KBC reduces interest rate on accounts for businesses and public institutions to 0%

Interest rates for businesses and public institutions who hold savings accounts with KBC are to drop from 0.11% to 0%.
This was reported yesterday (Monday) in the daily publications Le Soir, Het Laatste Nieuws and De Morgen.

The group’s Director of Communications, Viviane Huybrecht explained, “For several days now, we have been telling our customers by letter that, from 23 October, the savings accounts KBC Pro and KBC Plus will be transferred to the status of unregulated savings accounts.” She went further, “This means that the interest rate for these two accounts will fall from 0.11% to 0%.”

Kristof De Paepe, the manager of the website Guide-Epargne.be (a comparison website for banking rates), says that this is definitely a first. He explains, “The bank has found a way to circumvent the legislation and no longer has to pay interest.”

Belgian law on regulated accounts indeed imposes that the interest paid should not fall below a minimum of 0.11%.

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