A recent survey showed that online and smaller banks offer better savings rates in comparison with the four large banks in Belgium.
When, for example, people opened a Fortis savings account in 2007, they earned a 1.75% Annual Percentage Yield, while they would have earned 3.5% on a Credit Europe savings account. Reason for this difference is that the online and smaller banks have fewer overhead costs and therefore they can offer their clients better interest rates. Unfortunately, a lot of Belgians don’t really compare the rates of different banks and as a result they tend to stick with their traditional bank, earning less interest.
Matthias Lelie
De Standaard Online
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Good topic, great text. Very coherent! Well done indeed.
(GJ)
Get the most out of your savings account!
A recent survey has shown that online and smaller banks offer better savings rates in comparison with the four large banks in Belgium.
When, for example, people opened a Fortis savings account in 2007, they earned a 1.75% Annual Percentage Yield, while they would have earned 3.5% on a Credit Europe savings account. The reason for this difference is that the online and smaller banks have fewer overhead costs and therefore they can offer their clients better interest rates. Unfortunately, a lot of Belgians don’t really compare the rates of different banks and as a result they tend to stick with their traditional bank, earning less interest.
Matthias Lelie
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