The interest rates offered by banks to Belgian savers remain generally lower than those in neighbouring countries, according to a note on savings interest rates in Belgium published on Tuesday by Eric Dor, Director of Economic Studies at the IÉSEG School of Management in Lille.
In January 2026, the average rate on savings deposits was 0.7% in Belgium, compared with 1.72% in Luxembourg, 1.55% in France and 1.23% in the Netherlands.
Only Germany has a rate roughly similar to Belgium's (0.68%).
In Belgium, fixed-term deposits remain less attractive than in neighbouring countries. The average gross rates on fixed-term deposits of one to two years (1.68%) and deposits of over two years (2.27%) are lower than those in all neighbouring countries.
As for the average gross rate on fixed-term deposits of up to one year (1.68%), only Luxembourg (1.49%) offers a lower rate. Additionally, taxation on these products is higher in Belgium.
The argument that these low returns are offset by cheaper loans holds true only partially, according to Dor. The average rate on mortgages (3.45%) is certainly lower than in Germany (3.76%) and the Netherlands (3.51%), but higher than in France (3.03%) and Luxembourg (3.31%).
However, Belgian banks charge average rates on consumer loans that are lower than those in many eurozone countries.
At 5.8% in Belgium in January 2026, this rate is higher than that charged by banks in Luxembourg (3.89%), but lower than that charged by lenders in Germany (8.09%) and France (6.39%). The average rate for consumer credit (5.8%) is lower than in Germany (8.09%) and France (6.39%).
Belgian banks are more profitable than those in neighbouring countries, with a return on equity of 10.72% in the fourth quarter of 2025 for the major banks and 13.46% in the third quarter of 2025 for the smaller banks.
Despite an expected rise in the European Central Bank’s (ECB) key interest rates, the purchasing power of savings is once again at risk of falling with interest rates below inflation, predicts Dor.
Recent experience has shown that Belgian banks have been reluctant to raise interest rates on savings accounts, unlike their counterparts abroad.
