Over ten years or more, investing in a broad share index has historically yielded far more than saving, while a savings account is better for money you may need soon. In 2026 Dutch savings earn around 1.3% on average, while Dutch pension funds may assume up to 5.4% a year on shares, but that higher return comes with real risk.
The question is therefore not which of the two is better, but which part of your money belongs where. This article compares the returns of saving and investing in 2026 and shows what the difference means over twenty years. It also covers how box 3 treats both, why the Dutch Authority for the Financial Markets (AFM) thinks many households could put more of their savings to work, and when saving still wins.
What saving and investing yield in 2026
A Dutch savings account currently yields around 1.3% a year on average. The best official indication is the provisional box 3 rate for bank balances for 2026, 1.28%, which the Belastingdienst bases on actual savings rates. With inflation at 3.3% in August 2026, according to CBS, savings are currently losing purchasing power.
For shares there is no single current return, because prices move every day, so it helps to look at long-term figures and official expectations. The MSCI World, an index of large companies in developed countries, returned 9.08% a year on average from the end of 1987 to 31 August 2026, measured in dollars, with dividends reinvested and before costs. For forecasts, Dutch pension funds may assume at most 5.4% gross a year on listed shares, a figure set by the government on the advice of an independent committee.
What the difference means over twenty years
Small differences in return grow large over long periods, because the return itself also earns a return. If you put €10,000 in a savings account at 1.28% and leave it for twenty years, you end up with €12,897. At 5.4% a year the same amount grows to €28,629, more than twice as much. Both figures are before costs and tax, and the investment outcome is an expected value rather than a promise, as our article on compound interest explains in more detail.
The gap also shows how much a savings account costs you in purchasing power over time. If inflation stayed at 3.3%, €12,897 in twenty years would buy less than €10,000 does today, which is why our article on purchasing power and real returns always calculates with the return after inflation.
Why investing is not always better
Investing carries risk, and the AFM puts it plainly: investing can yield more than saving, but also less. A share index can lose a large part of its value within months and take years to recover. If you need the money in that period, for a house deposit, a car or a gap in income, you may have to sell at a loss.
That is why the AFM advises keeping enough savings as a buffer and only investing money you can do without for a longer time. Money for known expenses in the coming years belongs in a savings account as well, even though it loses purchasing power, because you know the money will be there when you need it. Our article on how much savings is enough goes into the size of that buffer.
How box 3 treats saving and investing
Box 3 taxes investments much more heavily than savings, because it uses a deemed return of 6.00% on investments against 1.28% on bank balances in 2026. For a single person with €110,000 in savings, the box 3 tax for 2026 is €233. If that person moves €50,000 into investments, the tax rises to about €625, roughly €390 more, or 0.78% of the amount invested each year.
Under the current system, investing therefore has to beat saving by more than that difference before it pays off. If your actual return turns out lower than the deemed return, you can ask to be taxed on the actual return instead. The government wants to replace the deemed returns with a tax on actual returns from 2028. The Eerste Kamer postponed its vote on that bill in June 2026, however, so the rules for the coming years are still uncertain.
How many Dutch households choose to invest
Most Dutch households keep their wealth in savings. In its study of non-investors, the AFM found that the share of households that invest rose from 15% in 2019 to 19% in 2024. Around 800,000 households have enough liquid money to invest but do not, and for half of them the amount above the buffer recommended by Nibud, the national budget information institute, is more than €30,000. The reason they give most often is a lack of knowledge.
How Gylder fits in
Gylder (gylder.nl) is a net worth tracker, not a budgeting app. It shows your savings accounts and investments side by side with a daily updated total, so you can see how your wealth is split between the two and how that split changes over time. Gylder does not give investment advice or execute trades.
What this doesn't tell you
Past returns are no guarantee of future returns, and the 5.4% is a ceiling for pension-fund forecasts, not a prediction for your portfolio. Costs, currency effects, your own tax situation and how long you can leave the money untouched all change the outcome. This article is general information, not financial advice.
Frequently asked questions
Is saving or investing better in 2026? For money you can leave untouched for ten years or more, investing in a broad index has historically yielded more. For a buffer and for expenses in the next few years, a savings account is the safer place.
How much more does investing yield than saving? Over twenty years, €10,000 grows to €12,897 at 1.28% savings interest and to €28,629 at 5.4% a year, before costs and tax. The investment outcome is an expectation, not a guarantee.
How much savings should I keep before I start investing? The AFM advises keeping enough savings as a buffer first, and only investing money you can do without for a longer period.
Do I pay more box 3 tax on investments than on savings? Yes. In 2026 box 3 assumes a return of 6.00% on investments and 1.28% on bank balances, so you pay more tax on the same amount if it is invested.
Sources
- Belastingdienst, Hoe is het box 3-inkomen op mijn voorlopige aanslag 2026 berekend?, accessed 30 September 2026
- CBS, Inflatie stijgt naar 3,3 procent in augustus, accessed 30 September 2026
- MSCI, MSCI World Index factsheet (31 August 2026), accessed 30 September 2026
- Overheid.nl, Staatsblad 2023, 219, accessed 30 September 2026
- AFM, Is beleggen iets voor jou? and (Zelf) beleggen, accessed 30 September 2026
- AFM, Onbenut vermogen: een studie naar niet-beleggers (2026), accessed 30 September 2026