Independent contractors, known in the Netherlands as Zzp’ers, are collectively losing as much as €540 million a year, as a result of using unsuitable bank accounts, according to research from Knab, which is part of Aegon Bank.

Data from Knab indicates that independent contractors could save money by choosing a business account more suited to their needs.

Business accounts are often associated with unnecessarily high costs, such as administration fees, high interest rates on overdrafts, and the higher money transfer costs. The interest rate associated with business accounts is also often low.      

According to the Knab Advantage Calculator, independent contractors on average have an account balance of €4,256, savings of €42,915, and complete an average of 68 transactions per month.

However, according to Knab, by opening a business account with them, independent contractors could save up to €676 per year.

Jeroen Sakkers of ZZP Barometer, an online publication for independent contractors, freelancers, and self-employed people, commented: “Independent contractors often don’t focus on their financial affairs. They do not know that they will be out of pocket if they open a business account that is not tailored to their business needs. The Knab Advantage Calculator shows that independent contractors can save money by switching.”

For further information about the Knab Advantage Calculator, click here.