KBC Security Deposit Savings Account

KBC Security Deposit Savings Account

KBC Security Deposit Savings Account

KBC Security Deposit Savings Account

Why go for a security deposit account?

If you're planning to rent a house or apartment, a KBC Security Deposit Savings Account is a good idea. Why? Landlords usually require a security deposit. By putting this on a frozen savings account, neither you nor the landlord can touch it for the duration of the lease.

The KBC Security Deposit Savings Account is a regulated savings account offered by KBC Bank NV, Belgium. It is governed by the laws of Belgium.

Rented student accommodation

If so, you can't use a KBC Security Deposit Savings Account but you can open a regular savings account as third-party collateral, in effect an ordinary savings account where we act as a third-party guarantor. We'll freeze the account and only ever release the money on it once all contractual obligations have been fulfilled.

Features of a KBC Security Deposit Savings Account

  • Interest earned: 0.01% basic interest and 0.10% fidelity bonus These are gross rates and annualised and are subject to change at any time. Current rates are always given here or can be obtained from your KBC Bank branch. If rates change, we will inform account holders of this on their statements of account.
  • Saves on tax: Individuals are exempt from withholding tax (currently 15%) on the first 1,880 euros of interest earned each year (2016 figure).
  • Free savings account: No charge for opening and managing the account.
  • Risk: Your entire deposits with KBC Bank up to a maximum of 100,000 euros per person are guaranteed subject to certain conditions. In the event of the KBC's insolvency (e.g., if it goes into bankruptcy), you run the risk of losing any deposits you have over 100,000 euros, or their amount could be reduced or converted into shares. You can obtain a copy of our 'Protection of deposits and financial instruments in Belgium' brochure from your KBC branch or from www.kbc.be/depositprotection.

Releasing funds on a security deposit account

A KBC Security Deposit Savings Account is opened when the lease starts and the deposit is released at the end of the lease by:

  • written agreement between you and your landlord
  • court order (small claims court – vrederechter/juge du paix)

You and your landlord must both go to the branch where the account is held to unfreeze it and have the deposit released. In exceptional cases, you can go to your branch without your landlord provided you have a copy of their identity card with you.

Learn more

  • Key information for savers
  • Regulations
  • Product fact sheet

Earn more interest on your savings. Before opening a savings account with us, be sure to read our key information for savers.

You can submit any complaints you may have by e-mail to complaints@kbc.be, tel. 0800 62 084, by telephone on 0800 62 084 and/or by e-mail to ombudsman@ombudsfin.be.

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