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First Belgian high street bank increases rate for savers

Belfius, the high street bank owned by the Belgian state, is the first major Belgian bank to raise interest rates on savings accounts. The bank made the announcement on Wednesday morning. On ordinary savings accounts, the interest rate rises from 0.50 percent to 0.90 percent. On the savings account offering a loyalty premium, the interest rate goes from 0.80 percent to 1.25 percent. In recent weeks, politicians have been heaping on the pressure for banks to increase the yield for savers. The government even threatened to raise the legal minimum interest rate if banks did not act.

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