Bankspaarhypotheek in the Netherlands: Bank Savings Mortgage Explained

A bankspaarhypotheek is an older Dutch mortgage type that combines a mortgage loan with a blocked savings account. Instead of gradually repaying the mortgage every month, you pay mortgage interest and build savings separately. At the end of the agreed term, the savings are used to repay the mortgage.

In English, a bankspaarhypotheek can be described as a bank savings mortgage.

You generally cannot take out a completely new bankspaarhypotheek in the Netherlands anymore. The tax rules changed in 2013. However, bank savings mortgages are still highly relevant for homeowners who already had qualifying mortgage or savings rights before 2013.

This makes the bankspaarhypotheek particularly important if you:

• Already have a bankspaarhypotheek

• Had a Dutch mortgage before 2013

• Are moving to another property

• Want to refinance an existing mortgage

• Are considering changing an old savings mortgage

• Have returned to the Netherlands after previously owning a Dutch home

• Want to understand an existing Dutch mortgage that contains a Spaarrekening Eigen Woning

Changing an older mortgage without checking the tax consequences first can be expensive.

Do you already have a bankspaarhypotheek and want to know what your options are? Schedule a free consultation with Expat Mortgage Platform. We can assess the mortgage, savings account and your plans before you make changes.

What is a bankspaarhypotheek?

A bankspaarhypotheek consists of two connected parts:

1. A mortgage loan

2. A blocked savings account used to build the money needed to repay that loan

The blocked savings account is commonly known as a Spaarrekening Eigen Woning, abbreviated as SEW.

During the mortgage term, you normally do not reduce the mortgage debt through regular repayments. Instead, you pay interest on the mortgage and deposit money into the savings account.

At the agreed end date, the money accumulated in the bank savings account is released and used to repay the mortgage.

This makes a bankspaarhypotheek very different from the annuity mortgage and linear mortgage that are normally used for new Dutch mortgages today.

How does a bankspaarhypotheek work?

Imagine you have a bankspaar mortgage with a mortgage debt of €250,000.

Instead of gradually reducing that €250,000 mortgage balance, you continue paying interest on the mortgage debt. At the same time, you make regular deposits into a separate blocked savings account.

That savings account earns interest.

With the savings version of a bankspaarhypotheek, the savings rate is generally linked to the mortgage interest rate. The deposits and interest are structured so that the agreed amount is available at the end of the term.

The structure therefore looks roughly like this:

Mortgage debt: remains outstanding during the term
Monthly mortgage interest: paid to the lender
Monthly savings deposit: paid into the blocked savings account
Savings interest: added to the savings balance
End of term: savings are used to repay the mortgage

You cannot simply withdraw the money in the savings account and use it for a car, holiday or investment. It is a blocked account connected to the financing of your own home.

Why does the mortgage balance not decrease?

With an annuity or linear mortgage, every regular payment contains a repayment component. The outstanding mortgage debt therefore gradually becomes smaller.

A traditional bankspaarhypotheek works differently.

You keep the mortgage debt outstanding while building up capital separately.

That structure was attractive under the older Dutch tax system because the mortgage interest could remain deductible while the savings intended for repayment could receive favourable tax treatment, subject to the applicable conditions.

If you want to understand how mortgage interest deduction works for current mortgages, read our complete guide to mortgage interest deduction in the Netherlands.

Can you still get a bankspaarhypotheek in 2026?

For someone buying their first home and taking out an entirely new mortgage today, a bankspaarhypotheek is generally no longer an option with the old tax advantages.

The rules changed on 1 January 2013.

For new own-home mortgage debt created from that date, mortgage interest deduction generally requires the loan to be repaid at least according to an annuity or linear repayment schedule within a maximum of 30 years.

A bankspaarhypotheek does not normally meet this requirement because the mortgage itself is not progressively repaid during the term.

This is why most new buyers in the Netherlands now choose between an annuity and linear mortgage.

You can compare these structures in our guide to Dutch mortgage types for expats.

Existing bankspaarhypotheken are different

The situation is different if you already had qualifying mortgage debt and a bank savings arrangement under the old rules.

