The Netherlands Authority for Consumers and Markets (ACM) has launched a broad market study into the functioning of the Dutch savings market, responding to concerns raised by the Dutch Ministry of Finance regarding the lagging savings account rates compared to the European Central Bank's interest rates.

ACM's investigation aims to determine whether sufficient competition exists among banks to drive up savings account rates, which are currently not benefiting consumers as much as they could. The authority has noted that while some providers, including international banks, offer higher rates, Dutch consumers are not switching banks as frequently as expected.

The study will explore the reasons behind the limited consumer switching behavior and the lack of competitive pressure on major banks to increase their savings account rates. ACM plans to gather insights from various stakeholders, including sector-specific regulators like the Dutch Authority for the Financial Markets (AFM) and the Dutch central bank (DNB).

Results from this market study are anticipated to be published before the summer of 2024, and may lead to recommendations for legislative changes if the findings indicate that the market is not functioning effectively.