PRODUCT REVIEWS
Before you sign, understand what you are actually buying. Real costs, net returns, ETF alternatives — no sugarcoating.
Belgian banks and insurers market dozens of savings and investment products. We analyse them one by one — real costs, taxation, and comparison with the ETF alternative.
The 30% tax benefit is real — but annual fees and the 8% exit tax radically change the math over 30 years.
KBC
The 30% tax benefit hides fees that drain your capital over 30 years.
Argenta
Zero entry fee, but annual costs that are heavy compared to ETFs.
BNP Paribas
TER 1.38 % + 3 % entry fee. ESG label, but high costs that weigh on net returns.
Belfius
TER 1.47 % + 3 % entry fee. High equity exposure, but total costs among the heaviest on the market.
An attractive guaranteed rate on the surface — but the 2% premium tax, 8-year lock-in, and inflation often reduce the real return to almost nothing.
Ethias
2.90% guaranteed, but -2% from day one. Full fee breakdown.
AG Insurance
Branch 21: capital guaranteed, withholding tax exempt, but the 2% premium tax eats into every payment. Over 30 years: +€57,200 vs +€241,600 for an ETF.
Belfius
Branch 21: guaranteed capital, but 4.5% entry friction — the highest of all Branch 21 products reviewed. Over 30 years: +€50,520 vs +€270,611 for a World ETF.
The tax wrapper looks appealing — but layered fees (premium tax + contract fees + fund TER) frequently exceed 3.5% per year.
NN
TER 1.52 % + variable entry fees. Branch 23 with mixed equity-bond exposure.
AG Insurance
Unit-linked life insurance: 2% premium tax + contract management fees + fund TER. Layered fees frequently exceed 3% per year.
Baloise
Up to 5.50% total entry friction and ~2.20%/year in fees — all KID-confirmed. The most expensive Branch 23 product in our review.
Pitched to savers with EUR 50,000+, these profiled funds stack entry fees, high TERs, and the Reynders tax — delivering returns that structurally underperform their benchmark.
BNP Paribas
KBC
Carmignac
The app looks slick and transaction fees seem zero — but the underlying funds charge 1.5-2% per year. Over 20 years, the gap versus an ETF AutoInvest is substantial.
ING
Belfius
KBC
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