Transitional rules can allow existing rights to continue.

Depending on your situation, you may be able to:

• Continue the existing mortgage

• Take qualifying existing rights with you when moving home

• Refinance existing mortgage debt

• Transfer an existing qualifying savings arrangement

• Convert certain older qualifying savings products

• Combine an existing bankspaar mortgage part with a new annuity or linear mortgage part

The exact treatment depends on your original mortgage, savings product, dates, amounts and what you change.

Do not cancel an existing bankspaarrekening simply because another mortgage appears to have a lower interest rate.

Spaarrekening Eigen Woning explained

A Spaarrekening Eigen Woning, or SEW, is the blocked savings account associated with many bankspaarhypotheken.

The account is specifically intended to build capital for repayment of the mortgage on your own home.

If the account continues to meet the applicable conditions, it can receive favourable tax treatment.

An important difference compared with normal savings is that the money is not freely available.

The account is linked to the repayment of the own-home debt.

This restriction is part of the reason the savings could receive special tax treatment.

Bankspaarhypotheek tax rules in 2026

The tax treatment is one of the most important reasons to be careful when changing an existing bankspaarhypotheek.

A qualifying Spaarrekening Eigen Woning can fall within Box 1 rather than being treated as normal Box 3 savings.

Under the 2026 rules, the exemption when a qualifying SEW is released can be up to €207,500 per person, subject to the applicable requirements. Fiscal partners may therefore potentially have a combined exemption of up to €415,000 when both can use their individual exemption.

The exemption is not automatically available just because your mortgage is called a bankspaarhypotheek.

Conditions apply.

Among other things:

• The savings must be connected to your own home

• Deposits must satisfy the applicable rules

• The account must remain a qualifying blocked account

• The highest annual contribution may generally not exceed ten times the lowest annual contribution

• The released capital must generally be used to repay qualifying own-home debt

• Your available exemption cannot exceed the relevant qualifying amounts and debt

Because changing the mortgage or savings account can affect these conditions, individual advice is particularly important for bankspaar mortgages.

What is the 1:10 rule for a bankspaarhypotheek?

One important tax rule concerns the relationship between your highest and lowest annual deposits.

In general, the highest amount deposited during a twelve-month period may not be more than ten times the lowest amount.

This is commonly referred to as the 1:10 bandbreedte, or bandwidth rule.

For example, making a very large additional deposit into your bank savings account may seem attractive because it reduces the amount you need to contribute later.

However, depositing too much without first calculating the tax consequences can cause problems.

Never make a substantial extra deposit into an existing SEW purely because you have spare cash.

Check the permitted contribution first.

What happens when mortgage interest rates change?

This is one of the most interesting characteristics of a bankspaarhypotheek.

With the savings version of a bankspaar mortgage, the interest credited to your savings is usually linked to the interest you pay on the mortgage.

This creates an effect that can seem counterintuitive.

If the mortgage rate falls

You pay less mortgage interest.

However, the interest earned on your bank savings also falls.

Your money therefore grows more slowly, which can mean that your required savings contribution has to increase to reach the same target amount.

If the mortgage rate rises

You pay more mortgage interest.

At the same time, the return on the linked savings account can increase.

Your savings then grow faster, meaning the amount you need to contribute may decrease.

This is one reason why comparing a bankspaarhypotheek purely on the mortgage interest rate can be misleading.

A lower mortgage rate does not automatically produce the same benefit as it would with an annuity or linear mortgage.

You need to compare the complete monthly cost, including both interest and the required savings contribution.

Is refinancing a bankspaarhypotheek to a lower rate always beneficial?

No.

This is one of the biggest mistakes homeowners can make when analysing an old savings mortgage.

Imagine you see a new mortgage rate that is significantly lower than your current rate.

With a normal annuity mortgage, a lower interest rate will usually reduce the interest component of your payment.

With a bankspaarhypotheek, there is another side to the calculation.

If the interest credited to your savings also falls, you may need to contribute more money into the savings account every month to reach your agreed target capital.

