Dutch households are continuing to save despite the corrosive effect of inflation on their bank accounts, according to latest figures from the national bank.

The total amount held in savings accounts grew by nearly 4% to €422.5 billion in the first nine months of 2022, DNB said.

However, with inflation currently running at 16.8% by EU measures and 14.5% by the Dutch government’s preferred message, the real value of savings is shrinking.

Banks have begun paying interest on savings accounts again in recent weeks, but the rates are far below inflation.

Rabobank introduced a 0.25% interest rate for the first €100,000 in savings two weeks ago, while ING currently pays 0.25% on the first €10,000 and 0.15% for anything more up to €1 million.

In January Dutch households held €406.5 billion in savings, up from €395.5 billion a year earlier.