Comparison of BNP Paribas Fortis's regulated savings accounts

*What is a Category B account?

The Plus savings account and the standard savings account are regulated accounts under Belgian law, marketed by BNP Paribas Fortis. They are opened for an indefinite period. According to the new classification defined by the Belgian federal government and the banking sector, these two accounts fall under Category B as they are subject to conditions regarding the amount that can be held in them (a cap limiting the total balance of the account). You can find more general information on regulated savings accounts here: www.bnpparibasfortis.be/info-epargne

The interest rates mentioned above may be changed at any time. Customers will be notified of any changes via their account statements.

What interest do you receive?

The interest rate on a savings account consists of a basic rate and a loyalty bonus, which may vary depending on market conditions.

Basic rate

The basic rate is the rate you receive for all amounts you deposit into your Savings Account. Your money earns interest every day it’s in your account (starting on the calendar day after the deposit at the latest). You receive your basic-rate interest on 1 January of each year or when your account is closed.

Loyalty bonus

You receive a loyalty bonus on all deposits that remain in your savings account for 12 consecutive months. Any loyalty bonuses you receive then generate interest in turn. A loyalty bonus is paid on the first day following the end of the quarter in which it vested (1 January, 1 April, 1 July or 1 October, or when the account is closed).

The loyalty bonus may fluctuate, but is guaranteed for the entire vesting period. To give a practical example, if you deposit €100 into your savings account on 10 January 2023, then 12 months later, on 11 January 2024, you will receive the loyalty bonus that was applicable on 10 January 2023, whether or not the loyalty bonus has been changed in the meantime.

Savings account fees

These savings accounts are free of charge, except for postage fees if account statements are sent to your home by post. If the balance of a savings account is less than €25 and no withdrawals or deposits have been made for 10 years, a fee of €2.50 will be charged each year, but only if the account holder is 24 years or older and has no other accounts with BNP Paribas Fortis.

What taxes do you pay?

The bank does not deduct any professional withholding tax from the interest on your regulated savings account, provided that the interest doesn’t exceed the annual tax-free amount of €1,020 (for interest income in 2024). For a savings account opened in the name of two married/cohabiting individuals, the bank doesn’t deduct any professional withholding tax, provided that the interest does not exceed twice that amount, i.e. €2,040 (for interest income in 2024).

If you’re resident in Belgium for tax purposes, you must check each year the total amount of interest you receive on regulated savings accounts based on your assets/marital regime (as well as accounts legally controlled by you on behalf of children under 18) and from which banks have not deducted any professional withholding tax. If that total exceeds the annual tax-free amount of €1,020 per taxpayer (assuming tax residence for the entire income year), you must declare the amount of interest above that level in your personal income tax return. The non-exempt portion of your interest is subject to a 15% professional withholding tax.

Risks related to savings accounts

• Insolvency risk

Funds deposited in a fixed-term savings account with BNP Paribas Fortis are covered by the deposit protection mechanism up to a maximum of €100,000 per person. If the bank becomes insolvent or shows a risk of insolvency, the saver could see the portion of their savings exceeding €100,000 converted into shares (through a "bail-in") or could lose some or all of that money.

• Inflation risk

A sustained rise in prices could cause the money deposited in an account to lose value in real terms.

Complaints

Any complaint about our products or services should be sent by post to BNP Paribas Fortis SA – Complaints Department – Montagne du Parc 3, 1000 Brussels or by email to gestiondesplaintes@bnpparibasfortis.com.

If you’re not happy with the proposed solution, you can send your complaint by post to Ombudsfin – Financial Services Mediation Service - North Gate II, Blvd du Roi Albert II 8 (Bte 2), 1000 Brussels or by email to ombudsman@ombudsfin.be.