New protocol to make savings accounts easier to compare enters into force
15 January 2024 - 5 min Reading time
The protocol Febelfin signed together with the Secretary of State for Consumer Protection Alexia Bertrand, the Minister of Economy Pierre-Yves Dermagne and the Minister of Finance, Vincent Van Peteghem to make savings accounts more transparent entered into force today. Savers can now consult their bank's uniform webpage to compare the savings accounts offered by their bank. Moreover, it will also become easier to compare savings accounts offered by different banks and switch to another bank if desired.
Number of savings accounts per bank is limited
From today, banks will also limit their offering of savings accounts. With the aim of making the offer of regulated savings accounts more transparent and increasing the comparability of the offer between different banks, the number of different savings accounts per bank has been limited to a maximum of four. These accounts are also divided into the three following categories that can be easily compared:
- Category A: a maximum of 2 classic savings accounts per bank, i.e. with a basic interest rate and fidelity premium and no other conditions;
- Category B: a maximum of 2 savings accounts with amount conditions per bank, i.e. with either a minimum/maximum savings amount or with a maximum/minimum deposit per month;
- Category C: a maximum of 2 savings accounts linked to an age category per bank, e.g. a youth account.
In addition, banks can continue to offer security deposit accounts and savings accounts with a third-party beneficiary clause, provided that these accounts use the maximum 4 savings formulas chosen by the bank.
The supervisory authority, FSMA, is responsible for monitoring compliance with this agreement, regarding the banks concerned that will apply the rules, and within the limits of its supervisory powers. The banks concerned cover more than 98% of the market share of regulated savings accounts.
Aion, Argenta Spaarbank, Arkéa Direct Bank SA, Attijariwafa Bank Europe, AXA Bank Belgium, Banco Bilbao Vizcaya Argentaria, Bank J.Van Breda & C` / Bank De Cremer, Bank Nagelmackers, Banque Chaabi du Maroc, Banque CPH, Belfius Bank, Beobank, BNP Paribas Fortis SA / Fintro / BPost Bank, CBC Banque, Centrale Kredietverlening N.V. (CKV), Crelan, Europabank, ING België, KBC Bank, MeDirect, NIBC Bank, Santander Consumer Finance Benelux BV, Triodos Bank, VDK Bank.
For already existing savings accounts that can no longer be offered, the banks will propose to their customers by 30 April 2024 at the latest to convert their savings account to another savings formula, which must be done by 1 July 2024 at the latest.
Uniform webpage with overview of savings accounts
To get more information about the different savings accounts offered by your bank, from today you can also use their uniform webpage with all rate information and modalities for each savings account. Moreover, the savings account with the highest return after 12 months (base rate and fidelity premium are therefore added exceptionally) will be ranked highest on this page.
Comparing savings accounts becomes easier
Each bank's new webpage not only allows savers to compare regulated savings accounts more easily, but also to get more information on how to switch banks easily. More specifically, the webpage provides information on the following services:
- The savings calculator, available at your bank, which allows you to check the extent to which the base rate and loyalty premium are already acquired and thus estimate whether this will affect a withdrawal.
- The FSMA's savings simulator, which now gives you an even simpler overview of savings accounts per bank thanks to the reduced number of formulas.
- The bank switching service, which offers support when you want to switch to another bank.
This overview is also made available to non-digital customers via the agency, branch or telephone customer service.
Your base rate and fidelity premium explained
From 1 July 2024 at the latest, as a customer you will also receive quarterly, together with the payment of the acquired fidelity premiums on your savings account, information on the percentage of the fidelity premium and the basic interest rate applicable at that time on that savings account. This affects new deposits or amounts for which a new fidelity period starts. This information is in fact mentioned on your account statement. If you bank digitally, you will also receive a notification in your banking app indicating that the account statement is available and that redirects you to the web page.
