2023-08-25 11:59:00
We are heading straight for the biggest financial operation ever carried out by the Belgian State. In less than two days, subscriptions for the 1-year State bond launched on the initiative of Finance Minister Van Peteghem have already reached the staggering amount of 4 billion euros. As a reminder, this State bond at a gross rate of 3.30% promises a return of 2.81% net over time. Much better than savings accounts. But the banks were quick to react. Argenta, initially, by offering a term account at the gross rate of 4.01%. Withholding tax of 30% deducted, its yield is identical to the State bond. Axa has also adapted the rate of its term account to align.
However, some banks dare to attack the government bond by offering higher rates. This is the case of Beobank which, until September 1, grants a gross rate of 4.05% on its 1-year term account, or 2.835% net return following deduction of property tax.
Already two billion euros in subscriptions to State bonds: an operation that marks a turning point?
The best rate is granted by Deutsche Bank, with a gross rate of 4.10%, reduced to 2.87% net taking into account the 30% withholding tax. It should be noted, however, that this return is only granted for payments of a minimum of €100,000.
Pretty much the government bond and the best term accounts fit in a pocket handkerchief. But the difference might be made via… the Council of State. Indeed, the bill approved by the Council of Ministers and aimed at reducing the withholding tax from 30% (the usual percentage on State bonds) to 15% has still not been returned by the Council of State. , which must rule on its legality. If he were to reject the prime rate, a withholding tax of 30% would then be applied and would lower the yield from 2.81% to 2.31%. If so, the banks’ offers would be much more competitive and would offer an average 0.50% additional return. But let us specify that the State had already proceeded in this way, without problem, under Yves Leterme.
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