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Belgians continue to save despite low interest rates

Belgians kept on depositing money in their savings accounts in 2019.

Total deposits placed in Belgian savings accounts continued to grow last year despite persistently low interest rates, according to a survey conducted by Belga.

The amount placed in savings accounts with BNP Paribas Fortis, the market leader in Belgium, increased to 63.5 billion euro, 3.47% more than the previous year.

Overall, 45.8 billion euro were placed in KBC and CBC savings accounts at the end of 2019, which represents a hike of 9.2% compared to the previous year.

At Belfius, the money placed in savings accounts rose by 7.5% to reach 41.3 billion euro at the end of 2019.

The bank puts this positive development – despite historically low interest rates – down to “confidence in the Belfius brand, the growing success of mobile apps and the fact that investors risk adverseness lead them to prefer a savings account as a financial reserve because of its ease of access, deposit guarantee and the exemption of up to 980 euro from withholding tax.”

At ING, the increase was 3% with total deposits amounting to 39.3 billion euro.

Besides these four major financial players, Argenta saw savings deposits increase by 1.7 billion euro to reach 26 billion (+7%).

The Brussels Times