PRODUCT REVIEWS
Banking Products — An Honest Analysis
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.
Pension Savings (Branch 23)
The 30% tax benefit is real — but annual fees and the 8% exit tax radically change the math over 30 years.
KBC Pricos
KBC
AvoidThe 30% tax benefit hides fees that drain your capital over 30 years.
BNP Paribas B Pension Sustainable
BNP Paribas
AvoidTER 1.38 % + 3 % entry fee. ESG label, but high costs that weigh on net returns.
Belfius Pension Fund High Equities
Belfius
AvoidTER 1.47 % + 3 % entry fee. High equity exposure, but total costs among the heaviest on the market.
Argenta Pensioenspaarfonds
Argenta
Limited casesZero entry fee, but annual costs that are heavy compared to ETFs.
Guaranteed Life Insurance (Branch 21)
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 Savings 21+
Ethias
Avoid2.90% guaranteed, but -2% from day one. Full fee breakdown.
AG Safe+
AG Insurance
AvoidBranch 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 Invest Capital Safe
Belfius
AvoidBranch 21: guaranteed capital, but 4.5% entry friction — the highest of all Branch 21 products reviewed. Over 30 years: +€50,520 vs +€271,111 for a World ETF.
Unit-Linked Life Insurance (Branch 23)
The tax wrapper looks appealing — but layered fees (premium tax + contract fees + fund TER) frequently exceed 3.5% per year.
NN Strategy
NN
AvoidTER 1.52 % + variable entry fees. Branch 23 with mixed equity-bond exposure.
AG Fund+
AG Insurance
AvoidUnit-linked life insurance: 2% premium tax + contract management fees + fund TER. Layered fees frequently exceed 3% per year.
Baloise Invest 23
Baloise
AvoidUp to 5.50% total entry friction and ~2.20%/year in fees — all KID-confirmed. The most expensive Branch 23 product in our review.
AXA Index4P Global Equity
AXA Belgium
Limited casesThe only Branch 23 product with passive management. Competitive with an ETF only under the long-term savings scheme — under strict conditions.
Vivium Selection Dynamic plus Passive
P&V / Vivium
Limited cases2.54%/year to invest in ETFs available directly at 0.17%/year. Minimum €25,000.
Active Investment Funds
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.
Crelan Invest Opportunities
Crelan
AvoidFund-of-funds with 2.80%/year fees. Official net return: 2.57%/year — barely above a regulated savings account.
BNP Comfort Sustainable Equity World
BNP Paribas
AvoidESG fund-of-funds with 2.56%/year TER + 1.32% securities transaction tax at exit. Over 30 years at €300/month: +€123,899 net vs +€271,111 for a World ETF.
Carmignac Investissement
Carmignac
Limited cases9.60%/year since 1989 — the best active track record reviewed. Exceeds our conservative 8% ETF assumption... but not its own benchmark over 10 years.
Reviews in progress
A product you’d like us to review? Write to us: contact@clearinvest.be