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Liquid Savings

Beat the savings account, risk-free

IntermediateShort termTOB 0.12%

A smart alternative to the Belgian savings account. XEON tracks the European interbank rate (€STR) and offers returns close to the ECB policy rate with near-zero volatility and full liquidity.

⚠️ Yield follows the ECB policy rate — it will fall if the ECB reduces rates.
⚠️ The Reynders tax exemption is based on current tax practice, not on a codified law. This treatment could evolve.
ℹ️ Not suitable as a long-term strategy — for growth, prefer an equity strategy.

Key facts

TOB0.12%on purchase and sale
Weighted average TER0.10%annual management fees
Securities (~)~1companies worldwide
Historical return~3.0% / yr2024–2025
Reynders taxNot applicable
DividendsAuto-reinvested

Tracks the €STR rate (formerly EONIA). Yield varies according to the ECB policy rate

Portfolio composition

XEON100%Acc.

Xtrackers II EUR Overnight Rate Swap UCITS ETF (Acc)

ISIN: LU0290358497

TER 0.10%View on justETF↗

Average yearly return

Index · EUR · gross · past performance
1 yr
+2.9%
3 yrs
+3.1%
5 yrs
+2.1%
10 yrs
+1.2%

Source: €STR Index (Euro Short-Term Rate). Annualized returns to end-2025, EUR, gross of Belgian taxes (TOB, précompte mobilier, CGT) and ETF fees (TER). Past performance does not guarantee future results.

Why this strategy?

  • 1Current yield ~3% gross, higher than the best Belgian savings accounts (base rate + loyalty bonus)
  • 2Fully liquid — sellable any business day without loss of accrued interest, unlike bons de caisse
  • 3Synthetic structure: XEON physically holds shares and receives the €STR rate via a swap — currently tax-advantageous: the Reynders tax does not in principle apply (synthetic structure), but this treatment is subject to evolving tax interpretation
  • 4Main tax: 0.12% TOB on purchase and sale — no annual withholding tax, no capital gains tax (below the €10,000 threshold). Reynders: in principle not applicable, but tax treatment to be monitored.
  • 5Near-zero volatility — the net asset value curve is a near-straight upward line

Alternatives & comparisons

ERNA

iShares € Ultrashort Bond UCITS ETF

TER 0.09%TOB 0.12%Acc.
IE00BKG6Z746↗

Advantages

  • +Slightly higher yield (~3.2% gross)
  • +Exposure to diversified corporate credit risk — outperformance potential

Disadvantages

  • −Holds physical bonds → 30% Reynders tax on gains at sale
  • −Less tax-efficient than XEON for most Belgian investors
Verdict : The gross yield gap (+0.2%) is wiped out by the Reynders tax for almost all Belgian investors. XEON remains preferable.
CSH2

Lyxor Smart Overnight Return ETF

TER 0.07%TOB 0.12%Acc.
LU1190417599↗

Advantages

  • +Same synthetic €STR structure as XEON
  • +Slightly lower TER (0.07% vs 0.10%)

Disadvantages

  • −Lower transaction volume than XEON
  • −Slightly less liquidity on Belgian markets
Verdict : Direct alternative to XEON with the same €STR mechanism. XEON remains preferable for its superior liquidity on Euronext.

Tax disclaimer

0.12% TOB on purchase and sale. Reynders tax: in principle not applicable (synthetic structure — no direct bond holdings), but this treatment is subject to evolving tax interpretation — to be treated as potentially subject. No annual withholding tax (accumulating fund). The tax treatment of the synthetic structure is based on current Belgian administrative practice — it could evolve if the tax authorities change their doctrine.
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