Pension savings plans
- Setting up a Pricos pension savings plan
- Topping up your Pricos pension savings plan
- Topping up your KBC Life Home Plan, KBC Home & Pension Plan, KBC Home & Long-Term Plan or KBC Life Long-Term Fund Plan
- Long-term saving: Open a KBC Home & Long-Term Plan or a KBC Life Long-Term Fund Plan
Time deposit account
If you already have a savings account at KBC:
- Tap ‘My KBC’
- Tap the plus sign next to ‘Accounts’
You can also tap ‘Start’ in the menu, swipe all the way to the left and then tap ‘New product’ to set up a new savings account.
If you don’t have a savings account at KBC yet:
- Tap ‘Offer’
- Under ‘KBCproducts’, tap ‘Accounts’
KBC Mobile lets you open a KBC Savings Account for yourself, yourself and your partner (provided they're known to us) or any of your children (again, if they're on file with us). You can also open a KBC Tall Oaks Savings Account for your child, grandchild or baby on the way (during pregnancy or adoption).
Marriage partners and legal cohabitants.
Once your savings account has been opened, we’ll message you as soon as possible to confirm this. Tap My KBC > Messages in KBC Mobile or 'Messages’ in KBC Touch to see this message, which does not contain any legal information or product features. If you wish to save that information, download the respective PDF files and save them on your device.
If you want to use this service, we need your personal security details from the bank concerned. That may be in breach of their general terms and conditions.
We store your personal security data from them separately from your KBC security and customer data.
While we do our utmost to guarantee the security of your data and only the use permitted by you, this service is more susceptible to fraud. That may mean that the bank in question won’t reimburse you in the event of fraud or malpractice.
A KBC Savings Account can be closed quickly and easily under your account's 'Settings' tab. This applies to savings accounts you, you and your spouse or you and your children hold. You can also close savings accounts over which you have power of attorney.
Go to Offer > KBC products > Saving & investments > Save with tax breaks or Start saving for your pension. You can set up a Pricos pension savings plan in just a few steps, with or without advice from KBC. The product you take out is Pricos by default.
If you already have a tax-efficient insurance product, you won't be able to set up a Pricos pension plan.
You must be aged between 18 and 65 to set up a Pricos pension plan, and you must have a permanent address outside the US.
You can only open a Pricos pension savings plan for yourself.
The tax benefit is only available to people who earn a sufficient amount of taxable income in Belgium.
Since 2018, you've been able to choose between two maximum tax-deductible amounts you can save under a pension savings plan. One gives you a tax break of 30% (when you opt for the lower tax-deductible amount), the other 25% (when you opt for the higher amount).
When you open a pension savings plan with us, the lower of the two capped amounts you can save for tax relief is chosen for you by default. Your pension savings plan appears in your assets view once you've paid into it for the first time. You can then opt for the higher of the two capped amounts under ‘Details' in your pension savings account view.
It's automatically reset to the lowest amount for tax relief on 1 January every year. If you want to save the higher capped amount for tax relief, you need to let us know every year.
With a pension savings plan, you invest a fixed amount by standing order in a fund every month. You only pay usual charges for the fund. See the relevant product information for more details of what you pay.
Every time you pay into your plan, you pay entry charges. There are also annual management fees to pay, as the fund invests in shares and bonds, which need to be actively monitored.
That said, there is a final tax charge, on top of the attractive tax relief and potentially high returns. The tax is generally payable on your 60th birthday. If you start saving after turning 55, the tax charge is due after ten years.
Note, however, that tax treatment will depend on your individual circumstances and can change in the future. For further details, including on the final tax charge, contact your KBC branch.
No, KBC Mobile only lets you pay into a Pricos by standing order.
You can't open more than one Pricos pension savings plan.
Once your plan has been opened, we’ll message you as soon as possible to confirm this. Tap ‘Communication’ in KBC Mobile or ‘Messages’ in KBC Touch and KBC Invest to see this message,
which does not contain any legal information or product features. If you wish to save that information, download the PDF files and save them on your device.
You can always sell or take your pension savings earlier, but you’ll be heavily taxed.