Other factors may also apply, such as:

• Early repayment charges

• Mortgage advice costs

• Notary costs

• Valuation costs

• Remaining mortgage term

• Existing savings balance

• Current mortgage interest deduction

• Tax treatment of the SEW

• Conditions for transferring the savings account

• Whether the new lender accepts the existing structure

You should therefore compare the total net outcome rather than just the new interest percentage.

Can you move a bankspaarhypotheek to another home?

An existing qualifying bankspaar arrangement can often be continued when you move from one owner-occupied home to another.

Your existing mortgage history and transitional tax rights can remain important.

If the new property requires a larger mortgage, the additional amount is a separate issue.

For example, imagine you have an existing qualifying pre-2013 mortgage component of €200,000 and need €350,000 to finance your next home.

It may be possible for the existing qualifying amount to continue under the old rules, while the additional €150,000 needs to meet the newer repayment requirements.

That new mortgage component would normally need an annuity or linear structure if you want its interest to qualify for mortgage interest deduction.

Moving home is therefore not necessarily a reason to give up a bankspaarhypotheek.

It is a reason to calculate your options carefully.

What if you sell your home and temporarily rent?

The rules can also be relevant if you sell your property and temporarily rent before purchasing another home.

Under certain conditions, an existing qualifying bank savings arrangement can potentially be connected to a new owner-occupied property later.

Timing is important.

If you are planning to sell, rent temporarily and buy again, speak to an advisor before terminating or releasing your savings account.

Once an existing tax-favoured structure has been incorrectly ended, it may not be possible to recreate the same position later.

Bankspaarhypotheek vs spaarhypotheek

A bankspaarhypotheek and traditional spaarhypotheek are closely related but they are not the same product.

The biggest structural difference is where the capital is accumulated.

With a bankspaarhypotheek, you save through a bank account.

With a traditional spaarhypotheek, the capital is built through an insurance product.

Does a bankspaarhypotheek include life insurance?

Not automatically.

This is another important difference between a bankspaarhypotheek and a traditional spaarhypotheek.

A traditional savings mortgage usually has an insurance component.

A bankspaarhypotheek uses a bank savings account instead.

A separate term life insurance policy may have been taken out alongside the mortgage, or a lender may have required one when the mortgage was originally arranged.

If you already have a bankspaarhypotheek, check both your mortgage documents and any separate insurance policies before assuming that death is automatically insured.

What are the advantages of a bankspaarhypotheek?

For someone who already has a qualifying bankspaarhypotheek, the structure can still offer significant advantages.

Tax-favoured capital accumulation

A qualifying SEW can receive favourable tax treatment instead of being treated as ordinary savings.

Predictable target capital

The savings structure is designed to accumulate capital for repayment of the mortgage at the end of its term.

Interest-rate link

In the savings version, the mortgage interest and savings interest are connected. This partly offsets the effect of interest-rate movements.

Existing mortgage interest deduction may be preserved

Qualifying older mortgage debt may remain covered by transitional rules.

No integrated insurance product required

The savings account is separate from life insurance, making the structure different from a traditional spaarhypotheek.

Potentially valuable old mortgage rights

The fact that you cannot simply open the same tax-favoured product today can make an existing arrangement worth analysing carefully before giving it up.

What are the disadvantages of a bankspaarhypotheek?

There are also disadvantages.

Limited flexibility

The savings are blocked and intended for mortgage repayment.

Complex tax rules

Extra deposits, withdrawals, refinancing and other changes can have tax consequences.

Your mortgage debt remains high

Unlike a linear or annuity mortgage, the loan balance itself does not gradually decrease in the same way.

A lower interest rate is not automatically better

Lower mortgage interest can also mean lower interest on your savings and therefore a higher required deposit.

Fewer lenders may support older structures

Because bankspaarhypotheken are legacy products, your choice when refinancing can be more limited than with modern mortgage types.

No automatic life insurance

You may need separate protection depending on your household situation.

Bankspaarhypotheek vs annuity mortgage

The difference between a bankspaarhypotheek and an annuity mortgage is substantial.

