A non-regulated savings account is a savings account that does not fall under the regulations of a regulated savings account. It means that there is no obligation to split the interest rate in a base rate and a fidelity premium and the currency does not have to be necessarily in Euro. Interest is paid quarterly.
That also means, however, that the account is not exempt from withholding tax on the first €980 of interest. The applicable withholding tax is 30% and applies to the full amount of interest paid. MeDirect already handles this withholding tax for its customers and always mentions the net interest rates, after withholding tax.
The following savings accounts are ‘non-regulated saving accounts’:
Express Savings Account
ME3 Savings Account
ME6 Savings Account
Term deposit accounts also fall under the regulations of the ‘non-regulated savings account’.
As for the MeDirect regulated savings account, the Belgian deposit guarantee scheme also applies for the MeDirect non-regulated savings accounts up to a maximum of €100.000.
What is a regulated savings account?
MeDirect Fidelity Savings and MeDirect Monthly Savings Max are regulated savings accounts offered by MeDirect. The interest for holders of a regulated savings account must consist of two parts: a basic rate and a fidelity premium. With these savings accounts you benefit from an exemption of withholding tax on interests received up to and including an amount of 980 euro. A withholding tax of 15% is applicable on any amount of interest received that exceeds 980 euro. In that case MeDirect will automatically deduct this withholding tax from the amount of interest higher than 980 euro. A double exemption up to and including 1.960 euro applies to a joint account for legal cohabiting or married partners.
What type of accounts can I open?
MeDirect offers four different types of accounts:
When you become a MeDirect client, we automatically open a Cash Account for you. This account allows you to easily manage incoming and outgoing payments yourself.
With the MeDirect investment account you can transfer, shares, bonds, trackers and investment funds to the MeDirect platform and buy or sell them, as well as start investing in our model portfolios. For each model portfolio we open a separate portfolio. On your investment account you can find information about the current value and transaction costs of your investments, as well as an estimate of the unrealised profit or losses of every security separately and also per investment account.
If you choose online wealth management a separate portfolio will be created.
MeDirect Fidelity Savings is a savings account those who want to save and receive a basic interest from day 1 with in addition a fidelity premium. You will receive the latter for every deposit that is on the account for 12 consecutive months. Interest is exempt from withholding tax up to and including €960 per person. For interests that exceed this amount a withholding tax of 15% is applicable. Click here to check the current interest rate. Base rate is paid annually. The fidelity premium will be deposited on your account on the first day of the following quarter.
The Express Savings Account gives you immediate access to your savings: you can withdraw your money at any time. It is available in EUR and offers one clear and high interest rate. Click here to check the current interest rate. Interest on the Express Savings Account is paid quarterly.
The ME3 Savings Account is a savings account where you can withdraw money with a three-month notice period. It is available in EUR and allows you to benefit from a competitive savings rate. Click here to check the current interest rate. Interest on the ME3 Savings Account is paid quarterly.
The ME6 Savings Account is a savings account where you can withdraw money with a 6 month notice period. Deposits can be made at any time. This account is available in EUR and allows you to benefit from a competitive savings rate. Click here to check the current interest rate. The interest on the ME6 Savings Account is paid quarterly.
The Fixed Term Deposit guarantees a fixed interest rate for a fixed term of up to five years. Fixed Term Deposits are available in three currencies: EUR, USD and GBP. Click here to check the current interest rates. Interest on Fixed Term Deposits is paid annually.