2023-09-19 09:36:19
According to Testachats, the increase in rates on savings accounts is biased by the loyalty bonus, which many savers do not in reality receive.
No loyalty bonus, but a single rate for all customers: it’s the savings account formula that Testachats demands from the competent ministers. The consumer organization asked them for an interview, on the eve of its committee hearing in the House.
While banks can deposit their cash with the European Central Bank (ECB) at a rate of 4% now, the average remuneration of savings accounts reached only 0.49% in Julynotes Testachats, who launched a petition which has collected more than 12,000 signatures so far.
“The loyalty bonus actually allows banks to offer a high rate while knowing that on average, they will offer less.”
Loyalty bonus
If several banks have raised their rates on their savings accounts, this increase has so far mainly focused on the loyalty bonus, notes the consumer organization. However, the new, higher premium only applies gradually to account assets, and is, moreover, subject to conditions, she emphasizes. It is only granted every 12 months and, if a saver withdraws their money in the meantime, they lose the right to the new bonus.
“The loyalty bonus actually allows banks to promote a high rate while knowing that, on average, they will offer less“, explains the spokesperson for Testachats, Julie Frère. “For example, when the remuneration of savings accounts did not exceed the legal minimum rate (0.11%), the statistics from the National Bank reveal that ‘in reality, the rate actually offered did not exceed 0.09%, i.e. practically 20% less than expected. This situation continues today.”
The minimum rate would be set according to that at which the banks themselves can lend money to the ECB, minus 1% (…).
Formula recommended by Testachats
The organization, which will be heard on Wednesday in the House, therefore proposes the creation of a new regulated savings account, replacing the current formula. This would provide for a single rate, without loyalty bonuswhich would apply to a maximum amount to be determined by the legislator.
The minimum rate would be set according to that at which the banks themselves can lend money to the ECBminus 1% in order to avoid the current situation of discrepancy between the rate from which banks benefit and that from which they pass on to savers, details Testachats.
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