€620 million sitting in dormant Belgian bank accounts

Belgian residents have left more than €600 million in dormant bank accounts - a record high, according to new figures from the country's finance ministry.

At the end of 2022, some €621 million in cash was sitting untouched in Belgian accounts, with some accounts possibly forgotten about by their owners.

The figure is up 8% in a year. At the beginning of 2022, Belgian banks said they held €575 million in dormant assets.

A current account is considered dormant when no transaction has been carried out in more than five years, or when the customer has not made any contact with their bank over the same period.

Over the past year, almost 4,000 people have approached their bank to reclaim cash that had been sitting in a dormant account. These claims added up to some €10 million.

It is possible to check whether you have any forgotten bank accounts in Belgium by logging in to myminfin.be.

Cash left in a dormant bank account for more than 30 years is handed over to the Belgian state.

Meanwhile, several Belgian banks have announced that they will finally put up their interest rates for savers, to account for rising inflation.

KBC and Argenta will now pay out 0.6% on their savings accounts, up from 0.11%. Belfius and Beobank have also put up their rates from 0.11% to 0.5%.

ING's "Tempo' savings account is now offering 1.4% on regular savings of up to €500 per month.