The decision has not yet been made official, but according to government circles there is a political agreement within the De Croo government about this decoupling. It is intended that it will be introduced through an amendment to a bill by Minister of Economy Pierre-Yves Dermagne (PS). That might happen halfway through next month.
Customers will therefore be able to stay with one bank for their daily banking matters, while they can transfer their savings to another bank with, for example, a more attractive or ethical offer. A legal regulation immediately puts an end to a difference of interpretation regarding the question of whether or not banks can require this link today. It also offers the Economic Inspectorate the opportunity to take action against banks that persist in the anger.
The measure follows in the slipstream of the fuss about the interest on savings accounts. Last year, Minister Dermagne requested a report from the Competition Authority (BMA) about the possible lack of competition in the banking sector. One of the pain points highlighted by the BMA was precisely that banks limit transfers from savings accounts to current accounts at another bank, which means that consumers who want to change banks to get a better interest rate also have to open a new current account.