This is the 11 basis point question: will the big Belgian banks finally raise the rate on the regulated savings account, which remains at the floor level of 0.11% (0.01% basis and 0.10% loyalty bonus) now that ECB rates are largely in the positive zone? Given the (over)abundance of deposits, none of the banks is in a hurry to relaunch a rate war. This obviously does not suit the saver.
There is, however, an alternative. Indeed, the Belgian Treasury offers products quite similar to savings accounts, but whose remuneration includes the rise in short-term rates. This is a deposit account whose interest rate on the funds deposited is equal to the return on OLOs (Belgian bonds) with a residual term of one year with a minimum of 0%. For October, the remuneration is 1.2% (to be divided by twelve since there are 12 months in a year). For November, we go up to 2% (to be divided by 12).
This relatively unknown product was promoted in February 2022 to Belgian municipalities, when their bank deposits were subject to negative rates. The success was there since the deposits amounted to around one billion euros. This product is similar to a current account since the money can be withdrawn at any time. But unlike the regulated booklet, it is subject to withholding tax (0.30%). Under current conditions, it remains more interesting than the booklet. Creating an account is simple. All you have to do is go to the Caisse des dépôts et de consignation website and identify yourself. More precisely, you have to log in to the E-depo application in MyMinfin.