Knab
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Knab is a Dutch digital bank created in 2012 and originally operating under the Aegon Bank N.V. banking license. In April 2024, the bank's statutory name changed from Aegon Bank N.V. to Knab N.V., formalizing what had been the operating name for years. Today, Knab is licensed, regulated, and fully owned by Austria's BAWAG Group AG (following a purchase in late 2024), but it operates as an independent mobile-first bank with a strong focus on the Dutch self-employed (zzp) and small business market. Unlike neobanks that partner with traditional banks to offer accounts, Knab is itself a licensed bank under Dutch regulation, authorized to issue IBANs and hold customer funds under the deposit guarantee scheme.
Knab positions itself as the fastest and simplest way to open a business account for freelancers and small enterprises. The account opening process can be completed entirely on the Knab app in five minutes, significantly faster than the branch visits or video calls typical at ABN AMRO, ING, or Rabobank. Applicants provide personal identification, KVK (Dutch Chamber of Commerce) verification for the business, and answer regulatory questions about beneficial ownership and source of funds. Within hours, the applicant receives a Dutch IBAN and can begin making and receiving payments. This speed is a major differentiator for entrepreneurs eager to launch quickly and avoid the friction of traditional banking onboarding.
Knab's core product is the zakelijke rekening (business account) tailored for sole proprietors (eenmanszaak) and freelancers. The bank also offers a separate BV rekening for limited companies, though small BV's typically open the standard zakelijke rekening instead. The account includes a debit card for business spend and is integrated into the Knab app, which provides real-time balance checks, transaction history, and spending notifications. Knab emphasizes low, transparent pricing: the monthly fee is modest (often free in promotional periods or under 10 euros in standard pricing), and the cost per SEPA transfer or direct debit is clearly itemized with no hidden charges.
A defining feature for Dutch entrepreneurs is Knab's automatic VAT savings pot. Dutch businesses collecting VAT on invoices must remit the amount monthly or quarterly to the Belastingdienst (tax authority). Knab's automation allows users to set a VAT savings rate (typically 21% for standard goods and services), and the app automatically transfers that percentage from each invoice received into a dedicated savings pot within the same account. When the Belastingdienst direct debit arrives for VAT settlement, the funds are ready and segregated, reducing the risk of accidentally spending VAT revenue and being unable to pay the tax authority. This feature alone appeals to many solo entrepreneurs who struggle with VAT cash flow management.
Knab's app also allows unlimited savings pots (separate internal accounts for different purposes: VAT, equipment fund, salary buffer, etc.), which helps entrepreneurs mentally partition their money without opening separate bank accounts. This reflects product design thinking and appeals to business owners tired of juggling multiple accounts across multiple banks for different financial goals.
Knab integrates with major Dutch accounting and bookkeeping software: Moneybird, Exact Online, e-Boekhouden, and others can access Knab accounts via API and download transactions automatically for reconciliation. This integration works identically to the traditional banks' APIs. Payroll software and the Belastingdienst direct debit systems recognize Knab IBANs and process them without issue, meaning businesses can run payroll and settle taxes through Knab just as easily as through ABN AMRO or Rabobank.
Knab's regulatory status is critical to understanding its place in the Dutch ecosystem. As a licensed bank, Knab is authorized and regulated by the Dutch Central Bank (DNB) and subject to the European Central Bank's supervisory framework. Customer deposits are protected by the Dutch Deposit Guarantee Scheme (Depositogarantiestelsel, DGS) up to 100,000 euros per depositor per institution, the same guarantee protecting customers at larger banks. This means a freelancer holding 50,000 euros in their Knab zakelijke rekening is protected identically to someone with 50,000 euros at ABN AMRO. This regulatory protection is essential context, as Knab's status as a licensed bank distinguishes it from fintech competitors that partner with traditional banks and offer accounts under partner licenses.
Knab was acquired by BAWAG Group AG in November 2024, following Austria's BAWAG's purchase of the Aegon Bank entity (which operated Knab). BAWAG is itself a major Austrian bank with origins dating back to 1954. For Knab customers, the BAWAG acquisition brings new ownership but operationally changes little: Knab continues serving the Dutch market under its own brand and regulatory license, and BAWAG's capital strength provides additional assurance of financial stability. Some Knab customers questioned the acquisition, but the Dutch banking regulator (DNB) approved the change and Knab's operations remain unchanged.
Pricing at Knab is competitive with traditional banks on a per-transaction basis but with lower monthly minimums. The standard business account package begins around 9 euros per month (or free during promotional periods) and includes a certain number of transactions; additional transfers and debits cost a few cents each. Knab also offers premium packages with higher included transaction limits for higher monthly fees, scaling pricing with business growth. The bank regularly runs promotional offers: a first-year-free promotion is common, sometimes paired with a 100-euro cashback bonus for new account openings.
International payments at Knab are less developed than traditional banks. SEPA credit transfers within Europe are straightforward, but SWIFT transfers to non-SEPA countries carry fees and require manual input into the Knab app rather than batch processing. Businesses sending frequent international payments sometimes layer Wise on top of their Knab zakelijke rekening for cost efficiency on currency conversions. Knab does not offer multi-currency accounts, so businesses receiving payments in USD or GBP would typically convert to euros immediately via an external currency platform.
Customer support at Knab is entirely digital: no branch offices, phone support limited to specific business hours, and communication primarily via in-app chat or email. For entrepreneurs comfortable with digital support and troubleshooting independently, this model works well. For those preferring face-to-face banking or immediate phone support, Knab is not the optimal choice. The bank has invested in support quality and response times are generally reasonable, but there is a structural advantage to the branch-based competitors for complex issues or relationship discussions.
Knab's zakelijke rekening suits freelancers, solo entrepreneurs, and small businesses seeking a fast, app-first banking experience with low fees and straightforward pricing. The five-minute account opening, automatic VAT savings, and unlimited internal savings pots make it an efficient choice for tech-savvy business owners. The regulatory protection and licensed bank status mean deposits are safe and the account works reliably with Dutch payroll and tax systems. The trade-offs are the absence of physical branches, digital-only support, and limited international payment capabilities. For businesses whose banking needs fit within Knab's scope, primarily domestic payments, regular VAT settlements, and payroll management, Knab offers better value and speed than traditional banks. For businesses requiring complex financing, international expansion, or relationship banking, the traditional banks remain stronger choices.
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