Traditional savings accounts were more popular again in 2001. On balance Dutch households deposited 15.3 billion euro in savings accounts. This is 17 times as much as in 2000 and three times as much as in 1999 and 1998. Total savings, including interest, amounted to 18.2 billion euro in 2001.
Strongest growth in January 2001
The amount of savings grew strongest in January 2001: by 2.8 billion euro; including interest this was 3.3 billion euro. Many people transferred money in capital growth funds and similar money market funds to savings accounts in this month, because of the introduction of a new tax system on 1 January 2001. In the other eleven months of the year savings balances rose by an average 1.1 billion euro.
Private savings balances
The growing popularity of savings, prompted by the new tax system and the economic climate pushed up the total balance in savings accounts to 152.5 billion euro at the end of December 2001, one quarter more than the end of 1998.
The number of savings accounts at the end of 2001 was 26.4 million, 4.5 percent more than twelve months previously. The increase was mainly caused by a 4.9 percent increase in the number of savings accounts requiring a period of notice to 20.8 million. The number of fixed-term savings accounts rose by 3.4 percent to 5.6 million. The average amount per savings account at the end of December 2001 was 5.8 thousand euro, up 8.7 percent on twelve months previously.