2024-07-23 08:26:00
According to an analysis published on Tuesday by the Financial Services and Markets Authority (FSMA), nearly two-thirds of Belgian banks have had to adapt their regulated savings account products to comply with new regulations that require them to offer only four different savings accounts. According to the regulator, the offer in this area has thus become simpler.
The agreement reached between the federal government and the banking industry in 2023 specifically sets limits on the number of regulated savings accounts that a single credit institution (or a certain brand) can offer. There can be a maximum of four different ones, divided into three categories.
The measure, which came into effect on July 1, caused two-thirds of banks to revise their offers in this area. “The number of different schemes has been reduced and the vast majority of regulated savings accounts that are no longer sold but still held by some customers have been closed.”summarizing the regulator.
FSMA data shows that currently, 28 banks or brands sell 83 return formulas, including 37 “classic” accounts, 25 accounts with amount conditions and 7 accounts related to age categories. Most banks offer fewer options than the maximum allowed.
Note that only one third of banks offer customers four return formulas on regulated savings accounts, while another third offer a single regulated savings account with a return formula.
The agreement also led to the closure of most unlisted savings accounts still held by customers, which tended to be less profitable than the unsolicited offers.
FSMA Savings Account Comparator, available at www.wikifin.bewhich has been viewed over 120,000 times since its update.
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