ING Boosts Savings Rates to 3.10% After ECB Rate Hike

ING Belgium has announced it will increase interest rates on its savings accounts from July 1, 2026, joining a wave of Belgian banks responding to the European Central Bank’s first rate hike in nearly three years. The Dutch banking giant’s Tempo Sparen account will offer a total annual rate of 3.10%, matching the highest rate currently available in the Belgian market.

What ING Is Offering

The rate changes, reported by Het Laatste Nieuws, apply to two main savings products. On the classic ING Spaarrekening, the base rate remains unchanged at 0.10%, but the loyalty premium rises from 1.15% to 1.40%, bringing the total to 1.50% annually. The loyalty premium applies only to funds that remain in the account for at least 12 consecutive months.

The more significant increase comes on the ING Tempo Sparen account, where the base rate jumps sharply from 0.75% to 1.60%. Combined with the unchanged loyalty premium of 1.50%, this yields a total annual rate of 3.10%. However, the account comes with a key limitation: savers can deposit a maximum of €500 per month, making it best suited for regular monthly savers rather than those looking to deposit larger lump sums.

The ECB Trigger

ING’s move follows the ECB’s decision on June 11 to raise its deposit facility rate from 2.00% to 2.25% — the first increase since September 2023. As VRT NWS reported, Belgian banks had been anticipating this shift, with several announcing rate increases even before the ECB’s formal decision.

The ECB’s rate hike is aimed at combating resurgent inflation. Eurozone inflation climbed to 3.2% in May 2026, well above the central bank’s 2% target, driven largely by rising energy prices linked to the ongoing Middle East conflict and the blockade of the Strait of Hormuz. Belgian inflation currently stands at 4.08%, meaning that even the most competitive savings rates still offer a negative real return.

Competitive Landscape

ING’s 3.10% on Tempo Sparen puts it on par with Belfius Flow, which also offers 3.10% from July 1. Other competitors include Argenta Groeirekening at 3.00%, BNP Paribas Fortis Boost at 2.90%, and VDK Ritme at 2.95%. Most of these high-rate accounts carry similar monthly deposit limits of €500 to €600, and the full rate is only guaranteed if funds remain untouched for a full year.

According to Spaargids, a specialized savings comparison website, NIBC and Argenta were previously leading the monthly savings category with rates of 3%. ING’s new offering now matches the top of the market.

Broader Implications

For Belgian savers, the rate increases offer modest relief after years of ultra-low returns. However, with inflation at 4.08%, even the best savings accounts leave depositors losing purchasing power in real terms. As VRT NWS noted, savers may need to consider investment alternatives to preserve the value of their money.

The ECB’s policy shift also has significant implications for borrowers and the government. Mortgage rates have already risen, with the average 20-year fixed-rate loan now at 3.78% — 0.49 percentage points higher than a year ago. For the Belgian government, higher rates mean increased debt servicing costs. Jean Deboutte of the Federal Debt Agency warned that a sustained 1-percentage-point rate increase would cost Belgium an additional €3.5 billion per year in interest payments.

What to Watch

The key question now is whether other Belgian banks — including KBC and Beobank — will announce further rate increases to remain competitive. With the ECB signaling that further rate moves may be necessary if inflation persists, the current wave of savings rate increases may not be the last. The September 2026 ECB meeting will be closely watched for signs of whether the central bank will continue its tightening cycle.

For now, Belgian savers with ING accounts can look forward to better returns starting July 1 — though the fine print of monthly deposit limits and loyalty conditions means the headline rates tell only part of the story.