Savings accounts offer individuals a considerable tax break as part of the interest is exempt from withholding tax.
For 2013, the amount of interest exempt from withholding tax is EUR 1,880 per taxpayer for individuals resident in Belgium.
Double this amount applies for married or legally cohabiting couples opening a joint savings account.
The interest is made up of:
Calculation of interest
The value date is the date from which a deposit starts or stops accruing interest. A deposit accrues interest from the calendar day following the date of the deposit at the latest and stops accruing interest on the day of withdrawal.
Repayments are allocated to amounts for which the period qualifying for a bonus is least advanced.
By law, the savings account cannot be used as a current account. But you can still carry out many transactions:
* The regulated savings account is the fruit of the authorities' wish to encourage private individuals to save, by granting them a favourable tax system. The savings account must therefore meet certain well-defined standards of usage and interest calculation, established by Royal Decree.
For a small additional sum, you can take out account insurance on your Savings Account. In the event of accidental death, this insurance pays out to the beneficiary an amount equal to the credit balance of your savings account with a minimum and maximum amount per account and per person. Please see the "General Account Insurance Terms and Conditions" for further details.Account insurance is a product from AG Insurance SA/NV, Bld E. Jacqmain/E. Jacqmainlaan 53, B-1000 Brussels, Brussels Register of Companies, VAT BE 0404.494.849, and is offered by BNP Paribas Fortis SA/NV, Montagne du Parc/Warandeberg 3, B-1000 Brussels, registered under FSMA No. 25.879 A as an insurance agent acting on behalf of AG Insurance SA/NV.