Rabobank offers increased flexibility and higher interest rates to savers

Customers of Rabobank have gained an additional option for their savings since Monday. They can now choose a combination of a regular savings account and a term deposit. With “TijdslotSparen,” which translates to “Time Slot Saving” in English, customers receive a higher interest rate and can deposit and withdraw money as they want. However, they must wait three months to regain access to their funds.

The interest rate for this more flexible savings option is 2.25 percent, which is just over half a percentage point higher than a standard savings account holding a maximum of 20,000 euros. Rabobank also announced an increase in variable rates. Initially, the smallest savings accounts had an interest rate of 1.5 percent, which has now been raised to 1.7 percent. People with balances ranging from 20,000 to 100,000 euros will now receive a 1.6 percent interest rate.

A month ago, Rabobank revealed plans to develop a "different way" of saving. This intermediate option is intended to offer savers more flexibility. "As a bank, we notice that savers who have their financial buffer in place often deposit more money into their regular savings accounts than they need in the short term. At the same time, many customers find term deposits too rigid, despite the higher interest rates," explained Mariëlle Lichtenberg, the director of private customer banking, while introducing the new product.

In the first half of this year, Rabobank significantly increased its profits, largely because the interest rate provided by the European Central Bank (ECB) is considerably higher than what Rabobank distributes to its savers. The profit approximately doubled compared to a year earlier, reaching roughly 2.5 billion euros.