Inflation: Belgians’ ability to save has been undermined

The regulated savings accounts of market leader BNP Paribas Fortis (including Fintro) totaled €66.67 billion as of 31 December. This is just under a year ago when there was just over 70 billion. The decrease is mainly explained by the limit of 250,000 euros set by the bank on this type of account in April. However, inflation and energy prices also reduced the ability to save in the second half, according to a bank spokeswoman.

On KBC’s side, savings increased slightly. A total of €57.17 billion was in the regulated savings accounts of KBC and CBC at the end of December, 6% more than a year earlier (€3.38 billion). Also in this case it can be seen that customers saved above all in the first half of the year.

Belfius savings accounts increased by around €300 million to €48.2 billion at the end of the year. “High inflation has reduced the purchasing power of families, who save less”furthermore, the bank explains, a change in products has also had an impact on the residual amount of savings accounts.

Rate hike

As regards ING, as at 31 December the amount of savings accounts was slightly lower than the previous year, falling from 35.06 billion euros to 34.9 billion.

Stability also in Argenta, with a slight increase from 28.42 billion euros to 29.95 billion. Again we observed pressure on consumers’ ability to save in the second half of the year.

The regulated savings accounts of the Crelan group (Crelan, AXA Bank and Europabank) increased during the year by 600 million euros (+2.06%).

Savings will yield a little more in 2023 as most banks recently announced rate hikes.