Do you feel like your savings aren’t earning you anything? This is normal, a new economic note from the IÉSEG School of Management shows. Belgian banks pay a lower savings rate than those offered by banks in most other eurozone countries.
The average rate paid by Belgian banks on savings deposits in November 2024 (1.03%) was lower in November 2024 than those offered by banks in most other countries in the euro zone, indicated Tuesday the director of economic studies at the IÉSEG School of Management, Eric Dor in a note.
The difference is notable with neighboring countries such as the Grand Duchy of Luxembourg (2.89%), France (2.56%) and, to a lesser extent, the Netherlands (1.45%). The gap is therefore notable with these border countries, “to the disadvantage of savers in Belgium“, note M. Dor.
On the other hand, he underlines the competitiveness of the banks of the Flat country, “best for term deposits“, on which they offer an average rate of 2.69%. This rate is close to those of neighboring countries, those of France at 2.78%, Luxembourg at 2.71%, the Netherlands at 2 .6% or Germany at 2.61%.
For the director of economic studies, this reflects, in Belgium, a strategy of banks to take advantage of passive savers.who leave their money in regulated savings accounts without reacting to the very low rate” and to compete only on term accounts to attract dynamic savers looking for good remuneration.
“The average interest rate received by Belgian banks on new consumer loans (6.72%) was in November, lower than those requested in Germany (8.07%), Italy (8.45%) or in Spain (6.88%), but higher than those requested in France (6.46%) or Luxembourg (4.54%)“, details Eric Dor’s note.
economy savings savings rate savings account
Belgium
