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.
Negative interest on specific portions of the balance of current accounts (ING Professional Current Account, ING Corporate Plus Account), ING Business Account, including the ING Business Account notice, ING FlexiBonus Account, including the ING FlexiBonus Account notice and the ING Invest Account on balance above 250.000 euro.
The following interest rates will apply as from 01/07/2021:
- On balance up to EUR 250.000 : 0%
- On balance above EUR 250.000 : - 0,50%*
*A credit interest rate of Euribor 1 month (not floored) – 0.20%, with a maximum applied interest rate of 0%, is applied to the total account balance (EUR 0 to 250,000 incl.) if the holder of the ING Corporate Plus Account is (an associated company of ) a company with a turnover higher than EUR 250 million or (an associated company of ) a listed company, whereby an “associated company” has the meaning ascribed thereto in articles 1:14 ff. of the Belgian Code of Companies and Associations.
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.