If you want to save more or less, or cancel your monthly investment order temporarily or entirely, we'll be happy to help you. Call or chat with KBC Live or make an appointment at your branch.
As soon as you've paid the maximum tax-deductible amount into your pension savings plan, a ‘Fully paid' label appears next to your Pricos account. If you tap this label, a screen will appear showing what you've already paid and still have left to pay into your plan and what this year's maximum tax-deductible amount is. This screen will also be marked with a ‘Fully paid' label when you've deposited the entire amount qualifying you for the full tax break.
Yes. Just tap your account to view its details and pay into your plan. You can opt to pay in the full tax-deductible amount in one go or an amount of your choosing (at least 10 euros per deposit).
No. You can only see it once your first deposit has been processed, which takes 3 working days. Bear that in mind if you set up a plan at the end of the year.
- Log in to KBC Mobile
- Tap ‘Investments' at the bottom then ‘Tax-advantaged savings and investments'
- Select your pension savings plan
- Hit the ‘Increase your maximum tax-deductible amount' link at the top and read the information about the maximum amounts
- Choose your maximum tax-deductible amount
- Sign to confirm your choice
Topping up your KBC Life Home Plan, KBC Home & Pension Plan, KBC Home & Long-Term Plan or KBC Life Long-Term Fund Plan
When you've paid the maximum tax-deductible amount, your plan will be marked with a 'Fully paid' label in your overview. If you tap this label, a screen will appear showing what you've already paid and still have left to pay into your plan and what this year's maximum tax-deductible amount is. This screen will also be marked with a 'Fully paid' label when you've deposited the entire amount qualifying you for the full tax break.
Yes. Just tap your plan to view its details and pay into your plan. The amount to be deposited is the amount needed to top up your plan to get the full tax relief. You can change this amount if you prefer, as long as you don't exceed the maximum tax-deductible amount.
Note that we’re unable to check in real time whether you’ve deposited the entire amount making you eligible for the full tax break. If you pay in too much, we’ll repay you the difference afterwards.
It takes 3 banking days to process a deposit, so you won't be able to make a second deposit quickly after making a first one. Once your previous deposit has been processed, you can make another one.
If you hold the KBC Home & Pension Plan – NIHDI insurance product, you can only view the reserve that you have built up with it.
This type of saving is where you save through a life insurance savings (class 21) product or unit-linked life insurance (class 23) product to build up a supplementary pension or (if a class 21 product) to pay for mortgage protection cover. It also benefits you in that you can get tax relief of up to 30% on the amount you save.
Savings insurance plans are effectively life insurance policies where each deposit you make earns a fixed amount of interest. You could also receive an annual profit share, depending on KBC Insurance's results.
Unit-linked life insurance is a form of life insurance whose return is linked to that of one or more investment funds. These funds invest primarily in shares, bonds, cash, real estate or a combination of these assets. Depending on the selected investment combination, the policy can entail a low to high degree of risk. Ultimately, the return is dependent on the performance and changes in value of the funds. The value of the fund may fluctuate over time. The associated financial risk is borne by the policyholder. On the other hand, there is the potential that you will receive a higher return.
Long-term savings are a great way to build up a supplementary pension or (if a class 21 product) to pay for mortgage protection cover.
The government caps the amount eligible for full tax relief every year.
The most that you personally can save depends on your net taxable earned income, which is given on your most recent tax assessment notice under 'Gezamenlijk belastbaar inkomen' (Joint taxable income).
When you set up a long-term savings plan using KBC Touch or KBC Mobile, you automatically save a twelfth of your personal maximum amount every month by standing order.
Yes, provided that you don't save more than your personal maximum amount. You are responsible for keeping an eye on this maximum figure.
No. You can never save more than the capped amount set by the government.
You can, however, save more than your personal maximum amount, though you won't get tax relief on any amount you save above that. You'll also have to pay tax on the total amount and possibly additional charges once you turn 60.
Long-term savings plans must be for 10 years to benefit from tax breaks.
If you're under 55 when you set up your plan, it ends once you turn 75. If you set up your plan when you're 55 or older, it lasts for 20 years.
