Aion Bank increases the rates of its Extended Regulated Savings Account
With interest rates on the Belgian market near zero, by launching the highest fidelity premium in Belgium at 0.9%, Aion Bank is helping Belgians save.
The result is caution, and the proof lies in the consumers’ behaviour, with over 40%(1) claiming to have saved more than they would normally. Considering the current financial uncertainty and the future economic recession, they have wisely decided to play it safe and ensure that they have a so-called rainy day fund. At the same time, those who put their trust in a bank, expect something in return, such as good interest rates. However, since many financial institutions currently apply the bare minimum, customers are often forced to settle for less.
“Belgians have a habit of saving their money, which is well-illustrated by their cumulative saving deposits of more than 275 billion euros(2) in the first quarter of 2020. The corona crisis is reinforcing that trend. It is clear that now, more than ever, consumers want to deposit their money at a reliable financial institution and get something in return.” - says Kim van Esbroeck, Aion’s Country Head for Belgium. “Aion Bank has listened to this call with its new extended regulated savings account.” - she adds.
Aion does things differently
The bank has adapted its regulated savings account “Extended”, which now combines a fidelity premium of 0.9% with a base rate of 0.10%, the highest fidelity premium among Belgium banks and well above the Belgian average rates: 0.26% of fidelity premium and 0.04% a base rate(3).
With this offer, the bank fulfils the wish of its clients to safeguard their money and at the same time make it profitable in these challenging times:
"The current economy is one of turbulent markets, so we fully understand that consumers want to save their funds to secure their pension or future. Through our new savings account we are providing them with a solution. They can earn up to 100 Euros a year for every 10,000 euros deposited in the Aion Extended savings account. For us, this fidelity premium is a way of offering a unique return for people who appreciate the flexibility and the safety of a savings account, which is invaluable in the best of times and priceless in current times. We want to help them to tackle this crisis and keep them financially healthy" says Kim Van Esbroeck, Country Head for Belgium.
The Extended savings account can be opened in minutes via the bank's app.
Important information on the Extended regulated savings account
Extended is a regulated savings account complying with the conditions set out in Article 2 of the Royal Decree executing the Income Tax Code 1992.
Account is available for mobile banking clients only.
Earnings may be adjusted. Clients will be informed of changes via email.
Individuals are exempt from 15% withholding tax on the first 990 EUR of interest earned in 2020. The account is free of charge and opened for an indefinite duration. It is subject to Belgian law.
Deposits are protected up to 100,000 EUR per person. In case of bankruptcy or risk of bankruptcy of the financial institution, the saver runs the risk of not recovering his/her savings or may be subject to a diminution / conversion in shares (Bail-in) of the amount of the claims he/she holds against the financial institution in excess of 100,000 EUR, i.e. the amount falling within the scope of the deposit guarantee scheme.
Before opening the account, you need to carefully read the key information for savers and the deposit guarantee information sheet:
Customers can find more information on the Extended regulated savings account in the Key Information for Savers - Extended RSA and the Deposit Guarantee Information Sheet, both available on the Aion web page: https://www.aion.be/en/extended-regulated-savings-accounts.
You can send your questions or complaints by email to firstname.lastname@example.org. If you are not satisfied, contact the bank mediation service (www.ombudsfin.be).