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More details about Azur savings account
How is the basic rate defined for the regulated savings account?
Keytrade Bank fix the interest rate in function of the market circumstances in order to give its clients the best possible rate. However, the new rules will be applied as from April 1, 2009. The basic interest rate or "legally permissible maximum interest rate" cannot exceed the highest of either of the following tariffs: 3% or the tariff of the refinancing operations rate of the European Central Bank (ECB) on the tenth of the month preceding the ongoing semester (June 10 and December 10). The basic interest rate on the AZUR savings account cannot be higher than 3% until the refinancing operations rate of the ECB exceeds 3% as well. To see the current basic interest rate at Keytrade Bank, please click here.
How big is the fidelity premium?
The fidelity premium is acquired for all sums in the savings account during 12 consecutive months. The reglementation stipulates that the fidelity premium has to be between:
- minimum 25% of the basic interest rate offered by Keytrade Bank
- maximum 50% of the legally permissible interest rate.
The fidelity premium that is offered at a given time is the same for new deposits as for deposited sum for which a new fidelity period begins. The fidelity premium that is applied at the time of the deposit or at the beginning of a new fidelity period will be applied during the total fidelity period. For instance:
- if the basic interest rate offered is equal to the legally permissible maximum interest rate of e.g. 3%, than the minimum premium will have to be 0.70% (25% of the basic interest rate offered by Keytrade Bank, rounded down to a tenth of a percent) and can be maximum 1.50%;
- if the basic interest rate offered is 2%, while the legally permissible maximum interest rate is 3%, than the premium has to be between minimum 0.50% and maximum 1.50%.
Will I still have the right to the growth premium on the AZUR savings account?
The rule cancel this premium, but Keytrade Bank provides a transition period. All deposits done until March 31, 2009 will receive a growth premium calculated until December 31, 2009. After this date the growth premium will disappear and will make place for the a unique fidelity premium. The tariff of the growth premium will be the same than the tariff fixed for the fidelity premium as from April 1, 2009. In reality the growth premium will be fixed at the same level as the fidelity premium on April 1, 2009.
What happens to the fidelity premium applied in the past to my AZUR savings account (0.01%)?
Keytrade Bank provides a transition period. The sums under the regime of the fidelity premium will enjoy the tariffs applicable until March 31, 2009 (0.01%). After this date the fidelity premium as we know today will disappear and make place for the unique fidelity premium. This fidelity premium will be acquired for sums in the account during 12 consecutive months.
What happens to the blocks?
Due to the new rules, the blocks will disappear on April 1, 2009. At Keytrade Bank one unique interest rate will be applied to the total sum in the savings account. The interest will be calculated on a daily basis from the first cent.