Online saving less popular

  • Online saving less popular among Dutch households

By the end of 2007, the aggregate amount deposited in Internet savings accounts by Dutch households exceeded 66 billion euro, a decrease by nearly 8 billion euro relative to the end of 2006. According to figures published by Statistics Netherlands, this is the first time in five years, the aggregate amount in online savings accounts has dropped.

Last year, the average Dutch household had deposited 9,000 euro in Internet savings accounts, as against more than 10,000 euro at the end of 2006. Possibly, interest is waning, because banks offer higher interest rates on forms of fixed-term saving. For the average saver, it is more profitable to transfer part of the amount deposited in their Internet savings account to a fixed-term savings account.