Solution
The Business Savings Account is a non-regulated savings account under Belgian law for companies. It offers them a flexible and simple way to manage their surplus cash. As with a current account, the cash remains available at all times, while also attracting a return based on the Euribor (*) rate.
(*) Euro Interbank Offered Rate. The Euribor determines the reference rate at which banks repay interbank fixed-term deposits within the Economic and Monetary Union (EMU). There are Euribor rates for different maturities.
Specifics
- Return: This is composed of a base rate and a fidelity premium.
- The base rate is calculated daily according to the account balance. It currently stands at:
- 0% for deposits of up to EUR 200,000 (the same rate of interest as the current account);
- 0% for deposits of EUR 200,000 or more (70% of the average 1-month Euribor for the previous calendar month).
- From EUR 200,000, each payment attracts a fidelity premium, which accrues after 91 calendar days. The fidelity premium applies only if the account balance remains over EUR 200,000. Any withdrawals made during the stated period of 91 calendar days will therefore have an impact on the fidelity premium awarded. The premium is currently 0%.
- The base rate is calculated daily according to the account balance. It currently stands at:
- Term: Indeterminate. The funds are accessible without notice and continue to attract interest at the base rate until the final calendar day before withdrawal.
- Taxation: A withholding tax of 30% applies to the entirety of the interest.
Advantages
- Liquidity: Your money is available at all times.
- Flexibility: You can make deposits into your accounts as you wish: in cash, by bank transfer or using Easy Banking Business, etc. Withdrawals are possible – transfer the desired amount to any BNP Paribas Fortis account in the name of your company.
- Free of charge: You have no management fees to pay. However, any costs of delivery or for keeping your records remain payable by you.
- Security: The capital is guaranteed.
Good to know
- The Business Savings Account is marketed by BNP Paribas Fortis, an SA/NV incorporated under Belgian law, Montagne du Parc 3, 1000 Brussels.
- The reference currency is the EUR.
- The account cannot show a negative balance.
- You cannot combine cheques, debit cards or credit cards with this account.
- A list of charges is available from BNP Paribas Fortis Business Centres.
- The borrowing rate is calculated on a daily basis. It is not guaranteed and may fluctuate according to market conditions. Customers are informed of changes to rates in a notice enclosed with their bank statements.
- Interest is capitalised on 1 April, 1 July, 1 October and 1 January of the following year and paid into your Business Savings Account.
- Deposits generate interest from the first banking business day following receipt of the funds.
- A transfer made from the Business Savings Account will no longer attract interest from the last banking business day before it takes place.
- For all further information, please refer to the Special Terms and Conditions for BNP Paribas Fortis Business Savings Accounts.
- In the event of bankruptcy or the risk of bankruptcy of the financial institution, the company bears the risk of not recovering its savings or may be subject to a reduction/capital equity conversion (bail-in) of the amount of receivables that it possesses in the financial institution above the sum of EUR 100,000, the amount covered by the deposit protection mechanism (subject to eligibility).
- Any complaints regarding the Business Savings Account should be addressed to:
- BNP Paribas Fortis SA/NV – Complaints Management (1QA8D) – Montagne du Parc 3, 1000 Brussels;
- The Office of the Ombudsman for the Consumer (Ombudsfin, rue Belliard 15-17, boîte 8, 1040 Brussels) via http://www.ombudsfin.be/fr/particuliers/home.
