Keytrade Bank increases savings interest
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© BELGA

Keytrade Bank will increase the interest on its two savings accounts on 1 December. This is reported by the internet bank. Customers can get up to 1 percent interest.

gjsSource: BELGA

This is a significant interest rate increase: the Azur savings account will go from 0.01 percent base interest and 0.10 percent fidelity premium to 0.50 and 0.20 percent respectively. The second booklet, the High Fidelity account, will receive 0.30 percent base interest and 0.70 percent fidelity premium from next month, against 0.01 and 0.15 percent currently.

Keytrade Bank is an internet bank without a branch network that has been owned by the French Crédit Mutuel Arkéa since 2016. The bank does not want to say how much savings it manages or how many customers it currently has. In 2019, the bank said it had more than 300,000 customers in Belgium.

Keytrade Bank is not the first to raise interest rates. Previously, Santander Consumer Bank, NIBC Direct, CKV and MeDirect also increased the fees on their savings accounts. For the time being, the major banks will stick to the legal minimum interest rate of 0.11 percent (0.01 percent base and 0.10 fidelity premium) on their regulated savings accounts.

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