Savings accounts become simpler and easier to compare

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

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.


Limitation of the number of savings accounts


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: 

  • A bank may offer a maximum of 2 traditional savings accounts, with a combination of a base interest rate and fidelity premium, without other conditions (category A).
  • A bank may offer a maximum of 2 savings accounts with amount conditions, either with a maximum savings amount or with a maximum/minimum deposit per month (category B).
  • A bank may offer a maximum of 2 savings accounts linked to an age category, such as a youth account (category C). 

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


Increased transparency with a unified webpage per bank


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.


Easy comparison and switching of banks


On each bank's webpage, there will also be clear references to:

  • The bank's savings calculator and where to find it (via PC and/or mobile banking and at the counter). The savings calculator provides the necessary information on how much of the base interest and fidelity premium is earned on a particular account, allowing the saver to assess the potential impact of a withdrawal.
  • The FSMA savings simulator, allowing easy access to an overview of the offered rates on different savings accounts at various banks for easy comparison. This comparison will be further simplified by limiting the number of savings accounts per bank.
  • The bank switching service, a service that savers can easily use to switch to another bank.

This will enable savers to easily compare different regulated savings accounts and make it easier to switch banks, significantly increasing the mobility of savers.


Clarification of your base interest and fidelity premium


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.


Effective date


The agreement will come into effect as follows:

  • The webpage will be provided by the banks from January 15, 2024.
  • Starting January 15, 2024, banks will no longer offer new savings formulas that are not in line with this agreement. They will also determine which savings accounts they can no longer offer and, by April 30, 2024, propose to their customers to convert their savings account to another savings account. This conversion (with retention of the acquired base interest and fidelity premium) will come into effect no later than July 1, 2024.
  • The adjustment of the account statement and the notification in the app at the payout of the acquired fidelity premium on a quarterly basis will also come into effect by July 1, 2024, at the latest.

The regulator, FSMA, will be responsible for overseeing compliance with the agreement.