Married couples receive a joint tax assessment notice. The tax authorities regard one member of the couple as being the 'declarant' (usually the man – left column on the tax return) and the other as a 'partner' (usually the woman – right column on the tax return). It's important that you use the amount from the applicable column.
No. Plans set up using KBC Mobile are opened in the name of the person logged into the app at the time.
Yes, though bear in mind that withdrawing the money that you've accrued will attract charges and could be heavily taxed.
- Log in to KBC Mobile
- Tap 'Investments > Tax-advantaged savings and investments'
Tap Offer > KBC products > Accounts > Open security deposit savings account. You can immediately view the new account.
You will find your security deposit savings account with all your other accounts under ‘My KBC’.
You can open a security deposit savings account if you've signed a private lease for renting an apartment, house, student accommodation, service flat, room in a nursing home or a parking space, both as a main residence and a second home. You can't open one for property that you rent for professional purposes or for property abroad.
You need the ID cards of all tenants, the name(s) and address(es) of the landlord(s) and the lease.
Any individual aged 18 and over can open one, either in your own name, or in your and your partner's names (provided they're on file with us).
The landlord may be a private individual, a Public Social Welfare Centre or an estate agent.
That includes your spouse, legally cohabiting partner, unofficially cohabiting partner, brothers, sisters, parents, boyfriend or girlfriend. They all qualify, though the ‘other person’ must be on file with us.
All tenants that you register when you open a security deposit savings account must sign the account contract.
Yes, your new security deposit savings account will be immediately accessible in your accounts overview under ‘My KBC'.
No. You can transfer your security deposit either as soon as you open the account, or at a later date.
You can't use our KBC Mobile app to open a security deposit savings account:
- if you're under 18
- if there are more than two landlords
- if you're an expat
- for property that you rent abroad
- for a business premises or moveable assets
No. However, you can pay it at a later date (after opening the security deposit savings account). The entire amount of the security deposit will be blocked immediately after being transferred. You can deposit additional money on this account at any time, but can't withdraw any.
You can have the names of the tenants or landlords changed at your branch. You may not add or remove tenants or landlords without first closing the security deposit savings account.
It only contains the name of the tenant (or names of the joint tenants) and the amount of the security deposit.
We only use your landlord’s e-mail address (if necessary) to inform them about the security deposit savings account. We remove their e-mail address from our records afterwards.
The app lets you apply to close your security deposit savings account or release your security deposit after receiving the signed release agreement from your landlord(s) or when you are in possession of a court order.
You need the following documents:
- Completed release document signed by the tenants and the landlord (or joint landlords, if the property is jointly owned)
- Landlord’s ID card (or joint landlords’ ID cards, if the property is jointly owned)
- The lease
Once we've checked and approved the documents you send us, we'll transfer the amount in accordance with the guidelines shown on the release document. The release, including the transfer, will take one banking day. You will receive a notification of this in KBC Mobile > My KBC.
Tap Offer > KBC products > Saving & Investments > Open a time deposit account.
- Your minor child
- Yourself and your spouse or partner
- Someone else (provided you have power of attorney over the originating account and over an existing time deposit account in the name of the same person)
A KBC Time Deposit Account opened using KBC Mobile is always in the name of the person or persons holding the originating account.
You’re notified of this once you’ve signed. The originating account’s transactions view shows the transaction described as ‘Subscription’ and also the time deposit account number.
No. It may take up to two days for your time deposit account to appear in your ‘Investments’ view.
Only if you already have the amount available in the currency concerned. Our range of time deposit accounts in foreign currencies is also limited and subject to change. If any are available and you have an account in the relevant currency, you’ll be given the option at the start of the subscription transaction.
Most of the time it is, but not always.
The rate you see when checking all the details just before signing is the one you’ll get. If exemption from withholding tax applies, this is not displayed at earlier stages of the process (like choosing the term), but you are shown this at the end when reviewing all the details. Only then is all the relevant information known.
The range of time deposit accounts changes, so we may be unable to offer any standard ones.
Time deposit accounts may be available through other channels, or other products that offer a fixed interest rate such as savings certificates. KBC Live will be happy to help you with this.
You won’t be shown accounts that you can’t use to subscribe, like pledged accounts or accounts subject to usufruct.