Big savers are looking for better returns: these products have already been compared millions of times this year | My guide

Prime Minister Alexander De Croo reinvented hot water in VRT News. “We are working on creating a comparison website, where savers will be able to compare account returns and costs, and thus see where they can get the highest return. They can then choose and switch to another bank if it achieves better results.

This may be a saving tip for the government, because these comparison sites already exist. Spaargids.be, among others, has been offering such a platform for many years. She has been consulted extensively in recent months. The number of consultations on savings account rates was at least 300 per cent higher in the first nine months than in the same period in 2022. In fact, the table containing an overview of term accounts was reviewed 900 per cent more times.

These rising consultation numbers indicate that savers are certainly interested in better compensation for their savings. They don’t always have to change banks for this: better options are often available within their financial institution. They also have the advantage that, under certain conditions, transfers can be made from one savings account to another without losing the fidelity bonus. This premium is given for money kept in the account(s) for a year. In addition to the basic installment that banks offer for each day that an amount is in the account.

At the same time, De Croo is curbing the compensation banks can offer. By increasing bank taxes, it makes it more expensive for banks to attract savings. For them, the total cost increases, regardless of whether it goes to the saver as interest or as a tax on the government. If the government’s share of the total available compensation takes up a larger area, the saver’s share will become smaller, or his compensation will rise less quickly than it would have otherwise.

The only alternatives are that banks must be able to pass these returns into their loan rates, or give their shareholders a lower return.

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