2023-06-17 05:30:00
The rise in interest rates encourages some Belgians to place part of their savings in a term account, which can earn more than a savings account. But this happens more easily for large savers than for customers with small amounts to invest, report De Tijd and L’Echo on Saturday.
Term accounts, in which money is deposited for a certain period at a predetermined rate, offer an average net interest rate of 1.85%, according to the latest figures available from the National Bank of Belgium. For savings accounts, the average savings rate is around 0.40%.
The big banks, where the bulk of Belgian savings are located, hardly put forward their rates and advise their customers to go to a branch to discuss a new account. Opening a term account online is not easy.
Also, large customers can more easily obtain better terms, as banks often expect them to pay later for other services, such as investment advice. This can lead to significant price differences. For those who want to place 25,000 euros in a 12-month term account, KBC has a gross interest rate of 0.01%. “But for loyal customers with a diversified portfolio, we do more,” said in De Tijd and L’Echo a branch manager of KBC Private Bank, the branch of the group dedicated to wealthy customers.
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