Liquid Savings
Beat the savings account, risk-free
IntermediateShort termTOB 0.12%
A smart alternative to the Belgian savings account. CSH2 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
CSH2100%Acc.
Amundi Smart Overnight Return UCITS ETF (Acc)
ISIN: LU1190417599
TER 0.10%View on justETF↗
Average yearly return
Index · EUR · gross · past performance1 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: CSH2 holds a basket of equities and receives the €STR rate through a swap. The fund therefore holds no debt claims directly — the Reynders tax is in principle not due, and most Belgian brokers do not withhold it. This is precisely why we prefer CSH2 over XEON, on which many brokers do apply the Reynders tax.
- 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
ERNX
iShares € Ultrashort Bond UCITS ETF EUR (Acc)
TER 0.09%TOB 0.12%Acc.
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 CSH2 for most Belgian investors
Verdict : The gross yield gap (+0.2%) is wiped out by the Reynders tax for almost all Belgian investors. CSH2 remains preferable.
XEON
Xtrackers II EUR Overnight Rate Swap UCITS ETF
TER 0.10%TOB 0.12%Acc.
Advantages
- +Same €STR exposure via swap, larger assets and longer track record
- +Very liquid on Xetra and Euronext, tight spreads
Disadvantages
- −Many Belgian brokers apply the 30% Reynders tax to the capital gain on sale
- −Identical TER to CSH2 (0.10%) — no cost advantage to offset it
Verdict : Identical exposure to the €STR rate, but the Reynders treatment applied by many Belgian brokers takes 30% of the gain. For the same exposure, CSH2 is the safer choice tax-wise.
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.