Simple saving with no worries
This classic savings account offers you the possibility to build up a cash reserve in a simple way and for an indefinite period. Your savings are secure, there is no excessive paperwork and you can deposit money into your savings account whenever you want. What if you need your money again? No problem, you can access it any time.
This is a regulated savings account from BNP Paribas Fortis, under Belgian law, with an indefinite duration.
Opening a savings account is free of charge
- opening and closing your savings account is free;
- no management fees;
- no monthly contributions;
- only postage costs (if any).
A fee of EUR 2.50 is imposed on accounts with a balance of less than EUR 25, with no transactions for ten years and where the holder is at least 24 years old and does not hold any other account with BNP Paribas Fortis.
A savings account is an investment in fixed assets. Financial markets may rise or fall, but this does not endanger your savings. Moreover, savings of up to EUR 100,000 fall under the deposit guarantee and are always guaranteed, even in the event of bankruptcy of the financial institution. In the case of higher amounts, only the first EUR 100,000 are guaranteed. The saver risks losing the excess amount or of having to converted it into equities (bail-in). Do you wish to provide yourself and your dependents with additional financial protection in case something happens? Then you can subscribe to a savings account insurance.
With your savings account you can:
- withdraw cash;
- transfer money to one of your own BNP Paribas Fortis accounts or an account of your children, parents or partner (whether through marriage or civil union);
- purchase securities.
With an automatic savings plan you automatically save a fixed amount at regular intervals, so you do not forget to save.
- Once you have set this up, you do not have to think about it any more.
- You decide for yourself when money is to be taken from your account (for example, on the 5th of every month).
- You can stop automatic savings whenever it suits you.
Request an automatic savings plan.
As a natural person you do not pay tax on interest paid on your savings account, up to a certain amount. In 2016, the tax exemption for interest applies up to EUR 1,880 per person per year. For a savings account in the name of a married couple or civil union, the exemption applies to twice this amount (EUR 3,760). What if you receive more interest than the exempt amount? Then the bank withholds 15% tax (withholding tax) on the part that is not exempt.
You have multiple savings accounts?
The bank applies the exemption separately for each savings account. Do you hold different savings accounts (for example, for yourself and for your underage children) and receive more interest than the exempt amount of EUR 1,880? Then you must include the amount of interest you have received above the exempt amount in your tax return yourself. A 15% withholding tax will be deducted from this amount.
How much interest do you receive?
The interest rate is composed of a basic interest rate and a loyalty premium. Currently, the basic interest rate is 0.01% and the loyalty premium is 0.10% (gross annual rate). They may fluctuate depending on market conditions. We report any change to you on your next account statement. A savings account can never be negative, so you can never be charged interest.
What is the significance of the basic interest rate?
You receive the basic interest rate for any amount that you deposit in your savings account. Your deposit accrues interest for each day that it is in your account (at the latest from the calendar day following the deposit). You receive the basic interest annually on 1 January (or upon termination of your account). The basic interest rate is not guaranteed. It can fluctuate depending on market conditions.
What is the significance of the loyalty premium?
1. You receive the loyalty premium for every deposit that remains in your savings account for twelve consecutive months. The loyalty premium also earns interest at the basic rate. You receive loyalty premiums on the first day after the quarter in which the premium has been earned (on 1 January, 1 April, 1 July, 1 October or upon termination of the account).
The loyalty premium is guaranteed for the recruitment period. What does this mean? Suppose you deposit EUR 100 in your savings account on 30 March 2017. Then, twelve months later, on 1 April 2018, you would receive the loyalty premium on the EUR 100 based on the 30 March 2017 rate. It makes no difference if the loyalty premium has changed in the meantime.
Data exchange with your home country
The new OECD CRS regulation
To prevent tax evasion, the OECD has drafted an international guideline for sharing bank data between different countries. This guideline is called the Common Reporting Standard (CRS) and applies from 2016 onward. Belgium and some 50 other countries have signed the agreement.
According to this agreement the bank shares data of foreign customers with the country where they are liable for tax. This includes the balance in your savings account and the derived interest.
Income and balances for 2016 will be reported in accordance with the CRS for the first time in 2017. Income for 2015 will be reported in 2016 for the last time in accordance with the transitional provisions of the European Savings Directive (the predecessor of the CRS).
FATCA, the regulations for US persons
In 2016, US persons will be reported in accordance with the FACTA provisions and the CRS. FACTA (Foreign Account Tax Compliance Act) is an agreement to exchange data on American tax subjects with the American Government.
Do you have any questions about this? Please feel free to contact us.
Want to know more?
Make sure you read the document Essential information for savers (pdf) before opening an account.
The classic Savings Account is a regulated savings account, marketed by BNP Paribas Fortis, sa/nv, under Belgian law, 3 Montagne du Parc, 1000 Brussels. As stated in the document "Essential information for savers" and the special provisions of the classic Savings Account, the basic interest rate and loyalty premium only apply when the account balance is at least EUR 12,500. In light of current market interest rates, the basic interest rate and the loyalty premium mentioned above apply to this account, regardless of the account balance.
In case of bankruptcy or risk of bankruptcy of the concerned financial institution, the saver risks to lose his savings. He may be submitted to a diminishment/conversion in shares (bail-in) of the claim the saver has on the financial institution, for the amount that exceeds the saving deposit guarantee of EUR 100,000.
Home Purchase Savings Account
Do you want to save for a house or a flat? Then this BNP Paribas Fortis savings account (under Belgian law) is right for you. Find out more information here.
- for people between 18 and 35 years old
- plans to purchase, build or remodel a property
- save up to EUR 6,000 a year
- regulated savings account