Online bank NIBC Direct will raise its interest rate on savings accounts to 2% from Tuesday, the bank said on its website.
This will make it the first in Belgium to reach this threshold again without additional conditions, NIBC Direct said on its website.
The 2% rate – 0.50% plus a 1.50% premium – applies to the fidelity account, which is intended for amounts invested for a minimum of 12 months. It was previously only 1.40%.
The classic savings account will see its rate rise from 0.70% to 1.25%, including a 0.25% fidelity premium.
According to the specialist site guide-epargne.be, another online bank, Santander Consumer Bank, also offers a 2% rate, but only for deposits of €125,000 to €200,000.
Belgium’s government recently called on the sector to increase the rates applied to savings accounts, but banks quickly rejected the request.
Rates at the country’s main institutions currently vary between 0.25% and 1.25%.
