The Dutch had some €336bn in bank savings accounts at the end of last year, a rise of just €4.5bn on 2014, according to figures from the Dutch central bank.

However, just €386m of the increase is due to people adding to their savings and the rest comes from interest, which is currently at record low rates.

‘The first and second halves of 2015 are in stark contrast: the first six months saw net inflows of savings amounting to some €10bn, whereas most of this amount was withdrawn during the last six months,’ the bank said in a statement.

Most money was withdrawn in December as savers spent their cash on the end of year festivities or looked to beat the asset tax, the central bank said. Savers have to pay tax on savings of over €21,130.

Additional mortgage repayments are also popular in December as a way of getting round the savings tax, the central bank said.