2023-08-21 12:32:37
Savers will be able to subscribe to the new one-year government bondtax-efficient, from Thursday 24 August until 1ᵉʳ September included.
The key element – its performance – will be known this Tuesday, August 22 in the morning.
This savings product was launched on the initiative of the Minister of Finance Vincent Van Peteghem (CD&V) in order to compete with the banks and encourage them to increase the savings account remuneration more substantially.
A quick reminder of what you need to know if you are considering subscribing to this product.
1/ What is a State bond?
With a government bond, you are lending money to the government. You are remunerated via an annual coupon, subject to a withholding tax of 30%. You have the right to resell your government bond on the secondary market, but its liquidity is rather uncertain.
The State issues such bonds every three months, with different maturities (minimum three years). The “Van Peteghem voucher” has a shorter maturity – one year – and a reduced withholding tax of 15%.
2/ What will be its yield?
So we will know tomorrow. According to Jean Deboutte, Strategy, Risk Management & Investor Relations Director of the Debt Agency “the rate of 2.7% net (therefore taking into account the 15% withholding tax) as announced by the Minister remains possible. The commission is 0.30% maximum“.
The rate of 2.7% net (therefore taking into account the 15% withholding tax) as announced by the Minister remains possible. The commission is 0.30% maximum.
As a reminder, the Minister of Finance, Vincent Van Peteghem had announced this rate at the beginning of the summer when the rate of the Belgian OLO at one year, on the basis of which the rate of the State bond will be determined, was 3 .69%. It is currently 3.61%.
In the meantime, the commission rate has been lowered. This commission is the result of a negotiation between the investment establishments and the Debt Agency. This resulted in a fluctuation between a minimum of 0.1% and a maximum of 0.3% from an elapsed volume of 150 million euros.
The commission was originally announced at 0.50%.
3/ Is it more attractive than other savings products?
Currently, the Santander Vision Max savings account offers a rate of 2.5%, the MeDirect Fidelity Savings account 2.30% and the ING Tempo savings account 2.25%. This is the top 3 of the best savings accounts currently.
State bonds could therefore compete with them (at the margin, however), even if the savings account a priori offers more flexibility than the government bond. In fact, you can withdraw your money at any time from a savings account and this possibility is rather comfortable. Except that the “high” yield of the best savings accounts is in fact largely composed of the loyalty bonus acquired if your savings remain… one year in your account.
“The minimum subscription amount is 100 euros, there is no maximum.”
Especially since the champion of savings, Santander, offers this rate only for deposits between 125,000 and 200,000 euros. And at ING, Tempo savings are limited to 500 euros per month.
As to one-year term accounts, the MeDirect account offers the best rate: 2.86%. But with a withholding tax of 30%, its net rate drops to 2.002%. The good Van Peteghem therefore remains favored by his reduced prepayment.
4/ How to subscribe?
There are two ways: either through a bankeither directly via the website of the debt agency. Le bon d’État sera disponible auprès de ABN AMRO, Degroof Petercam, Belfius, Beobank, BNP Paribas Fortis, Bpost Bank, Crelan, Deutsche Bank, ING Belgique, KBC, Keytrade, Leleux, Van De Put & Co, and VDK Bank.
Attention, if you have to open a securities account in a bank, you are likely to have to pay childcare costs.
“The minimum amount is of 100 euros, there is no maximum”, confirms Jean Deboutte.
5/ Should we hurry?
Even if the State voucher is a massive success, “people can rest easy, there will be no early closure”, says Jean Deboutte.
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