With an annuity mortgage, you repay part of the mortgage every month.

At the beginning, your payment consists mainly of interest and a smaller repayment. Over time, the interest portion decreases and the repayment portion increases.

With a bankspaarhypotheek, the mortgage debt normally remains outstanding while you build capital in a separate account.

For a new mortgage today, an annuity mortgage can normally qualify for mortgage interest deduction when all tax requirements are met.

A completely new bankspaarhypotheek does not provide the same route under the current rules.

Read our full explanation of how an annuity mortgage works in the Netherlands.

Bankspaarhypotheek vs linear mortgage

A linear mortgage reduces the mortgage debt even faster.

You repay the same amount of principal every month, while interest is calculated over an increasingly smaller mortgage balance.

As a result:

• The debt decreases from the first month

• Interest costs gradually decrease

• Monthly gross payments normally become lower

• Total interest is usually lower than with an equivalent annuity mortgage

A bankspaarhypotheek does not work like this because the debt and savings are kept separate during the term.

Read our complete guide to linear mortgages in the Netherlands for a detailed explanation.

Bankspaarhypotheek vs interest-only mortgage

At first glance, a bankspaarhypotheek can look like an interest-only mortgage because the mortgage debt itself is not normally reduced each month.

The critical difference is the savings account.

With a bankspaarhypotheek, you deliberately build capital in a linked blocked account to repay the mortgage later.

With a normal interest-only mortgage, there is no automatically linked savings mechanism that builds the required repayment amount.

That means the repayment risk is different.

You can learn more about current rules in our guide to the interest-only mortgage in the Netherlands.

Should you make an extra repayment or an extra deposit?

If you have money available, you may wonder whether you should:

• Repay part of the mortgage directly, or

• Make an additional deposit into your bank savings account

With a bankspaarhypotheek, this decision is more complicated than it appears.

Directly repaying the mortgage reduces the amount on which you pay interest, but it can also affect the structure of the linked savings product and the tax benefit.

An additional deposit into the savings account could reduce future required deposits because more money starts earning savings interest earlier.

However, an additional deposit must fit within the tax rules, including the applicable contribution bandwidth.

The mathematically attractive option is therefore not automatically the fiscally correct option.

Have the calculation checked before transferring a large amount.

Should you keep or change an existing bankspaarhypotheek?

There is no universal answer.

An existing bankspaarhypotheek may be worth keeping if:

• You have valuable transitional tax rights

• A substantial savings balance has already accumulated

• You have many years of the mortgage behind you

• The combination of mortgage interest and savings interest is attractive

• Changing the mortgage would produce little net benefit

• Refinancing costs would be high

Changing the mortgage may still be worth investigating if:

• Your current mortgage conditions are restrictive

• You are moving home

• The mortgage is approaching its end date

• Your household situation has changed

• You want to reduce financial risk

• Your income or retirement situation has changed

• You want a different repayment structure

• Your current lender no longer fits your plans

The correct comparison needs to include the mortgage debt, accumulated savings, current rate, savings rate, remaining term, future contributions, tax treatment and refinancing costs.

Simply comparing mortgage rates is not enough.

Bankspaarhypotheek for expats in the Netherlands

Most expats buying their first Dutch home today will never need a bankspaarhypotheek.

An annuity or linear mortgage is usually much more relevant.

However, a bankspaarhypotheek can become important for international homeowners who have been in the Netherlands for a long time.

You may encounter one if:

• You bought a Dutch home before 2013

• Your partner already owns an older Dutch mortgage

• You are returning to the Netherlands after previously owning property here

• You are buying a property together with someone who has transitional mortgage rights

• You are refinancing an existing Dutch property

• You inherit or take over financial responsibilities connected to an older mortgage

• You find the term SEW or Spaarrekening Eigen Woning in existing mortgage documentation

Your nationality is not what determines how the product works.

The important questions concern the history of the mortgage, the tax status of the debt and savings account, and what you plan to do next.

For a broader explanation of eligibility, read our guide to obtaining a Dutch mortgage as an expat.

