From 1 April, BNP Paribas Fortis will limit the maximum amount allowed on a regulated savings account to 250,000 euros. Interest will no longer be paid above that amount, according to the bank.
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In concrete terms, amounts above 250,000 euros in a savings account will be made available on a deposit account, which has an interest rate of 0 percent. In addition, as of today, the number of regulated savings accounts will be limited to one account per holder. That restriction does not apply to savings accounts that were already opened before January 17.
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BNP Paribas Fortis will also not pay a fidelity premium for the amount above 250,000 euros that is transferred to another account. By way of compensation, a financial compensation will be paid. A 30% withholding tax must be paid on this.
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Also ING
BNP Paribas Fortis is the market leader for savings accounts in our country. The bank is not the first to introduce a zero interest rate. ING had already done this before, as did several smaller wealth banks. ING even has a negative interest rate for amounts above 500,000 euros.
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BNP Paribas Fortis emphasizes that the measure has no impact for more than 99 percent of customers. The subsidiary brands Fintro and Hello Bank! implement the measure. The bank refers to the low interest rates on the market. Banks themselves pay money to the European Central Bank to park excess savings at the ECB.
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