What’s new on 1 August: higher savings rates at various banks

At Fortis, the basic rate on their ordinary savings account goes up from 0.15 to 0.25 per cent, and the loyalty premium rises from 0.10 to 0.25 per cent. On Fortis's Plus savings account, the interest rate increase is slightly higher: the basic rate remains at 0.50 per cent, but the loyalty premium goes up to 1 per cent. Other conditions apply. Savings on this account are also limited to a maximum of 100,000 euros. Fortis subsidiaries Fintro and Hello bank! also offer the Plus savings account.

KBC will offer customers a basic interest rate and a fidelity premium of 0.45 per cent each on ordinary savings accounts from August. The total interest rate rises from 0.60 per cent to 0.90 per cent. Start2Save accounts earn more (1.50 per cent), but customers can only deposit a maximum of 500 euros per month on them.

During July, ING was also the last of the major banks to announce an interest rate hike. The basic rate on the ING savings account will rise from 0.35 per cent to 0.45 per cent. The fidelity premium rises to 1.05 per cent. On ING Tempo Sparen accounts with a maximum of 500 euros per month the interest rate rises sharply: the basic rate increases from 0.70 per cent to 0.75 per cent and the fidelity premium to 1.50 per cent.

ING customers who still have an old savings account will be left with a lower rate. The basic rate will rise from 0.40 per cent to 0.55 per cent and the fidelity premium to 0.15 per cent.

Finally, at Beobank, the basic interest rate on the classic savings account goes from 0.30 per cent to 0.45 per cent. The fidelity premium on that account jumps to 0.45 per cent.

Banks are under pressure to raise their interest rates. A whole host of banks have recently implemented interest rate hikes. At Belfius, interest rates rose as early as 1 July, at Argenta, Crelan and Axa Bank on 17 July. Some smaller banks meanwhile offer more than 2 per cent interest on savings accounts without additional conditions.