BNP Paribas Fortis, Belgium's largest bank, has announced that it will raise the interest rate on its customers' savings accounts, Belga News Agency has reported.
The base rate on the bank's customers' regular savings accounts will increase from 0.01% to 0.15%, while the loyalty bonus rate will remain unchanged at 0.10%. The new rate is scheduled to come into effect on 1 February this year.
In addition, the bank announced the launch of a new regulated savings account, Plus Savings Account (Compte d'épargne plus), which will offer a basic interest rate of 0.50% and a loyalty bonus rate of 0.75%. This new account will be limited to savings of up to €100,000.
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BNP Paribas Fortis' decision comes after many rival banks, including Belfius, ING, and Argenta, announced similar rate increases on their customers' savings accounts in recent weeks. It also follows the European Central Bank's decision last month to hike interest rates by 50 basis points to 2.5% — its fourth rate increase this year — as it attempts to temper soaring inflation across the eurozone area.
