A savings account for your child
- Savings account in your name, with your child or grandchild as beneficiary
- Transfer the savings to your child or grandchild at a time of your choosing
- Or transfer them when your child or grandchild moves into their own home
- You decide how much and how often you want to save
Why open a KBC Tall Oaks Savings Account?
A KBC Tall Oaks Savings Account offers you flexibility in how you save. You can set aside a larger amount in one go, add smaller amounts (from time to time) or save regularly by means of an automatic savings order. What's more, you choose when the money is released, which can either be on a set date or when your child or grandchild acquires a home of their own.
Offered by KBC Bank NV Belgium, the KBC Tall Oaks Savings Account is a regulated savings account with a third-party beneficiary clause. It may be opened in the name of one or more individuals and is governed by Belgian law.
More about the KBC Tall Oaks Savings Account
Open or close the account digitally
You can quickly and easily open or close a KBC Tall Oaks Savings Account in KBC Touch or KBC Mobile.
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 date on which the funds are released
- change options for releasing the funds
KBC Tall Oaks Savings Account earnings
Base rate of interest
Interest rates are gross and annualised and can change at any time. Withholding tax is charged at 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.
KBC Tall Oaks Savings Account features
- Save on tax
Individuals are exempt from withholding tax (currently 15%) on the first 980 euros of interest earned each year (2023 figure).
- Free savings account
There are no charges for opening and managing the account. Receiving printed account statements by post costs you 2.50 euros a month if they are sent monthly or 25 euros a month if sent daily.
- Access your money at any time
Enjoy the benefits attached to the open-ended. The funds on your savings account can be withdrawn at any time and without charge. The third-party beneficiary contract linked to this account is for a fixed term: you have full say as to when the money can be released to the beneficiary.
- Insolvency risk: a maximum of 100,000 euros of your aggregate deposits with KBC Bank are guaranteed per person, subject to certain conditions. In the event of 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.
- Inflation risk: this savings account also has an inflation risk, as sustained price increases can result in the amount deposited losing value.
A free gift for your child
Saving regularly is a great way to build up a nice little nest egg for later. And that's something we reward with a free gift! If your child is under three years of age, we'll provide you with an original gift in the form of a Bumba-bath cape.