Belfius Bank has raised the interest and loyalty bonus rates on its customers' savings accounts from 0.01% to 0.35% and 0.10% to 0.15% respectively, the bank announced on Thursday.
The higher rates come after the European Central Bank (ECB) declared on the same day that it would increase interest rates on bank deposits from 1.5% to 2% — the ECB's fourth rate hike this year — as it attempts to temper soaring inflation across the eurozone area.
"The new rate increase announced by the ECB on 15 December, 2022 clearly confirms the structural nature of the interest rate increase," Belfius said in a press release.
The new rates will come into force on 2 January next year.
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Belfius is the first major bank in Belgium to increase its rates. Some smaller banks, including CKC and Keytrade Bank, have already announced similar rate increases.