Current accounts

20 April 2021

New conditions on accounts applicable as from 1 July 2021

Modification of terms and conditions applied to current accounts, regulated and non regulated savings accounts and ING Invest Account

ING Belgium revises pricing to reflect market conditions

In order to reflect market conditions and to continue to invest in digital value-added services for its customers, ING Belgium has decided to review the terms and conditions of current accounts, regulated and non regulated savings accounts and ING Invest Account to better serve its clients.

The changes will come into force on July 1, 2021.

A summary of modification applicable as of July 1, 2021 has been provided here for your convenience.

A summary of modification applicable as of July 1, 2021 has been provided here for your convenience.

Calculating and booking interest on accounts

Credit (positive) interest or negative interest on ING Current account is calculated daily on the daily credit balance portion. It is expressed as a gross rate per annum and divided by 365 for private usage (en by 360 for professionnal usage), taking into account the value dates of the banking transactions booked at close of transactions on this account. Credit (positive) interest is booked annually on the relevant account and is subject to withholding tax. Negative interest applied to the daily credit is deducted monthly from the relevant account.

As example: your current account presents one day a balance of € 2,500 above 250,000 Euros and is subject to -0.50% per year. The calculation is then as following: (€ 2,500 x -0.50%) = €-12.50 per year. Actualized in a daily value, the interest is calculated as follows: € -12.50 / 365 = €-0.03 (rounded).

Why are interest rates so low?

European banks have been faced for some time now with low or negative interest rates. These are a consequence of the policies that the European Central Bank (ECB) has been pursuing to stimulate economic growth in Europe. The ECB deposit rate has been negative since June 2014. This has led to a continued drop in lending rates and investment yields. ING Belgium is now passing on these market conditions to a small part of its customer deposits. To read more, click here.

You don’t agree with this change ?

If you don't agree with this change, you can close your account here at no cost before the change takes effect. If we don't hear from you before then, we will assume that you agree with the changes.