ABN Amro and ING have followed Rabobank’s example and lowered the interest payable on a basic internet-based savings account to 0.9%.

In mid-March, Rabobank was the first Dutch bank to take the step. People who have an internet savings account with no conditions on withdrawals will now get 0.9% interest on their money at the three biggest Dutch banks.

The interest payable is well below the 4% return assumed by the tax office when calculating the asset tax which people have to pay on savings of over €21,330. Finance minister Jeroen Dijsselbloem has already said he is looking at ways to make the asset tax more equitable.