ING Belgium is the latest major bank to raise interest rates on several of its savings accounts from next month.
From 1 August, ING Belgium will raise the interest rate on various savings accounts. For the ING Savings Account, the base rate will rise from 0.35% to 0.45%. Money that stays in this account for at least a year now earns a fidelity premium of 1.05% (up from 0.65% previously).
For ING Tempo Sparen – an online savings account where clients can save a fixed amount of up to €500 every month – the base interest rate will rise from 0.70% to 0.75%. The fidelity premium will be increased from 0.70% to 1.50%.
Additionally, the bank is also raising the base rate on the ING Green Savings Account (Groen Boekje), ING Orange Savings Account (Oranje Boekje), ING Lion Premium Savings Account and the ING Lion Deposit. For all these, the base rate will rise from 0.40% to 0.55% and the fidelity premium from 0.10% to 0.15%.
Early this year, all major banks cautiously raised savings rates after the European Central Bank raised interest rates yet again.
In recent months, however, both the National Bank of Belgium and the Federal Government put pressure on the banks to further adjust those savings rates to market rates. In early June, Belfius was the first to announce an increase. Meanwhile, KBC, BNP Paribas, Keytrade and Deutsche Bank, among others, have followed suit.
