Should a company in Belgium keep accounts at two banks for resilience?

Usually, yes—for a company that relies on uninterrupted payments, keeping a usable account at a second bank is a sensible resilience measure. It can help if the main bank has an outage, freezes access during a review, or cannot process a time-critical payment.

The second account only helps if it’s genuinely ready to use: keep its online access and payment permissions active, maintain enough liquidity for urgent expenses, and make sure staff know how to switch. Check that the banks don’t depend on the same provider or access channel for critical services, where you can.

It can also spread bank-failure risk: Belgium’s deposit guarantee generally covers up to €100,000 per depositor per bank, and the official scheme says companies are covered. Deposits across accounts at the same bank are added together, so two accounts at one bank don’t double the limit. Check how the limit applies to your company’s legal form and the bank’s deposit-guarantee scheme. (garantiefonds.belgium.be)

The trade-off is extra fees, administration, and fraud-control complexity. For a small company with modest balances and few urgent payments, a funded, tested backup account may be enough; larger firms or those with payroll, supplier, or treasury dependencies should consider a more formal continuity plan. Bottom line: two banks are often worthwhile for operational resilience, but they’re not a substitute for cash-flow planning and tested backup procedures.

Short answer: often yes, if the company holds meaningful cash or depends on one bank for payments. The main reasons are deposit protection and operational backup. The costs are mostly administrative.

Deposit protection. The coverage limit under the Belgian DGS is set at €100,000 per depositor per bank. This limit applies to the total amount of deposits, including accrued interest, across all accounts held with the bank. So a company holding €400,000 at one bank has roughly €300,000 uninsured there. Splitting the cash across two banks would raise the protected amount. Companies are generally covered by the deposit guarantee scheme, but the assets of companies in the financial sector, or state and public authorities are excluded, so check whether any of the company's deposits fall into an excluded category.

Two details are inconsistent across sources, so verify them with the banks or the Guarantee Fund:

• Payout timing: the official Guarantee Fund page says the period will be gradually reduced to 7 working days on January 1st, 2024. Some bank information sheets list 20 business days.
• Counting unit: the official page refers to per person per establishment, while others say per institution. How this applies to two banks in the same group could matter.

Operational resilience. Multi-banking helps if one bank has a system outage or a dispute. One source notes that by establishing relationships with a variety of banks, organizations can protect themselves against potential disruptions that may arise from a bank's operational issues, such as system failures. A real example: Capital One customers could not access their direct-deposited paychecks for days after a vendor experienced a power outage. A second bank also gives a backup route for payroll and supplier payments.

Costs and downsides. Two banks mean more reconciliation, more fees, and more administration. One source notes that managing multiple accounts causes risks like reconciliation delays and high FX costs. Multiple relationships also require better financial discipline and coordination, as each bank may have different requirements, documentation, and compliance expectations.

Practical approach:

• Keep operating cash at a primary bank, and hold a smaller secondary account for payroll or critical payments.
• Keep balances at each bank below €100,000 where practical, and check whether the two banks are part of the same group, since that could limit the benefit.
• Test the backup: confirm you can make payments from the second bank, and that your e-banking and authorisation rights work.
• Consider credit access too. Some SMEs use a second bank for financing, since by working with multiple banks, businesses can access additional credit and reduce dependence on a single lender.

A company with small balances and simple payment needs may not need a second bank. For larger balances or critical payment flows, it is usually worth doing. Your accountant or a treasury adviser can check the figures against your actual cash position and the current deposit rules.

For a company operating in Belgium, maintaining accounts at two or more banks is widely considered a strategic best practice for resilience and operational continuity, rather than just a luxury.

While there is no legal requirement to have multiple accounts, the current financial landscape—characterized by increased digitalization, stringent anti-money laundering (AML) regulations, and heightened cyber threats—makes a multi-bank setup a prudent risk management strategy.

Why Multiple Banks Enhance Resilience

• Mitigation of "De-risking" and Account Closures: Belgian banks operate under strict AML and Know Your Customer (KYC) regulations. If a bank decides to exit a business relationship or freezes an account due to a compliance review, having a secondary account ensures your company can continue to make payments, receive funds, and manage payroll without total operational paralysis.
• Protection Against Technical Outages: Relying on a single institution creates a single point of failure. Technical issues, system failures, or cyberattacks at one bank can disrupt your ability to process transactions. A secondary account at a different financial institution provides a functional "backup".
• Fraud Management: In the event of an account compromise (e.g., phishing or unauthorized access), having funds spread across different institutions can limit the potential impact of a single breach and provide you with an alternative way to maintain business operations while the primary account is secured.
• Operational Flexibility: Different banks offer varying strengths. Many Belgian businesses adopt a setup where they use a traditional, established bank for core services (like direct debits, credit facilities, and local payment methods like Bancontact) while using a secondary bank or neobank for specific needs like international transfers, multi-currency management, or digital-first online payments.

Key Considerations for Your Strategy

• Deposit Protection: Keep in mind that the standard EU-wide deposit guarantee (up to €100,000 per depositor per credit institution) applies. Spreading significant cash reserves across different, unrelated banking groups can maximize your coverage under this guarantee. Note that some banking brands operate under the same banking license (e.g., BNP Paribas Fortis, Fintro, and Hello bank!), meaning they share the same €100,000 limit.
• Compliance Awareness: While multiple accounts improve resilience, remember that you are responsible for reporting them correctly. In Belgium, foreign IBANs (such as those from German or Dutch neobanks) must be reported to the National Bank of Belgium’s Central Point of Contact and declared in your annual tax return.
• Cost vs. Benefit: While maintaining extra accounts incurs additional administrative effort and potential monthly fees, many companies view this as a necessary insurance policy against the disruption of their primary revenue streams.

Recommendation: For most businesses in Belgium, the most resilient setup involves at least one established, traditional bank for essential local financial services and at least one secondary, independent financial institution for redundancy and flexible, non-core operations.

Usually, yes—if the company depends on uninterrupted payments or cash access. A second bank can provide a fallback if the primary bank has an outage, freezes access, or has an operational problem. It’s most useful when you can actually switch critical payments and receipts to the backup, rather than merely having an unused account.

Consider a second bank if the business has payroll, urgent supplier payments, time-sensitive collections, or substantial cash balances. Keep the backup account active, ensure appropriate staff can access it, and periodically test a small payment. Check that payment beneficiaries, direct debits, cards, authorisations, and accounting workflows can be moved or duplicated; otherwise, the second account may not help much during an incident.

There’s also a deposit-protection reason: the EU limit is generally €100,000 per depositor per bank, and deposits at the same bank are added together. A separate bank can therefore increase the amount covered, subject to eligibility and the applicable scheme. ⁴⁹ Verify the legal entity’s eligibility and the banks’ protection arrangements directly.

The trade-offs are extra fees, administration, reconciliation, and fraud-control overhead. So the practical answer is: maintain a second account if the cost is reasonable relative to the disruption a loss of banking access could cause; at minimum, keep a ready-to-use contingency plan.