Due to the sharp decline in 2023, there will be less than 270 billion euros in savings accounts

In the newsRegulated savings account balances decreased by €31.4 billion to €268.9 billion in 2023.

but: Not all banks saw their deposits shrink.

• Internet bank Medirect, for example, saw a 50 percent increase in the number of savings deposits, according to a previous survey it conducted. the time Early this year. After all, that financial institution offers some of the most lucrative savings accounts.
  • Anyone with money in a basic savings account earns 2.8 percent interest. You can park a maximum of €25,000 in this savings account.
  • Fidelity Savings comes with a 2.55 percent savings fee. There are no savings restrictions with this formula.

Why do Belgians withdraw their savings?

to explain: The Belgians start looking for alternatives in 2023.

• They received help from the government. The government issued one-year government bonds last summer. Because the withholding tax was exceptionally reduced from 30 to 15 percent, the net return was 2.81 percent.
  • The aim was to encourage banks to (continue) increasing interest rates on savings. At the time of their issuance, government bonds were more profitable than any savings account. Our country now has five savings accounts that generate a return of no less than 3 percent.
  • The government managed to raise just under €22 billion by issuing one-year government bonds, a record amount.
  • The government is also likely to issue one-year government bonds this year. The banks are definitely not in favor of this. At the very least, they want the government to abandon the favorable tax system in the next version. “If a company or bank issues a product (for example, a bond loan, savings certificate or term account) with the same duration, it must do so under similar tax conditions. We hope that this principle will be adhered to when issuing bonds,” the Wiebelfen banking union said recently. New government.
    • The Belgian government has until the end of June to launch a new tax-friendly government voucher.
• Moreover, savers paid more attention to other savings products, including term accounts.
  • During the subscription period for government bonds, some banks temporarily increased the net interest on one-year term accounts to 2.81 percent, or slightly more.
• Moreover, billions were also invested in bonds. Due to the tightening of the European Central Bank's monetary policy, these investment products generate greater returns.