Why do savings rates follow the ECB?
The deposit facility rate is what banks earn when they park money at the ECB. When it is high, savings are worth more to a bank: it can place them risk-free at that rate and can therefore offer savers more. When the ECB rate falls, that room disappears.
Banks do not all follow equally fast. Banks that want to attract savings, often smaller and foreign banks, adjust their rate within days. Big banks already hold plenty of savings and wait longer, especially after an increase. That is why the gap between the best rate and the big banks usually widens after a rate rise.
Fixed-term deposits often move before a decision: banks price in the rate expected for the coming years. A fixed rate therefore locks in the expectation of that moment, not just today's ECB rate.
What can you do with it?
- See what your own bank pays now and what you are missing
- Follow every rate change on the day itself
- Fixed or variable? Read deposit or savings account
- The gap between the big banks and the best rate, per month
Rate decisions
| Effective | Deposit facility rate | Change |
|---|---|---|
| 16 Sep 2026 | 2.50% | +0.25 |
| 17 Jun 2026 | 2.25% | +0.25 |
| 11 Jun 2025 | 2.00% | -0.25 |
| 23 Apr 2025 | 2.25% | -0.25 |
| 12 Mar 2025 | 2.50% | -0.25 |
| 5 Feb 2025 | 2.75% | -0.25 |
| 18 Dec 2024 | 3.00% | -0.25 |
| 23 Oct 2024 | 3.25% | -0.25 |
| 18 Sep 2024 | 3.50% | -0.25 |
| 12 Jun 2024 | 3.75% | -0.25 |
| 20 Sep 2023 | 4.00% | +0.25 |
| 2 Aug 2023 | 3.75% | +0.25 |
| 21 Jun 2023 | 3.50% | +0.25 |
| 10 May 2023 | 3.25% | +0.25 |
| 22 Mar 2023 | 3.00% | +0.50 |
| 8 Feb 2023 | 2.50% | +0.50 |
Source: European Central Bank (deposit facility rate; MFI interest rate statistics for Dutch households). The meeting calendar is on the ECB's website.
Today's highest savings rates
| Bank | Rate | Effective annual rate |
|---|---|---|
| Trade RepublicRente op kassaldo | 3.03% | |
| Klarna BankFlex rekening | 2.66% | |
| Santander Consumer BankSpaarrekening | 2.59% | |
| Raisin RenteBoostSpaarrekening | 2.52% | |
| Scalable CapitalOvernight account (met PRIME+) | 2.51% |
| Bank | Rate | Effective annual rate |
|---|---|---|
| BluOr BankTermijndeposito · 1 year | 3.45% | |
| SME BankTermijndeposito · 1 year | 3.45% | |
| Mano BankTermijndeposito · 1 year | 3.36% | |
| Fjord BankTermijndeposito · 1 year | 3.25% | |
| BigbankTermijndeposito · 1 year | 3.15% |
