CG Savings Account
Regulations
Version date 01 April 2021
This document was registered in Leuven on 17 December 2020 and comes into effect on 1 April 2021.
CG Bank NV – Havenlaan 2 – 1080 Brussels – Belgium
VAT BE 0462.920.226 – RLP Brussels
Member of the CG group 551332 V04-2021 -/- 1/6
Dear Client,
Enclosed are your CG Savings Account Regulations, which set out your rights and obligations and those of CG Bank. Be sure
to carefully read through the regulations in their entirety so that you're aware of all the rights and obligations.
The main aspects are summarised below:
• Your savings earn a base rate of interest and a fidelity bonus.
Each day the savings remain on your account will earn you interest at the base rate. This is paid at the end of the year.
Savings that remain on the account for 12 months without interruption earn a fidelity bonus on top of the
base rate of interest. This is paid at the end of each quarter.
You do not pay any withholding tax on the first portion of interest.
The interest rates are given in the schedule of rates and charges, which can be obtained from any CG branch or viewed on
our website.
• The transactions you can carry out on your savings account are limited. For instance, you cannot make payments from
your savings account or transfer funds to another bank, though funds can be transferred between your own accounts.
• You cannot go overdrawn on your savings account.
• Charges that may be levied are provided in the schedule of rates and charges, which can be obtained from any CG branch
or viewed on our website.
If you have any questions, feel free to contact your branch or CG Live.
CG Savings Account
Regulations
Version date 01 April 2021
This document was registered in Leuven on 17 December 2020 and comes into effect on 1 April 2021.
CG Bank NV – Havenlaan 2 – 1080 Brussels – Belgium
VAT BE 0462.920.226 – RLP Brussels
Member of the CG group 551332 V04-2021 -/- 2/6
The contractual relationship between CG Bank NV and its customers is governed by the General Banking Terms and
Conditions of
CG Bank NV (hereinafter also referred to as ‘CG Bank’ or ‘the bank’), which the present regulations supplement. The
account holder declares that he* has read these regulations and explicitly agrees to be bound by them by signing the
‘agreement to open an account’.
1. Provider
CG Savings Accounts are provided by CG Bank NV, a
financial institution with registered office at Havenlaan 2,
1080 Brussels (VAT BE 0462 920 226, RLP Brussels).
Its supervisory authority is the National Bank of Belgium
(NBB), with registered office at de Berlaimontlaan 14,
1000 Brussels (www.nbb.be).
CG Bank has acceded to the Code of Conduct for Good
Banking Relationships, which can be viewed and
downloaded (in Dutch and French) at
www.goedebankrelatie.be.
The language for providing information, for
communication and for the purposes of the contract terms
and conditions is the language of the CG branch where
the account holder is a customer or otherwise such
language as the account holder chooses for provision of
the relevant service.
2. Definition
The CG Savings Account in euros is a savings account
regulated by law that meets the provisions of Article 2 of
the Royal Decree implementing the Income Tax Code in
respect of exemption from withholding tax.
The account holder will receive interest on the credit
balance on the account, consisting of interest at a base
rate and a fidelity bonus.
Savings accounts may not run into overdraft.
No debit interest is charged to the holder of a savings
account.
No withholding tax is levied on the first slice of interest (up
to such amount as the law fixes). Tax on the portion of
interest exceeding the untaxed portion is withheld at
source when interest is credited.
Definition of terms
Value date:
The value date is the day on which interest begins to
accrue on a balance deposited or the day on which a
balance withdrawn ceases to earn interest.
Actual calendar days are used when calculating the value
date for the CG Savings Account.
Transaction date:
The transaction date is the day on which the account
holder performs his transaction (e.g., the day on which he
withdraws cash at the counter). This may be any calendar
day.
3. Transactions permitted on regulated savings
accounts
Withdrawals may only be made from the savings account
for the following types of transaction:
• cash withdrawals.
• transfers to an account at CG Bank in the name of the
holder(s) of the savings account; the transfer may not
arise from a standing order or automatic savings facility.
• transfers to a savings account at CG Bank in the name
of:
– the same account holder(s);
– the (married or legally cohabiting) partner,
child(children) and/or parent(s) of (all) the account
holder(s);
– a combination of the above;
CG Savings Account Regulations 551332 V04-2021 -/- 3/6
– a grandchild of (all) the account holder(s);
which may also take the form of a standing order known
as an ‘Automatic Savings Facility’.
• transfers to the accounts of other parties, or to accounts
held at another bank, are not possible.
• payment of sums to the bank by the holder of the
savings account, in respect of:
– certain loans or credit granted by the bank or by an
organisation represented by the bank;
– insurance premiums and fees relating to the savings
deposit;
– the purchase of or subscription to securities;
– the rental of a safe-deposit box;
– the custody fee for securities held in a
CG Custody Account.
