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Interest accrues daily, but if your net interest is less than 0.01 EUR, it won't be paid until the cumulative interest exceeds this amount. As required by Belgian law, we'll deduct a 30% withholding tax from any interest before it's credited to your Instant Access Savings.

Daily interest calculation example: (Balance * Interest rate/365) * (1 - Withholding tax %)

Consider a balance of €1,000 with a 2.5% p.a, compounded daily, and subject to 30% tax withholding:

• Interest accrued: €1,000 * 2.50%/365 = €0.0684932
• Payable interest: €0.06 (remaining keeps accruing until it becomes €0.01)
• Tax accrued: €0.018
• Tax withheld: €0.01 (remaining keeps accruing until it becomes €0.01)
• Interest paid after tax: €0.06 - €0.01 = €0.05
• New balance: €1,000 + €0.05 = €1,000.05

• Interest accrued: €1,000.05 * 2.50%/365 = €0.0684966
• Payable interest: €0.06 + €0.01 = €0.07 (considering interests accrued on days 1 and 2)
• Tax accrued: €0.021
• Tax withheld: €0.01 + €0.01 = €0.02 (considering tax accrued on days 1 and 2)
• Net interest paid: €0.07 - €0.02 = €0.05
• New balance: €1,000.10

P.a. stands for per annum and refers to the gross interest rate applied on daily balance, with interest compounding daily. This rate is based on the European Central Bank deposit facility rate. If this rate changes, we'll notify you.

The interest rate has an inflation risk, which may reduce the value of deposited money. The per annum (p.a.) variable interest rate on your Instant Access Savings will depend on your membership. To see all applicable rates, visit our Instant Access Savings page on our website.

In accordance with the Belgian tax regulations, a withholding tax at a rate of 30% is applied to gross interest income generated through this account. There are no withholding tax exceptions for this Savings account. For more details about the tax on your Instant Access Savings, read this FAQ.