What is a non-regulated savings account?
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.