Good news at last for savers: several major consumer banks in Belgium will raise their interest rates in January, rewarding saving account customers with a greater return on their investment, Le Soir reports.
10-year interest rates rose past 3% last month, after falling to lows of 1% in March 2022. At the end of 2020, rates even went negative for a period of time, slumping to -0.44% in November. In December 2022, several banks had already begun to revise their interest rates upwards.
KBC, CBC, Belfius, Deutsche Bank, Keytrade
KBC Bank, KBC Brussels, and CBC have announced that they will increase their interest rates and loyalty bonuses. On classic savings accounts, the base interest rate will rise from 0.01% to 0.35%, and their loyalty bonus will increase from 0.1% to 0.25%. KBC savings account customers will thereby enjoy up to 0.6% interest on their savings. These changes came into force yesterday.
Belfius previously announced that it would raise its base rate and loyalty bonus on its regulated savings accounts from 0.01% to 0.35%, and 0.1% to 0.15% respectively. These changes came into force on 2 January on all existing savings accounts.
From today, Belfius will offer a new regulated savings account, Fidelity, which offers a significantly higher loyalty bonus (0.65%) on top of a 0.15% base interest rate. This account is intended for customers who intend to make long-term savings.
Branches of German bank Deutsche Bank in Belgium will also increase their rates. From 9 January, the “DB Intensiv Plus” savings account will offer an interest rate of 0.35%, as well as a loyalty bonus of 0.15%. Its other savings accounts, “DB E-Fidelity Account” and “DB E-Saving Account” will now offer a base rate of 0.15% and a 0.35% loyalty bonus. Rates were previously set at 0.01% interest and 0.1% loyalty bonus.
In December, Belgian Keytrade bank raised its base interest rate from 0.01% to 0.5% for its “Azur” savings account, and to 0.3% for its “High Fidelity” account. A loyalty bonus of up to 0.7% has also been introduced.
ING
From 9 January, customers of Dutch bank ING in Belgium will also enjoy increased interest rates. Their new “ING Savings Account” offer will afford customers a base rate of 0.35% and a fidelity bonus of 0.65%.
The “ING Epargne Tempo” savings account will offer an interest rate of 0.7% and a loyalty bonus of 0.7%. This account is aimed at investors who intend to make limited, but frequent deposits. A maximum of €500 can be deposited each month. ING will increase the interest rates on all its traditional regulated savings accounts to 0.4% base rates and 0.1% royalty premium.
Argenta
Argenta will increase its interest rates on its savings accounts at the start of next month. The rate for its online savings accounts and “Maxi” accounts will rise to 0.35% base rate and 0.25% loyalty bonus.
The bank will also launch a “growth account” offering a higher loyalty bonus to customers saving over a long period. This will offer a base interest rate of 0.15% and a loyalty bonus of 0.75%. Customers can deposit a monthly amount of up to €500.
BNP Paribas
BNP Paribas Fortis (owners of Fintro and Hello bank!) will also adjust their interest rates, but only marginally. From 1 February, the base rate on conventional savings accounts will rise from 0.01% to 0.15%. Their loyalty bonus will remain unchanged at 0.1%. The bank’s new “Savings Plus Account” will offer a base interest rate of 0.5% and a premium of 0.75% for a minimum investment of €100,000.
Related News
- On average, Belgians lost €2,312 in pension savings in 2022
- Explained: What support can you receive in Belgium for energy-efficient renovations?
Beobank
Starting 1 February, Beobank will raise its base interest rate to 0.25% and loyalty bonus to 0.25% for existing “Fidelity Plus”, “Excellence”, and “Youth” savings accounts. For “Classic” accounts, the base rate will increase to 0.3% and the loyalty bonus to 0.1%.
The bank’s “Step Up” regulated savings account, which allows bank customers to save up to 750 per month, will be available again from 1 February and will offer a base rate of 0.25% and a loyalty bonus of 0.8%.
Finally, the bank will also launch a new “Save Plus” regulated savings account. This will require an investment of €50,000 and gives a 0.25% interest rate and a loyalty bonus of 0.8%. If the account balance drops below €50,000, the account will revert to a base rate of 0.25% and a loyalty bonus of 0.25%.
