More money in current account than in savings account

The total amount parked on current accounts with Belgian banks increased to EUR 304.3 billion at the end of February. That is more than the outstanding balances on the classic savings accounts of Belgian banks. This is evident from figures from the National Bank.

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The record amount on current accounts is the result of the ultra-low interest rates that savers are offered on a regulated savings account. Most major banks stick to the legally required minimum interest rate of 0.11 percent.

Because it is hardly profitable to transfer money to such a savings account, many Belgians probably no longer make the effort and leave ever higher amounts in their current account.

In the first two months of this year alone, the global amount in deposit accounts grew by just over 6 billion. Compared to a year ago, at the end of February 2020 (at the very beginning of the corona crisis in our country), almost 40 billion euros has been added.

A record amount is also parked on regulated savings accounts. At the end of February, this amounted to EUR 297.9 billion in savings, or 14 billion more than at the end of February last year. Its growth is therefore slower than that of the amounts in current accounts.

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