After Belfius became the first major Belgian bank to increase interest rates this week, Argenta is also announcing higher rates. These do not apply to the classic savings account.
From Monday, October 9, the Antwerp bank will offer an interest of 2.55 percent on its Growth Account, on which customers can save up to 500 euros monthly. Until recently, Argenta offered 2.25 percent on that account.
Belfius is the first Belgian major bank to increase the interest on its savings accounts after the overwhelming success of the government bond. The Belgian government had launched the government bond with a net return of 2.81 percent over one year at the end of August to encourage banks to increase their savings rates. A number of price breakers took action. But the major banks, where the majority of Belgian savings are housed, remained calm.
Wetstraat is increasing the pressure on the banks. This month, Vooruit launched a proposal for a tax on ‘excess profits’, the extra profits that banks make thanks to rising interest rates. An additional tax for the banks is also on the table in the budget preparation. The question is whether Vooruit’s proposal will succeed. Minister of Finance Vincent Van Peteghem (CD&V) said he was not in favor of an excess profit tax on the banks.