The Federal Secretary of State for Consumer Protection, Alexia Bertrand, wants to conclude a protocol with banks before 2024 committing them to provide customers with better information on the most attractive savings rates.
The idea is to stimulate competition, Ms. Bertrand said on Thursday on Radio 1 (‘De Ochtend’).
Savers should thus be informed every three months of the acquired rate, both as a percentage and in euros (basic rate and fidelity premium). They should also be notified of the possible existence of more attractive accounts within the institution.
Furthermore, holders of savings accounts should also receive a link to the savings comparison tool from the Financial Services Authority (FSMA), as well as a link to the bank mobility service, which allows consumers to move quickly and without direct costs from one bank to another.
According to the Secretary of State, the situation is evolving favourably. “We have come from a situation just a few months ago where 0.11% was being offered. Today, eight banks offer a rate of more than 2% and around 20 more than 1.25%,” she noted.
The increase is most noticeable in loyalty bonuses. “I can partly understand it,” Ms. Bertrand commented. “The banks benefit from the fact that people leave their money (on the account). It strengthens their stability and liquidity.”
