Belgium (The Brussels Morning newspaper): KBC, CBC, Belfius, ING and Keytrade are launching competitive term accounts ahead of state bonds on September 16, reflecting trends in the Belgian economy with rates up to 4% gross.
The bank is joining in after Belfius, ING and Keytrade introduced similar products to compete with upcoming state bonds due on September 16. During the period from September 4 to 15, if you open a 6 month term account at KBC or CBC banks, you’ll get an annual gross rate of 4%. After the deduction of withholding tax, the net rate will be 1.41%. For a 13-month account opened in the same period, the gross rate will be 3.8%, equivalent to a net rate of 2.88%.
What are the new savings account rates offered by Belgian banks?
Customers can only deposit ‘fresh money’ which refers to funds that will boost their overall assets at the bank. Moreover, KBC has revealed the launch of one year certificate bonds with a yearly gross coupon of 3.1% , commencing on September 16. The bank aims to raise €1 billion from its clients through this initiative. Earlier today, Belfius and Keytrade unveiled term accounts with rates of 3.8% and 3.4%, set to kick off on September 2. ING had already rolled out its account at a rate of 3.8% earlier this week.