Get your bankspaarhypotheek checked before making changes

A bankspaarhypotheek is no longer a standard mortgage for new Dutch homebuyers, but an existing bank savings mortgage can still contain valuable rights.

That is why you should understand the full financial effect before you:

• Refinance

• Repay part of the mortgage

• Make an additional savings deposit

• Change lender

• Move home

• Sell your property

• Temporarily rent

• Change the savings account

• Convert the mortgage to another structure

At Expat Mortgage Platform, we can analyse your existing mortgage and explain the possibilities in clear English.

We can compare:

• Your current mortgage

• Your accumulated bank savings

• Your remaining mortgage term

• Current and alternative mortgage rates

• Your monthly net costs

• Refinancing costs

• Annuity and linear alternatives

• The consequences of moving home

• Suitable Dutch lenders

• Your wider expat financial situation

Already have a bankspaarhypotheek or an older Dutch mortgage?

Schedule a free, no-obligation mortgage consultation before making changes. We will help you understand what you currently have and whether keeping, moving or changing it makes financial sense.

If you are buying a property and do not yet have a mortgage, you can also use our Dutch mortgage calculator for expats for an initial indication of your borrowing capacity.

Frequently Asked Questions About the Bankspaarhypotheek

What is a bankspaarhypotheek in English?

A bankspaarhypotheek can be translated as a bank savings mortgage. It combines a mortgage loan with a blocked savings account used to accumulate capital for repayment of the mortgage.

Can I get a new bankspaarhypotheek in the Netherlands in 2026?

A new buyer generally cannot start a new bankspaarhypotheek with the old tax treatment. New mortgage debt created since 2013 generally needs to be repaid on at least an annuity or linear basis within 30 years for the interest to qualify for mortgage interest deduction.

What is a Spaarrekening Eigen Woning?

A Spaarrekening Eigen Woning, or SEW, is a blocked bank savings account intended to accumulate money for repayment of qualifying own-home mortgage debt.

What is the difference between a spaarhypotheek and bankspaarhypotheek?

A traditional spaarhypotheek builds capital through an insurance product. A bankspaarhypotheek builds capital through a blocked bank savings account. A traditional savings mortgage also normally contains an insurance component, while a bank savings mortgage does not automatically include life insurance.

Can I take my bankspaarhypotheek with me when I move?

Existing qualifying arrangements can often be continued when moving to another owner-occupied home, subject to the applicable mortgage and tax conditions. Any additional borrowing may have to meet the post-2013 repayment rules.

Can I refinance a bankspaarhypotheek?

Potentially, yes. However, refinancing should be calculated carefully. A lower mortgage rate can also reduce the interest credited to the linked savings account, which may increase the required savings contribution.

Is a lower interest rate better for a bankspaarhypotheek?

Not necessarily. Because mortgage interest and savings interest are generally linked in the savings version, a lower mortgage rate can also mean that your savings grow more slowly. You may therefore need to make higher savings contributions.

Can I make an extra deposit into my bankspaarrekening?

This may be possible, but tax limits apply. In particular, you need to consider the relationship between your highest and lowest annual contributions. Always check the permitted amount before making a substantial additional deposit.

Is the money in a bankspaarhypotheek taxed in Box 3?

A qualifying Spaarrekening Eigen Woning can fall within Box 1 rather than being treated as ordinary Box 3 savings, provided it continues to meet the applicable conditions.

What happens at the end of a bankspaarhypotheek?

The blocked savings balance is released and used to repay the qualifying mortgage debt. The tax treatment of the released amount depends on whether the applicable requirements and exemption conditions have been met.

Is a bankspaarhypotheek suitable for an expat?

For an expat taking out a completely new mortgage today, an annuity or linear mortgage is normally more relevant. A bankspaarhypotheek mainly matters to people who already have qualifying older Dutch mortgage or savings rights.

Should I convert my bankspaarhypotheek to an annuity mortgage?

That depends on your accumulated savings, mortgage rate, savings rate, remaining term, tax position, refinancing costs and future plans. Converting an older mortgage can mean giving up valuable rights, so it should be calculated before making a decision.