Amounts can be credited to the CG Savings Account via:
• deposits via branch or a CG-M@tic Deposit Machine;
• transfers on the instructions of the account holder or a
third party.
Deposits causing the savings balance to reach 250 000
euros or more will be accepted subject to approval by
CG Bank.
The credit balance on a CG Savings Account may in
principle be withdrawn without prior notice.
Without prejudice to Article I.33.2 of the General Banking
Terms and Conditions, the bank nevertheless reserves the
right in exceptional cases:
• to require prior notice of five banking days for
withdrawals of more than 1 250 euros;
• to limit total withdrawals to 2 500 euros per two-week
period.
4. Terms
The interest on the CG Savings Account is made up of a
base rate and a fidelity bonus.
CG Bank sets the base rate and the fidelity bonus in
accordance with Article 2 of the Royal Decree
implementing the Income Tax Code in respect of
exemption from withholding tax.
The interest rates are published, inter alia, in the schedule
of rates and charges, which can be obtained free of
charge from any CG branch or viewed at www.kbc.be.
Interest at the base rate is paid once a year and credited
for value on 1 January of the following year. The fidelity
bonus is paid each quarter and credited for value on the
first calendar day of the next quarter. Value dates for
fidelity bonuses are 1 January, 1 April, 1 July and 1
October.
CG Bank may change the base rate of interest and the
rate of the fidelity bonus unilaterally, account taken of
market conditions and other factors. The customer will be
notified of any such change as quickly as possible after it
has been made.
If the balance on the account exceeds 100 000 euros, the
bank may set a separate rate of interest which will apply
to the total balance on the account.
4.1. Base rate of interest
4.1.1. Calculation of interest at the base rate
When calculating interest at the base rate, the actual
number of days in the year (365/366) is used.
Any change in the base rate will apply immediately to the
amount outstanding.
One base rate of interest will apply to each savings
account at a particular time: one and the same base rate
will be applied to all amounts, regardless of whether or
not they are new deposits or amounts already deposited
on the account.
4.1.2. Value date
Interest at the base rate is calculated on a daily basis.
Savings earn interest from the calendar day after deposit
and – in accordance with Article 2 of the Royal Decree
implementing the Income Tax Code in respect of
exemption from withholding tax – cease to earn interest
from the calendar day of withdrawal.
No float loss is incurred on transfers between members of
the same family:
Transaction Value date for both
accounts
Transfer from
a savings to a current account
a savings to a savings account
a current to a savings account
Transaction date
+ 0 calendar days
+ 0 calendar days
+ 1 calendar day
Automatic savings facility Execution date
+ 0 calendar days
CG Savings Account Regulations 551332 V04-2021 -/- 4/6
4.2. Main terms governing the fidelity bonus
4.2.1. Calculation period
• Start of the calculation period:
The fidelity bonus is calculated from the calendar day
following the date on which the account is credited or
from the acquisition date of the previous fidelity bonus.
The fidelity bonus is recurrent, i.e. immediately after one
fidelity bonus has been earned, a new twelve-month
period will start for which a fidelity bonus is calculated.
• Minimum periods during which funds must remain on
account to qualify for the fidelity bonus:
The fidelity bonus is awarded and calculated in respect
of all funds that remain on account following the
deposit, for a period of twelve consecutive full months
without interruption, or after the acquisition date of the
previous fidelity bonus.
• Pro rata transfer of the fidelity bonus:
For the first three transfers of funds each year to another
regulated savings account held at CG Bank, the fidelity
bonus will be transferred pro rata if the following
conditions are met:
– both savings accounts have at least one joint holder
and
– each transfer is for at least 500 euros and
– the funds are not transferred by standing order or
automatic savings order.
The current twelve-month period for the calculation is
not interrupted but continues instead for the savings
account credited with these funds. The fidelity bonus is
therefore only awarded for funds that remain for twelve
consecutive months on what in this case are different
savings accounts.
• Acquisition date:
This is the date on which the fidelity bonus is earned. It
is twelve months to the day from the date the fidelity
bonus began to accrue. If the acquisition date falls on a
non-existent date, the last calendar day of the month
counts as the acquisition date.
• Periods for which bonuses are calculated:
This bonus is calculated in twelfths of the annualised
rate, over a period of twelve consecutive full months.
4.2.2. Applicable and guaranteed interest rates
The interest rate applying to the fidelity bonus is the one
in effect on the day the calculation period starts. This rate
is guaranteed until the acquisition date and, therefore,
always remains unchanged for the entire twelve-month
calculation period.
After the fidelity bonus has been transferred pro rata to
another savings account, the rate of interest applying to
the fidelity bonus on that savings account will apply. This
rate is also guaranteed until the acquisition date.
