The federal government and the banking sector have reached an agreement to increase transparency for consumers regarding regulated savings accounts.
Febelfin, together with the Secretary of State for Consumer Protection Alexia Bertrand, Deputy Prime Minister and Minister of Economic Affairs Pierre-Yves Dermagne, and Deputy Prime Minister and Minister of Finance Vincent Van Peteghem, has signed a protocol with the aim of making it easier for consumers to compare savings accounts and interest rates and to switch banks if desired.
To enhance transparency in the offering of regulated savings accounts and improve the comparability of interest rates offered by different banks, the number of savings formulas that a bank can offer will be limited to a maximum of 4. These will also be subdivided into easily comparable categories. The 4 savings accounts can be chosen from the following 3 categories:
Additionally, banks can continue to offer rental deposit accounts and savings accounts with third-party stipulations.
Each savings account will clearly indicate its category, and the base interest rate and fidelity premium will be presented both separately and cumulatively.
This simplification will significantly improve transparency on regulated savings accounts, enabling savers to compare interest rates for the same type of account across different banks at a glance
Each bank will also create a specific accessible webpage with all relevant information about the regulated savings accounts they offer.
All tariff information and terms of the regulated savings accounts offered by the bank will be clearly displayed. The account with the highest yield will be ranked highest in the list of offered accounts. This is to be as transparent as possible about the various accounts offered by the bank and their associated interest rates.
Non-digital customers can obtain this information through the agency, office, or via the telephone customer service.
On each bank's webpage, there will also be clear references to:
This will enable savers to easily compare different regulated savings accounts and make it easier to switch banks, significantly increasing the mobility of savers.
As is the case today, acquired fidelity premiums on regulated savings accounts will be paid to the customer every quarter. Furthermore, banks will take this opportunity each quarter to inform the customer very clearly about the percentage of the fidelity premium and base interest applicable to that account at that time. This information will also be provided via the account statement. Digital customers will receive a notification in the app informing them that this statement is available and that they can find all information about their bank's savings accounts on the specific webpage.
This communication will keep savers informed of the current savings rates every quarter, bringing it to their attention.
The agreement will come into effect as follows:
The regulator, FSMA, will be responsible for overseeing compliance with the agreement.