A savings account for a child (Cat. A*)
- A savings account opened in your name with a child as beneficiary
- Choose when the amount is transferred to the beneficiary
- Save at your own pace
* The KBC Savings Account for Third Parties is a ‘category A’ savings account: a traditional savings account without any additional conditions.
Why open a KBC Savings Account for Third Parties?
A KBC Savings Account for Third Parties offers you flexibility in how you save for your own child or a child who’s close to your heart, such as a grandchild or godchild. 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 the child in question acquires a home of their own.
Offered by KBC Bank NV Belgium, the KBC Savings Account for Third Parties 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 Savings Account for Third Parties
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 Savings Account for Third Parties earnings
Current rates
Base rate of interest |
0.45% |
Fidelity bonus |
0.45% |
The rates shown are gross and annualised and can change at any time. Current rates are always shown above or can be obtained from your KBC branch. If the rates change, we will inform you by post or through one of our digital channels.
Savings start earning interest at the base rate on the first calendar day after the transaction date and cease to earn interest from the calendar day on which they are withdrawn. This interest is paid into your account once a year (with a value date of 1 January) or when you close your account
.You receive the fidelity bonus for amounts that remain on the savings account for 12 consecutive full months called the ‘calculation period’. When funds are withdrawn, the accruing fidelity bonuses whose acquisition date is furthest in the future will be the first to be used.
For the first three transfers of funds per year to another regulated savings account at KBC, however, the fidelity bonus will be transferred proportionally if the following conditions are met:
- Both savings accounts have at least one common account holder
- The amount transferred is at least 500 euros
- The funds are not transferred by standing order or automatic savings order
This means that the current 12-month calculation period is not ended, but continues instead on the savings account receiving the funds. In this case, too, the fidelity bonus is only awarded for amounts that remain on the relevant savings accounts for 12 consecutive months.
Every time a fidelity bonus is acquired, a new 12-month calculation period will start. The fidelity bonus rate is the interest rate prevailing on the first day of a new calculation period. That rate is fixed and remains unchanged for the entire 12-month calculation period, except when the fidelity bonus is transferred proportionally. In that case, the fidelity bonus for the remaining period is the interest rate prevailing on the day the funds go into the receiving savings account.
The fidelity bonus will be paid into your account on 1 January, 1 April, 1 July and 1 October after being acquired in the preceding quarter. Any fidelity bonus acquired will also be paid when you close your account.
KBC Savings Account for Third Parties features
- Save on tax
Individuals who are resident in Belgium are exempt from 15% withholding tax, on the first 1,020 euros of interest earned each year (2024 income). Married couples and legal cohabitees are entitled to an exemption of up to 2,040 euros a year (income year 2024) on a joint account.
- Free savings account
There are no charges for opening and managing the account. Receiving printed account statements by post, however, 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
KBC Savings Account for Third Parties is an open-ended product. 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.
Risks
- 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.
More information
Before opening a savings account with us, be sure to read our key information for savers document.
Complaints
- If you have a complaint, please contact KBC Complaints Management:
- Tel.: 016 43 25 94
- E-mail: complaints@kbc.be
- If the matter fails to be resolved through this channel, you can turn to the Ombudsman in financial conflicts (www.ombudsfin.be).
Open or close the account digitally
You can quickly and easily open or close a KBC Savings Account for Third Parties in KBC Touch or KBC Mobile.
