Interest on savings may be at record lows, but Dutch consumers continue to stash away money for a rainy day, according to new figures from the Dutch central bank.

By the end of last year, Dutch households were holding €368bn in savings accounts at Dutch banks, a rise of €12.6bn on 2018.

The rise is due to increases in the population and average wages, and the amount put aside per household is relatively stable, the central bank said.

In early January, ABN Amro became the first of the big Dutch banks to reduce interest on savings up to €2.5m to zero and ING made a similar move last week.

Interest accrued on the savings last year was just €1.2bn, the lowest contribution in many years.

Most Dutch savings are held in instant access accounts.