BNP Paribas Fortis is to follow the example of other major banks by increasing the rate of interest given to customers with savings accounts. From 1 August the interest rate on ordinary savings accounts will increase from 0.15% to 0.25%. In addition to this the so-called “loyalty bonus” will increase from 0.10% to 0.25%. The previous interest rate increase at BNP Parisbas Fortis dates from 1 February.
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BNP Paribas Fortis to raise interest rates for savers
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Meanwhile, customers that have a ‘Plus’ savings account with BNP Parisbas Fortis and the bank’s daughter banks Fintro and Hello bank! will see the interest on their savings increase still more. They will still enjoy a basic interest rate of 0.5%, but the loyal bonus on their savings will increase from 0.75% to 1%.
Here the upper limit for cash deposited on a savings account is 100,000 euro.
Competition
The banks are under increasing pressure to raise the level of interest they give to customers with savings accounts. At the beginning of June Belfius was the first of the high street banks to announce that it was increasing the level of interest it gives to savers. Since then KBC, Keytrade Bank and Deutsche Bank are among the banks to have followed suit.
Earlier this week the Federal Finance Minister Vincent Van Peterghem (Flemish christian democrat) announced that there is to be a new release of government bonds. This is likely to be in September. The Federal Finance Minister hopes that by providing competition to the banks it will encourage them increase the level of interest they give to savers.