Banks offer different savings interest rates in different countries, which can sometimes vary widely. They mainly point to customer needs and market conditions.
The specialized Dutch website Geld.nl investigated which interest rates banks that are active in the Netherlands, Germany and/or Belgium offer.
Silver
This shows, among other things, that Dutch people who take out a savings account online with Argenta can count on an interest rate of 1.85 percent. Belgian customers receive an interest rate of 0.50 percent, with a loyalty premium of 0.35 percent (together 0.85 percent).
Argenta explains in a response to Trends-Kanaal Z that Belgium and the Netherlands are two very different markets for the bank. “For example, savings and mortgage interest rates in the Netherlands are on average higher than in Belgium,” says the spokesperson. “Argenta does not have to pay a bank tax in the Netherlands, but in Belgium it does. Moreover, it is only active online in the Netherlands and has to compete with other online players.”
At the end of June, 6.5 percent of savings at Argenta were in a Dutch savings account.
Ilse De Witte, personal finance expert at Trends:
“It is not surprising that banks in different countries charge different rates. This has to do with the specific context in each country. The interest rate is mainly determined by two things. On the one hand, the demand for credits: the balance sheet must be correct. If the banks do not need more savings, as is currently the case in Belgium, there is no reason to offer more interest. On the other hand, there is competition in the market. It is not easy to open an account abroad. So banks look at domestic competition. The Netherlands is known as a completely different market in the field of savings accounts.”
“Some banks, such as the small West Flemish CKV, offer higher interest rates to German savers, for example, via online platforms such as raisin.com and zinspilot.de. These are not offered in Belgium. So we cannot subscribe to that.”
Germany
The difference is even more striking for some Dutch banks that are also active in Germany, such as ING. That bank offers 1.25 percent in its home country of the Netherlands, 1.50 percent in Belgium (including fidelity premium) and no less than 3.50 percent in Germany. In Germany, however, this concerns an interest rate for new customers for the first six months and up to an amount of 50,000 euros. The basic rate is 1 percent.
Dutch banks that are active in Belgium adapt to the prevailing interest rates in our country. Belgian savers who deposit their money into an account with Triodos, NIBC, Medirect or bunq receive a lower rate than what Dutch savers get at those banks. Only at ING it is slightly higher.
2023-09-13 19:13:25
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