CG Bank may change the interest rate applying to the
fidelity bonus, but this will not affect the rate applying to
bonuses already accruing.
4.2.3. Payment of accrued interest and fidelity bonus
The basic rate is paid:
• on 31 December of each calendar year in which it was
earned, with 1 January as the value date;
• or when the account is closed.
The fidelity bonus is paid:
• with value date the first calendar day of the quarter
following the quarter in which the fidelity bonus was
earned. Earned fidelity bonuses are taken into account
once a quarter. The bonus earned in the previous
quarter is credited to the account by the bank in
January, April, July and October. The bonus itself starts
earning interest on the first day of the quarter following
the one in which the bonus was earned;
• or when the account is closed.
In principle, a savings account will be closed upon
immediate request, but can be closed at the latest five
calendar days following the day on which the request to
close the account was received.
Accrued interest and fidelity bonuses are recorded for
value on the day on which the account is closed. Fidelity
bonuses will be earned if their acquisition date is on or
before the day the account is closed.
Settlement will be made either in cash or on an account
specified by the customer.
4.2.4. ‘Last in, first out’ rule
When a withdrawal is made, the funds on the savings
account that are earning fidelity bonuses whose
acquisition date is furthest in the future, will be the first to
be drawn on. If different funds have the same acquisition
date, the fidelity bonuses accruing at the lowest rate of
interest will be the first to be drawn on.
4.3. Compensation
Deposits and withdrawals on one and the same calendar
day will be set off for the purpose of calculating the base
rate of interest and the fidelity bonus. This way, there is no
loss of interest.
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5. Charges
CG Bank may levy charges for the savings account.
These charges are published, inter alia, in the schedule of
rates and charges, which can be obtained free of charge
from any CG branch or viewed at www.kbc.be.
6. CG Account Insurance
Those account holders opting for this insurance scheme
are required to pay the premium set forth in the account
insurance terms and procedures in order to qualify for
benefits under the scheme. The annual premium is quoted
on the CG schedule of rates and charges, which is
available for reference and to keep at any CG branch,
free from any charge. The annual premium is debited each
time basic interest is credited and upon closure of the
CG Savings Account.
7. Contracting off premises/via remote banking
channels
Customers contracting this agreement off banking
premises or by means of a remote banking channel have
14 calendar days from that day in which they may
withdraw from the agreement without penalty and
without having to state their reasons for doing so. The
right of withdrawal is exercised at any time up to its expiry
by customers sending their CG branch clear written
notice to that effect by post, fax or e-mail, for which they
can print off and complete the withdrawal form template
at www.kbc.be/modelwithdrawalform. Deposits received
by CG Bank up to the time of withdrawal are returned
without delay and in any event within 14 calendar days of
CG Bank being notified of the withdrawal.
Signature of the agreement constitutes an implied express
request by the customer for service delivery to commence
before expiry of the cooling-off period.
Customers consent to post-contractual information being
communicated in hard copy format or by way of any other
permanent data carrier (and hereby cure any defect in the
communication of information other than in hard copy
prior to contract).
8. Amendments
CG Bank NV may at any time amend the non-essential
provisions of these regulations.
Account holders will be informed in writing or in another
appropriate manner of such changes.
CG Bank will notify the account holder of any changes to
essential provisions in these regulations in advance and in
good time. A copy of the amended regulations can be
obtained by the account holder upon simple request from
his CG branch or downloaded from www.kbc.be.
The account holder may avail himself of the opportunity
within one month of notification to terminate the
agreement at no cost if he does not agree to the
amendments/changes. Amendments will be binding on
the account holder if he does not terminate the
agreement within one month of notification.
Without prejudice to Article 3 of these regulations,
changes to interest rates and charges are covered by
Articles I.32.3 and I.32.4 of the General Banking Terms
and Conditions.
9. Closure of a CG Savings Account
CG Savings Accounts are contracted for a term that is
open-ended. The customer may close the account at any
time, without having to provide notice. The bank may
close the account at any time, subject to two months’
notice.
The terms and conditions governing closure of the account
are set out under point 4.2.3 of these regulations.
10. Processing of personal data
CG Bank aims to process your personal data in a manner
that is lawful, appropriate and transparent. Further details
on how we process and share your personal data are set
out in our privacy statement.
It explains your rights and how you can exercise them. Our
privacy statement is available at www.kbc.be/en/privacy or
at your branch or from your intermediary and is regularly
revised.
11. Recourse to the courts
This agreement is subject to Belgian law. Any disputes fall
to the jurisdiction of the Belgian courts.
The required procedure for registering complaints is set
out in Article I.25.2 of the General Banking Terms &
Conditions of CG Bank NV.
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* Whenever in this document the masculine gender is
used, it shall be taken to include the feminine and neuter.