Security deposit savings account

KBC Security Deposit Savings Account

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.

You can also open a KBC Security Deposit Savings Account when renting student accommodation, a service flat, a room in a nursing home or a parking space. In other situations (e.g., commercial leases), you can't use a KBC Security Deposit Savings Account, but instead can open a standard savings account as third-party collateral.

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.

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 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 (2017 figure).
  • Free savings account
    No charge for opening and managing the account.
  • Open-ended
    The KBC Security Deposit Savings Account is an open-ended product. The security deposit agreement linked to this account remains in force until the security deposit savings account is closed.
  • 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 the 'Protection of deposits and financial instruments in Belgium' brochure from your KBC branch or from www.kbc.be/depositprotection.

Quickly and easily

Already a KBC client? Open a KBC Security Deposit Savings Account in KBC Touch or KBC Mobile. The account is available immediately and the amount will be transferred on the requested date. If you want we'll send an e-mail to inform your landlord.

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)

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.

From this summer you can do this very easily by scanning or taking a picture of the document in KBC Mobile or KBC Touch.

Learn more

Please read these documents before you open a savings account.

  • Key information for savers
  • Regulations
  • Product fact sheet
  • Protection of deposits and financial instruments in Belgium

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

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