Banks limited to four types of savings accounts from 2024 onwards

Banks in Belgium will only be allowed to offer four different savings accounts from next year, two fewer than today, announced state secretary for Consumer Protection Alexia Bertrand on Thursday. "Fewer products will mean that customers will automatically benefit from higher savings rates," said Bertrand.

Savings accounts will be divided into three categories and banks will be allowed to offer a maximum of two accounts per category. The total number of regulated savings accounts will be limited to four, so banks will have to choose. These will include ordinary savings accounts, savings accounts with certain conditions - for example, an account where a fixed amount can be deposited each month - and savings accounts linked to a certain age.

Big change

This is a big change for the banks and will require a lot of work, says Karel Baert, CEO of the banking association Febelfin. But Baert admits that it is not always easy for consumers to compare savings accounts and that the protocol will be a good thing for those customers.

The banks also commit to communicating with their customers about their rates and offers on a quarterly basis. The Financial Services and Markets Authority (FSMA) will oversee and monitor the banks' commitment.

Banks will have to publish their new offers from 15 January next year. Customers will be able to choose from 30 April and the new system will take effect from 1 July.

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