Following the lead of several major banks, market leader BNP Paribas Fortis is now also raising its savings rates after not doing so since 1 February.
On ordinary savings accounts, the base rate will rise from 0.15% to 0.25% from 1 August, and the loyalty premium will increase from 0.10% to 0.25%.
On the Fortis, Fintro and Hello bank! savings account (called Plus), the interest rate increase is slightly stronger: the base rate remains at 0.50%, but the loyalty premium goes up from 0.75% to 1%. That savings account is limited to a maximum of €100,000.
For the Pro savings account, for legal entities, associations and other unincorporated entities, the basic interest rate is also adjusted from 0.15% to 0.25%, the fidelity premium is now 0.25% instead of 0.10%.
Encouraging competition
Banks are under pressure to raise their interest rates. In early June, Belfius was the first to announce an increase and in the meantime, KBC, Keytrade and Deutsche Bank, among others, have followed suit.
Earlier this week, Federal Finance Minister Vincent Van Peteghem announced that the government will again issue state bonds, which will likely be issued in September. With the issuance, Van Peteghem hopes to compete with savings books and encourage banks to raise interest rates.
