The government wants to make it easier to compare savings accounts. A series of legal reforms have been devised for this purpose. Some entered into force in 2013, others at the start of this year. An overview.
What has already changed in 2013?
A normalized product file for every regulated savings account
Normalized means that all banks must state the same essential information on the product sheet. The government wants to make it easier to compare the savings accounts of different banks. You can find the product sheet of all our savings accounts here.
Less restrictive conditions for savings accounts
From now on everyone can open any type of savings account, with a few exceptions. For example, banks may still link conditions, for example, to a youth or internet account. They can also, as in the past, provide for restrictions for savings accounts for which the customer receives a different basic interest rate depending on the account balance, such as the Fidelity Plus account at Juan Melchor.
Your loyalty premium is paid quarterly
In the past, you received your loyalty premium, awarded for the amounts that remained in the account continuously for 12 months, at the end of the year. From now on you will receive them immediately after the end of the quarter in which that 12-month period ends, ie as soon as the premium becomes affordable. That gives you more! The basic interest is from now on always paid out on 31 December.
No more 11 months rule
Certain banks also calculated the fidelity premium for deposits made in January – only 11 months. That is no longer allowed: the 12-month period must always be respected.
You keep your basic interest for at least 3 months
Only if the European Central Bank lowers its interest rate during that period can the banks also implement an interest rate cut.
What has changed in 2014?
The fidelity premium for a transfer from one savings account to another at the same bank is retained
This measure took effect on January 1, 2014. To keep this current premium, you had to be the holder or joint holder of the 2 accounts (principal and beneficiary) at the time of the transfer. We calculate the fidelity premium according to the number of days that the transferred savings were on each of the accounts. The proportional transfer of the premium from one account to another at the same bank applies to the first 3 transfers of at least € 500 within the calendar year.