by Niels Saelens
published on Saturday, October 28, 2023 at 12:45 •
4 min read
KBC and BNP Paribas Fortis announced on Wednesday that they will increase savings interest rates on December 1. Belfius will increase the rates on November 1. But how do you ensure that you can take full advantage of those better savings conditions?
Why is this important?
In September, the European Central Bank (ECB) increased the deposit interest rate – the compensation that banks receive on the capital they park with the monetary institution – to 4 percent, the highest level ever. This gives the banks extra room to give their savers a higher compensation.
Context: Three of the four major banks have announced that they will soon adjust savings rates.
Belfius will increase savings interest rates on November 1. At that time, the interest on the Fidelity account increases from 1.25 to 2 percent. From then on, the normal savings account yields 1.1 percent. Today that is 0.9 percent. KBC and BNP Paribas Fortis will do the same on December 1. KBC is only increasing the interest on the Start2Save and Start2Save4 savings formulas. This increases from 1.5 to 2.55 percent.
This premium article is exclusive to subscribers
Now read 3 articles for free per month!
Do you think ahead, about the future of tomorrow? Business AM is your guide through change. Don’t follow the facts and be part of Flanders’ fastest growing business website.
Already a subscriber? Log in and get access to all premium articles.
2023-10-28 10:45:28
#pay #attention #major #banks #increasing #savings #rates
