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Q: Which term deposit offers the highest interest rate?

There is no single term deposit that offers the highest interest rate. Interest rates vary depending on the bank, product and term, and they also change over time, driven by market interest rates. For example, at a given point in time, a 6-month term deposit may offer a higher interest rate than a 1-year term deposit. The relationship between different terms may be different at a later date. Cash certificates are no different from term deposits in this respect. If you are looking for a term deposit with a high interest rate, it is therefore best to compare the full range of products for the term or terms that are relevant to you. On YouSave.be, you can view available term deposits and cash certificates by term and compare them based on interest rate, amount and return. This allows you to see which products currently offer attractive conditions for the terms you have selected.

Q: What is the difference between gross and net interest?

The interest rate advertised by a bank for a term deposit or cash certificate is generally a gross interest rate. This is the rate before tax. To find out how much you will actually keep, you need to take withholding tax into account. The interest rate after tax is referred to as the net interest rate.

Q: How are interest payments on a term deposit and cash certificate taxed?

In Belgium, interest earned on a term deposit or cash certificate is subject to 30% withholding tax. A Belgian bank will normally deduct the withholding tax at source, meaning that you generally receive the net interest. For example, a gross interest rate of 3.00% on a 1-year term means that you will receive 2.10% net after withholding tax. For foreign banks or in specific situations, different reporting or withholding rules may apply if the tax is not deducted at source.

Q: Is a term deposit safe?

Term deposits are covered by the deposit guarantee scheme. In principle, protected deposits are covered up to €100,000 per person per institution. This covers the total of protected deposits held with the same bank, rather than €100,000 per individual product. Cash certificates are also covered by deposit protection. However, you should always check the applicable protection scheme for each product. If you wish to place more than €100,000, spreading your deposits across different financial institutions may be relevant in order to remain within the applicable protection limits.

Q: Can I withdraw my money before maturity?

Unlike an ordinary savings account, a term deposit or cash certificate locks your money away for a predetermined period. Early withdrawal is therefore not always possible or may depend on the bank's conditions. If early withdrawal is possible, it may involve a fee, compensation or loss of interest. Before opening a term deposit, carefully check the conditions regarding early termination. After purchasing a cash certificate, there is in principle a secondary market where it can be sold. As with a bond, you need to take interest-rate risk into account in this situation. It is advisable to only lock away money that you do not expect to need during the chosen term. The term is therefore at least as important as the interest rate.

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Frequently asked questions about term deposits

What is a term deposit?

A term deposit is a bank account on which you place your money for a predetermined period at a fixed interest rate. The term can range from a few months to several years. In return for keeping your money invested for the agreed period, you receive an interest rate fixed in advance. At maturity, you receive your invested capital back. Interest is usually paid monthly or annually, but depending on the specific product, it can also be paid in one lump sum at maturity.

A term deposit is also known as a fixed-term deposit. The interest rate remains fixed for the agreed term. However, conditions may differ between banks and products, for example regarding the minimum or maximum amount, the term, how interest is paid (annual distribution or capitalisation at maturity), and the possibility of withdrawing the money before maturity. It is therefore useful to compare term deposits carefully rather than looking only at the interest rate.

What is a cash certificate?

A cash certificate is a fixed-rate bank product in which you place an amount with a bank for a predetermined period. When you purchase the product, the interest rate and term are fixed. At maturity, you receive your invested capital back. Interest is paid according to the conditions of the cash certificate.

As with a term deposit, you know in advance what interest rate you will receive and when your money will become available again. Cash certificates can differ in terms of maturity, interest rate and how interest is paid. Depending on the specific product, interest can also be paid annually (distribution) or together with the capital at maturity (capitalisation). For cash certificates too, it is therefore useful to compare different parameters such as the interest rate, term and return.

What is the difference between a term deposit and a cash certificate?

A term deposit and a cash certificate have many similarities. In both cases, you lock away your money for a certain period and receive a predetermined interest rate in return. However, they are different financial products with their own conditions. With a term deposit, the amount is placed in a bank account, while a cash certificate is a debt instrument issued by the bank.

When making a choice, the main factors to consider are the interest rate, term, how interest is paid, minimum deposit and options for early withdrawal. Deposit protection in principle applies to both products.

Which term deposits and cash certificates are available?

The range of term deposits and cash certificates varies from bank to bank. There are products with different terms, ranging from a few months to several years. Interest rates, deposit amounts and the way interest is paid can also differ.