You keep control of your savings
The savings account is held in your name, with your child or grandchild as beneficiary.
You decide when to transfer the savings
You can choose a set date, or once the beneficiary buys their own home, or turns 30.
A KBC Tall Oaks Savings Account is flexible
You decide how much and how often you want to save.
Why go for a KBC Tall Oaks Savings Account?
You can set aside a one-off larger amount, add smaller amounts (from time to time) or save regularly by means of an automatic savings order. In short, the size of the amount that you wish to save and the frequency are entirely in your hands.
The KBC Tall Oaks Savings Account is a regulated savings account offered by KBC Bank NV, Belgium. It may be opened in the name of one or more individuals. It is governed by the laws of Belgium.
Control of your savings
Up to the day before the savings are released, you are free to decide, at no cost whether to:
- withdraw the savings
- change the beneficiary
- change the release date
- change options for releasing the funds
There are two options, where you either:
- specify the date on which the money is released or
- only allow the funds to be released when your child, grandchild or godchild buys their own home or turns 30
Open or close a KBC Tall Oaks Savings Account online
Our Touch and Mobile apps make it easy to open or close a KBC Tall Oaks Savings Account account in no time.
Earnings on a KBC Tall Oaks Savings Account
Base rate of interest
These interest rates are gross and annualised and can change at any time. The withholding tax is 15%. 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.
Features of the KBC Tall Oaks Savings Account
- Saves on tax
Individuals are exempt from withholding tax (currently 15%) on the first 990 euros of interest earned each year (2020 figure).
- Free savings account
No charge for opening and managing the account.
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 Bank'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.
- Constant availability
The KBC Tall Oaks Savings Account an open-ended product. The funds on your savings account can be withdrawn at any time and without charge. The contract for the benefit of a third party linked to this account, is for a fixed term: you have full say as to when the money can be released to the beneficiary.