector and economy. This article is based on these statistics. More information on our statistics and all dashboards can be found on our Statistics homepage.
According to the most recent figures, Dutch savings abroad accounted for another €16 billion.
The €24.2 billion increase in savings is substantial: only during the COVID-19 years (2020 to 2022) did Dutch households save more, at an average of €38.7 billion a year.
The current savings drive may be a result of wages rising in 2024, due to which some households can set aside more money.
Similarly, the Dutch may be saving more because of inflation. Price hikes make households more pessimistic about their purchasing power, so they tend to keep more money in reserve as a precaution.
Besides saving more, Dutch households also paid off more of their debts in 2024, resulting in a decrease of total household debt.
This article (in Dutch) provides more background on possible underlying reasons why the Dutch started saving more last year.
The increase in bank deposits is reflected only in savings accounts. The combined amount in payment accounts actually fell: at the end of 2024, €113.4 billion was in Dutch households' payment accounts held with Dutch banks, €4.0 billion less than a year earlier.
In contrast, the combined amount in savings accounts rose sharply over the same period, from €458.9 billion to €487.1 billion. One possible explanation are the higher interest rates offered on savings accounts compared to payment accounts.
The Dutch still hold the lion’s share of their savings in what are known as deposits redeemable at notice. These include internet savings accounts from which money can easily be withdrawn. By the end of 2024, the Dutch had €395.3 billion in this type of account, about two-thirds (66%) of total bank deposits held with Dutch banks.
Over the past two years, however, deposits with agreed maturity have gained popularity. Since early 2023, their share has risen from 10.9% to 15.3% by the end of 2024, or €91.8 billion. A total of €857 million in interest was paid on these fixed-term savings accounts in 2024.
Households can choose how long they fix their savings in a deposit with agreed maturity. The increase in these types of deposits is reflected mainly in deposits with a maturity of up to one year.
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