The cost of a standard checking account at the three largest Dutch banks will more than double in 2024 compared to 2020, with the steepest rise observed at ING. Starting January 1, the cost at ING will have surged by 151% over the past five years.
This finding comes from an analysis by comparison site Bankenvergelijking, which reviewed banking fees across the Netherlands. The study highlights significant price hikes at the three major banks—ING, Rabobank, and ABN AMRO—since January 2020.
Sharpest Increases at ING and ABN AMRO
ING leads the price hike, with customers set to pay €46.80 annually for a standard account in 2024, reflecting a 151% increase over five years. ABN AMRO follows, with rates for its popular Basic Package rising by 139% to €44.40 annually.
Rabobank has limited its fee increases compared to its peers, with a new annual cost of €38.40, which is still double what it charged in 2020. Notably, Rabobank is the only major bank not introducing a price hike this New Year’s Eve.
At the start of 2024, customers at ING and ABN AMRO will face additional monthly charges of €0.25 and €0.45, respectively. The comparison focused on accounts that include features such as app access, a debit card, and internet banking.
Banks Cite Rising Operational Costs
The banks justify the increases by pointing to higher operational expenses. They attribute the rising fees to investments in improved customer service, enhanced payment system security, and compliance with stricter regulations to combat money laundering and terrorist financing.
Smaller Banks Show Moderated Increases
The study also reveals that smaller banks have implemented relatively smaller price increases. For instance, SNS Bank accounts now cost 25% more than in 2020, bunq raised its rates by 33%, and Triodos saw a 43% increase.
ASN Bank, which long held the reputation of being the most affordable, nearly doubled its prices in five years, with a 94% increase.
However, smaller banks are not always the cheaper alternative. For example, Triodos charges €60 annually for a standard account, higher than rates at the three major banks despite its more moderate percentage increase.
These trends reflect a broader rise in banking costs across the sector, with customers of all banks facing higher fees for essential services.
