Cheraw Chronicle

Complete News World

What should you pay attention to when big banks increase savings rates?

What should you pay attention to when big banks increase savings rates?

KBC and BNP Paribas Fortis announced on Wednesday that they will increase savings rates on December 1. Belvius will raise prices on November 1st. But how can you make sure you can take full advantage of these better saving conditions?

Why is this important?

In September, the European Central Bank decided to raise the deposit rate – the compensation banks receive for the capital they hold with the monetary institution – to 4%, the highest level ever. This gives banks additional room to offer their savers higher compensation.

Context: Three of the four major banks have announced that they will soon adjust their savings rates.

  • Belvius will increase interest rates on savings on November 1. At that time, the interest on your Fidelity account increases from 1.25 to 2 percent. From then on, a regular savings account returns 1.1 percent. Today that is 0.9 percent.
  • KBC and BNP Paribas Fortis will do the same on December 1.
    • KBC only increases interest on the Start2Save and Start2Save4 savings formulas. This percentage increases from 1.5 to 2.55 percent.

This featured article is exclusive to subscribers

Now read 3 articles for free per month!

Do you think about the future, about the future of tomorrow? Business AM is your guide through change. Don’t follow the facts and be part of the fastest growing business site in Flanders.

See also  Already discontinued CREG study: 'Two large gas-fired power plants needed if nuclear power is completely phased out'
Are you already a subscriber? Log in and get access to all premium articles.