The Dutch consumer authority ACM is starting an investigation into why the interest paid on savings by the big Dutch banks is so low.

In some EU countries the rate is double the maximum of 1.5% which, for example,  ABN Amro and ING are currently paying. The ACM said on Monday it is now going to assess whether there is enough competition on the Dutch savings market.

Online banks, such as Bunq, do offer far higher rates as do some foreign banks with operations in the Netherlands. But consumers appear to be reluctant to switch to better payers and the ACM says it wants to know why this is.

The ACM aims to publish the results of its research before summer 2024 and says the results could lead to recommendations for finance ministry action.

The watchdog was first asked to look into the Dutch savings market by the ministry itself.

Rabobank,  ABN Amro and ING have all been able to profit from higher interest rates on loans, while not putting up interest on savings by similar margins. All three banks doubled or almost doubled their earnings in the first half of this year.