The federal government signs an agreement with banks to increase transparency and simplicity of savings accounts

Stay up to date with the latest measures from the financial sector

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Today, the Secretary of State for Consumer Protection, Alexia Bertrand, along with the Minister of Economy, Pierre-Yves Dermagne, and the Minister of Finance, Vincent Van Peteghem, signed a protocol with the banking sector. This protocol will ensure greater transparency in savings accounts, aiming to improve conditions for consumers.


Last summer, Secretary of State Bertrand pointed out that information and transparency regarding savings accounts could be enhanced. Consumers struggled to compare savings formulas within their own bank or with other banks, hindering healthy competition. Consumers often had to search for information themselves and sometimes had to open a new savings account to benefit from better conditions, even within their own bank. Bertrand addressed this issue, emphasizing that providing correct information to consumers is at the core of her Consumer Protection policy.

For this reason, the Secretary of State announced last summer her intention to conclude a protocol with the sector to increase transparency and competition. Alongside Minister of Economy Pierre-Yves Dermagne and Minister of Finance Vincent Van Peteghem, she consulted with the banking sector Febelfin and the regulator FSMA. Together, they analyzed how banks could be more transparent to their clients regarding regulated savings accounts. The sector demonstrated a constructive attitude and committed to making several significant changes in terms of transparency and competition.

The protocol will come into effect on January 15. From this date onwards, no new savings accounts that do not meet the conditions of this agreement will be offered. By July 1, 2024, at the latest, banks commit to quarterly communication of three concrete elements to their savers through their banking app and account statements for the relevant savings accounts:

  • Savers receive clear and understandable figures on the interest earned in the last months, both in percentage and in euros.
  • Through a new uniform web page from their bank, savers can immediately and transparently receive all information about the savings accounts offered by the bank, including the corresponding interest rates.
  • On this web page, by bank (applicable from January 15, 2024), banks also refer to three specific tools:
    • The bank's savings calculator, allowing savers to check how much loyalty bonus is earned on a specific savings account.
    • The FSMA savings simulator, enabling consumers to easily compare all savings accounts.
    • Interbank mobility service, providing consumers with all necessary information to switch banks easily.

Additionally, the protocol implies another change: banks can now offer a maximum of four different regulated savings accounts, instead of the current six.

Alexia Bertrand, Secretary of State for Consumer Protection: "Banks will therefore automatically have to offer the best rates, instead of retaining savings accounts with old rates and conditions where savings rates no longer increase."

Furthermore, savings accounts will now be clearly divided into three simple categories (A, B, and C):

  • Savings accounts without conditions (A).
  • Savings accounts with a monetary condition, such as a minimum/maximum amount to save or a fixed monthly savings amount (B).
  • Savings accounts linked to a certain age, such as accounts for young people (C).

Alexia Bertrand emphasizes, "Being able to consume consciously and informed is the common thread of my Consumer Protection policy. BE.COCO: BE a COnscious COnsumer. Wees een BEwuste COnsument. Soyez un COnsommateur COnscient. Consumers who know what to expect from their bank, who know how to compare them, and who know how to switch to better conditions create more competition and, in the long run, better conditions."

Bertrand highlights that this solution, in the form of a protocol, is the fastest way to make a substantial difference for savers in the short term.

Minister of Finance, Vincent Van Peteghem: "The one-year government bond has stimulated the market in recent weeks. We must be able to maintain this momentum. People should be able to have an overview of all savings products on the market transparently. An informed saver is a critical saver, and a critical saver actively dares to compare offers and switch products. We keep the pressure on the banks, in the interest of savers but also in the interest of trust in the financial system. I thank all partners who have cooperated on this protocol."

Karel Baert, CEO Febelfin: "Through the protocol, banks explicitly commit to enhancing transparency of regulated savings accounts for consumers. The additional information given to savers will allow them to more easily choose the savings account that suits them best. The banking sector is thus fully assuming its societal role."

Jean-Paul Servais, President of the FSMA: "This agreement will guarantee greater transparency for savers, both regarding the offer of savings accounts and the interest generated by these accounts. Consumers will also be directed to the FSMA savings simulator, allowing them to calculate the yield of different savings accounts on the Belgian market. Starting from its mission to protect financial consumers, the FSMA will strictly monitor compliance with these provisions."