2023-07-31 15:45:00
But if the country’s main banks, long criticized for their inaction in a context marked by inflation and the rise in key rates, have now all made a gesture to reward their customers’ savings a little more, there is no denying to note that the latter are not likely to benefit from it as much as they would like.
Interest rates on savings accounts: what can the government do?
Because, while it is true that the major Belgian banking institutions are reviewing the yield on savings accounts on the rise, it must also be recognized that the best offers come with sacred conditions.
Thus, at ING Belgium, “Tempo” savings, the cumulative interest rate of which has now risen from 1.40% to 2.25%, is only accessible to customers who choose to save an amount each month fixed price of 500 euros maximum. Ditto at KBC and CBC where the Start2Save and Start2Save4 accounts – which benefit from a much higher interest rate – are not aimed at consumers who wish to save more than 500 euros per month.
Another factor to consider is the duration of the deposit. And for good reason, it is mainly by playing on the loyalty bonus of savings accounts that banks are revising their rates upwards. However, they are effective only one year after the opening of the savings account. In other words, the consumer only benefits from his new rate after a “long” wait.
Rise in savings account interest rates: “Belfius must assume a role of initiator”
Debatable but considered “correct” by all players in the banking sector, the rise in rates nevertheless allows the savings accounts of the main banks of the country to better compete against online competitors, who more often offer niche products. An example of course with ING’s “Tempo Savings” (2.25%) which is now on the podium of the most attractive rates in Belgium, but not only…
Except for classic savings accounts, whose overall rate almost never exceeds 1%, other investments jump from 0.25% to 0.60% to climb to 1.50% cumulative rate. Enough to allow them to go up to the level of the offer of the best offer of Deutsche Bank, for example, and to exceed those of bpost or Crelan.
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