Belgians keep saving despite low interest rates

Despite record low interest rates, Belgians are still choosing to put money away in savings accounts, new figures out this week show.

BNP Paribas Fortis has reported a 2% increase in savings reserves over the past year, at €61.6 billion. Belfius is looking after €35.2 billion of savers' money, up 7% in 2016, while ING's savings funds are broadly stable on the previous year at €31 billion.

Axa Banque said its savings accounts totalled €13 billion - up 7% in a year - due to a promotion encouraging customers to subscribe to a new savings product. Many accounts on the market are paying just 0.11% per annum.

Meanwhile, the Belgian National Bank said on Monday that it exchanged €3.3 million worth of old Belgian franc notes in 2016 - and that €150 million of old notes are still unaccounted for, 15 years after they were replaced by the euro.

About half of the money handed in last year - 73.2 million francs - were notes that were in circulation when the euro was introduced in 2002. Another 61 million francs were older banknotes that had ceased to be legal tender.