BNP Paribas Fortis deposit account

The deposit account currently pays interest at the following rates:

• Basic rate: 0.50% (gross, i.e. 0.35% net)
• Growth bonus: 0.25% (gross, i.e. 0.175% net)
• Loyalty bonus: 0.25% (gross, i.e. 0.175% net)

The gross and net interest rates (after deduction of the 30% withholding tax) mentioned above are expressed on an annual basis. They may vary depending on market conditions. Deposit account holders are notified in advance of any changes through a notice in their account statements.

Good to know: unlike regulated savings accounts, non-regulated savings accounts are not required to apply a minimum interest rate or grant a loyalty bonus.

What exactly does the basic rate on your deposit account consist of?

You receive the basic rate for any amount deposited into your deposit account. Your money earns interest for each day it remains in your account, starting from the calendar day after the date it was deposited. You receive interest calculated at the basic rate every year on 1 January, or when the account is closed. The basic rate is not guaranteed and may fluctuate depending on market conditions.

What is a growth bonus?

It’s a one-time bonus granted on any increase in your savings. The applicable rate is the rate in effect at the time of the deposit and remains guaranteed for the entire vesting period. The growth bonus vests six months after the deposit, provided the deposit remains in the account for six consecutive months. Once the growth bonus has vested, it is taken into account for the loyalty bonus. The growth bonus and loyalty bonus cannot both be applied to the same amount during the same period.

Good to know: the growth bonus is paid into the account on the first day of the quarter following the end of the quarter in which it vested (i.e. on 1 January, 1 April, 1 July, or 1 October) or when the account is closed.

When do you receive the loyalty bonus in your deposit account?

The loyalty bonus is paid on any amount that has remained in the account for 12 consecutive months starting with:

• either the vesting of the growth bonus 
• or the vesting of the loyalty bonus for the previous 12-month period.

The rate of the loyalty bonus is not guaranteed and may fluctuate depending on market conditions. The loyalty bonus is calculated pro rata temporis based on any changes in rates that may have occurred during the vesting period.
Good to know: the loyalty bonus is paid into the account on the first day of the quarter following the end of the quarter in which it vested (i.e. 1 January, 1 April, 1 July, or 1 October) or when the account is closed.

For the average retail customer who is a natural person and a Belgian resident, the deposit account is a non-regulated savings account for tax purposes. As a result, it does not benefit from the tax exemption applied to regulated savings accounts and interest is subject to a 30% withholding tax.

The bank deducts the withholding tax at source, which means that the interest paid into your account is net interest.

• Insolvency risk

Funds deposited in regulated or non-regulated savings accounts with BNP Paribas Fortis are covered by the deposit protection mechanism up to a maximum of €100,000 per person. If the bank becomes insolvent or shows a risk of insolvency, the saver could see the portion of their savings exceeding €100,000 converted into shares (through a "bail-in") or could lose that money. You can find more information on this in the deposit protection information sheet.

• Inflation risk

A sustained increase in prices could reduce the real value of the money held in the deposit account.

The "deposit account" is a non-regulated savings account with an unlimited term, subject to Belgian law and marketed by BNP Paribas Fortis, a public limited company established at Montagne du Parc 3, 1000 Brussels. There is no key information document for this type of account.

• Deposit account – Special terms and conditions
• Deposit account – Pre-contractual information
• Fees and charges
• Deposit protection factsheet

Any complaint about our products and/or services should be sent by post to BNP Paribas Fortis SA – Complaints Department– Montagne du Parc 3, 1000 Brussels or by email to gestiondesplaintes@bnpparibasfortis.com.

If you’re not happy with the proposed solution, you can send your complaint by post to Ombudsfin – Financial Services Mediation Service - North Gate II, Blvd du Roi Albert II 8 (Bte 2), 1000 Brussels or by email to ombudsman@ombudsfin.be.