Tuesday marks the start of another month, and as is customary in Belgium, several changes are being implemented in the country.
From the long-awaited (and much-called-for) rise in interest rates on savings coming into force, to cheaper prescription glasses, as well as changes to the parking system in one of Belgium's biggest cities, find out what those changes are and how they will affect people living in Belgium.
Interest rates on savings accounts
The National Bank of Belgium and the Federal Government have been putting major banks under increasing pressure to raise interest rates on customers' savings accounts over the past few months, as repeated interest rate hikes by the European Central Bank (ECB) have largely failed to be passed onto savers.
Little by little, several banks operating in Belgium vowed to increase their rates. In early June, Belfius was the first to announce an increase, and soon, others followed suit. These hikes will now come into force from Tuesday.
KBC/CBC
All retail customers of both KBC and CBC will benefit from a higher base rate and fidelity premium on their Start2Save and Start2Save4, accounts with a higher interest rate and a maximum monthly savings amount of €500. The base rate will rise from 0.15% to 0.40%, while the fidelity premium will be 1.10%, compared with the current 0.75%. The total interest rate is therefore 1.5%.
The interest rate on the ordinary savings account will be adjusted as follows: the base rate will rise from 0.35% to 0.45% and the fidelity premium for money left on the account for at least one year without interruption will increase from 0.25% to 0.45%. This gives a total interest rate of 0.90%.
The new base rate applies to existing savings and new deposits. The new fidelity premium applies exclusively to new deposits and existing savings from the moment the new fidelity period starts, KBC explains.
ING
ING Belgium, the last to announce an interest rise, will increase the base rate for the ING Savings Account from 0.35% to 0.45%. Savings that remain in this type of account (for at least one year) will also benefit from a fidelity premium that will rise from 0.65% to 1.05%.
For the ING Tempo savings account, a regulated online savings account where customers can choose to save a fixed amount of up to €500 each month, the base rate will rise from 0.70% to 0.75%. Savings that remain on this type of account (for at least one year) will benefit from a fidelity premium that will rise from 0.70% to 1.50%, meaning customers are offered a 2.25% total savings rate, putting it among the most generous offered by Belgium's four largest banks.
Credit: Belga/ Hatim Kaghat
However, consumer rights organisation Test Achats has said that the bank has intentionally "distorted competition" by making it unclear that customers face at least two major obstacles which prevent them from benefiting from the 2.25% rate.
In addition, the bank has announced an increase in the base rates on the ING Green Savings Account, the ING Orange Savings Account, the ING Lion Premium Savings Account and the ING Lion Deposit. For these regulated savings accounts, the base rate will rise from 0.40% to 0.55% and the fidelity premium will increase to 0.15% (compared with 0.10% at present).
BNP Paribas Fortis
Customers of BNP Paribas Fortis, Fintro and Hello Bank! will also benefit from a higher base rate and loyalty premium on regulated savings accounts from 1 August.
The interest rate on the ordinary savings account will rise from 0.15% to 0.25%, while the fidelity premium will increase from 0.10% to 0.25%.
For the savings account plus, the interest rate will remain at 0.5%, but the loyalty premium on the amount that remains in the account for at least one year will rise to 1%, compared with 0.75% at present.
Beobank
Beobank is to raise the interest rates on its savings accounts from 1 August. For the "classic" savings account, customers will benefit from a base rate and a loyalty premium of 0.45%.
The rate on "Step Up" and "Save Plus" savings accounts will rise to 0.40%, compared with 0.25% at present. The "Jeunes" (for youngsters) and "Fidelity plus" regulated savings accounts will offer a fidelity premium of 0.75%, compared with 0.25% previously.
Read more about where to get the best interest for your savings here.
Reimbursement of glasses
As previously reported, more people will be reimbursed after buying prescription glasses. Determined by the dioptre, the glasses strength eligible for the reimbursement has been further reduced to 7.00.
People with single, double or triple vision, using tinted spectacles or those aged 65 and over, these glasses are already reimbursed under the previous system. At the end of 2021, the threshold for reimbursement was lowered to 7.75 dioptres for the 18-65 age group. This threshold will now be further reduced to 7.00.
For children and young people under 18 and elderly people over 65, the threshold stands at 6.75. Only authorised opticians can prescribe and dispense spectacle lenses. The Institute for Health and Disability Insurance (INAMI/RIZIV) noted that this expansion will result in some 10,000 more people being reimbursed for glasses on an annual basis. Next year too, the threshold is likely to be lowered further.
The diopter threshold for reimbursement was already lowered to 7.75 for the 18-65 age group by the end of 2021. From 1 August, the threshold will be 7.00.
Antwerp parking
In the Flemish city of Antwerp, parking is set to become harder for visitors in the historic centre, as parking spots roughly between the Leien and Scheldekaaien will largely be reserved for residents and permit holders.
The aim of the new policy is to steer tourists towards the parking buildings and underground car parks. According to the city council, this should ensure that the heart of the city becomes more liveable and that fewer visitors keep driving around looking for a parking space.
Tweet translation: "Attention: From 1 August, From 1 August, only residents and permit holders can park on the street in the historic centre of Antwerp. People with disabilities must register the number plate to park for free throughout the city."
The traditional ticket machines where you can pay for a parking space will disappear. Parking apps will also no longer allow you to register visitors' cars, although there are exceptions for people with disabilities, caregivers and business owners.
Changes abroad
Finally, the list also includes changes made outside of Belgium but have an impact here too, particularly for those who like travelling to Switzerland.
From 1 August, it will be possible to buy Swiss motorway tax stickers, the pass to travel on the roads of Switzerland, online. The electronic sticker will not be linked to the vehicle but to the number plate, to make it more accessible for people with interchangeable number plates and for those who buy a new vehicle during the year. The system will also be accessible to foreign vehicles.
The e-vignette can be purchased on the website of the Federal Office of Customs and Border Protection (FOCB) and will cost the same as a standard vignette, i.e. 40 Swiss francs (around €41).
