For most savings accounts, interest is paid out once a quarter or once a year, depending on the type of savings account you have. The terms and conditions of your savings account explain which kind of interest you receive.
For a Spaardeposito (Savings Deposit), we pay out interest once a year. If you have a minimum deposit of € 5,000 you can opt for monthly interest payments.
Period | Your interest |
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31 December to 24 May | 1.50% of € 5,000 x 145/365 days = € 29.79 |
25 May to 14 August | 1.50% of € 7,000 x 82/365 days = € 23.59 |
15 August to 30 December | 1.50% of € 6,000 x 138/365 days = € 34.03 |
Total savings interest | € 87.41 |
For savings accounts that pay out interest once a quarter, you receive interest 4 times a year. Your savings earn interest for the number of days in a quarter that the money is in your savings account. If you leave the interest in your account, you will also earn interest on this amount in the next quarter, i.e. you earn interest on the interest. The interest rate that tells you what the interest will be if you leave your savings in your account for a full year is called the 'effective interest rate'.
Nominal interest rate (once a quarter) | Effective interest rate per year |
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1.294% | 1.30% |
1.095% | 1.10% |
0.20% | 0.20% |