Argenta and ING Bank have announced that they will increase their savings and loyalty bonus rates for Belgian customers from next year, Belga News Agency has reported.
The decision comes after many rival banks, including Belfius, Triodos, KBC and Deutsche Bank, had increased rates on their customers' savings accounts. It also follows the European Central Bank's decision to hike interest rates by 50 basis points, to 2.5%, earlier this month.
At ING, the higher rates will apply to all saving accounts from 9 January next year. Those with an ING Savings account will be offered a base rate of 0.35% and loyalty bonus rate of 0.65%. Those with an ING Tempo Savings account — a special kind of account which encourages regular fixed savings — with see their base rate increased to 0.70% and loyalty bonus rate to 0.70%.
- European Central Bank raises interest rate by 0.5 percentage point
- Belfius Bank announces interest and loyalty bonus rate increases
Those with traditional regulated savings accounts will see their base rate hiked to 0.40% and loyalty bonus rate to 0.10%.
At Argenta, from 1 February those with e-savings and Maxi savings accounts will be offered a base rate of 0.35% and loyalty bonus rate of 0.25%. The bank is also scheduled to launch a new 'Growth Account' ('Compte d'accroissement') designed for long-term savers which offers an even higher total rate of up to 0.9% (0.15% base rate and 0.75% loyalty bonus rate).