KBC Launch Free Current Account, 4.00% Regular Saver and 1.40% Term Deposit
- Thread starter Lightning
- Start date
I was down in their Waterford hub today opening an account and I queried this. The amount being saved per month can only be changed by written request by providing at least 14 days notice.
She said I could save what ever amount I like between (100-1000) pm by cancelling the s/o and creating a new one. She explained that the 14days notice is only for people calling into their hubs to get this done.
I pushed her again saying I thought any change in amt being saved required prior approval. Not at all she said.
Anyone else aware of this.
She said I could save what ever amount I like between (100-1000) pm by cancelling the s/o and creating a new one. She explained that the 14days notice is only for people calling into their hubs to get this done.
I pushed her again saying I thought any change in amt being saved required prior approval. Not at all she said.
Anyone else aware of this.
She seems to be correct about this. The below is taken from their most recent Terms & Conditions. In the section relating to the Extra Regular Saver Account (formerly known as the Flex Regular Saver Account). It clearly says that the Standing Order amount can be changed at any time as long as it is between 100 and 1000. There is no mention of written notice or a time frame. Which all makes sense, why bother with written notices when you have online banking where you can do this yourself.
85.11.5
You can only pay funds into the Extra Regular Saver by way of Standing Order from your Extra Current
Account to credit your Extra Regular Saver. The standing order can only come from your KBC Extra Current
Account and not from any other KBC account or any account with another financial institution. The Standing
Order must be for not less than €100 and not more than €1,000 per month. The Standing Order amount can
be changed at any time but can only be increased or decreased within these limits.
85.11.5
You can only pay funds into the Extra Regular Saver by way of Standing Order from your Extra Current
Account to credit your Extra Regular Saver. The standing order can only come from your KBC Extra Current
Account and not from any other KBC account or any account with another financial institution. The Standing
Order must be for not less than €100 and not more than €1,000 per month. The Standing Order amount can
be changed at any time but can only be increased or decreased within these limits.
I've just opened up a KBC Current account along with the KBC Extra Regular Savings account. Even though there is a €10k limit on the one-off lump sum payment that you can make to the account, I said I would try and transfer in more anyway and see what happened. I did the transfer online and it let me transfer the full balance of my existing Regular Savings account (~€22k). I did this over a week ago and I haven't received any notification from the bank saying that I should remove the excess funds. I wonder will they pay the full 4% on the entire balance? I'd like to close the old Regular Savings account now that the new one is open but I don't want to do this if they transfer the excess funds back into it.
They probably have a condition in there that you either only get interest on the 10k or that you may get no interest on any of it. I would certainly not wait for them to 'get back to you'.
It's a bit of a gamble. I have been with KBC for a number of years and have had many of their different products. They often have published limitations on their products but their system allows you to break those rules, as you have seen for yourself. I would imagine that you would receive the 4% on the full amount.
However, their Terms & Conditions don't cover any of this as theoretically it is not possible. Therefore if anyone in the bank notices this at any stage in the future it is impossible to say what they might do about it. It depends whether they ever run reports to check their rules. You could claim that you misunderstood the rules when you made the lodgement and tell them that they shouldn't have let you do it and therefore it is their fault but they might not accept that.
So, maybe you will make 4% and that will be great or you may end up losing out on some, or all, interest on all of, or part of your 22K. Who knows, you'll have to let your conscience decide!
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You would think that their system would prevent you from depositing more than the allowed amount. I know PTSB's regular saving account will not allow you transfer more than the monthly limit into it in any given month so I would have assumed that KBC would have their system set-up in the same way.
I guess it's a bit of a gamble alright. Worst case scenario is I get no interest on any of the amount. They won't pay their interest until the end of December so I'd have to wait until then to find out.
As you say I could just say that I was not aware of the restriction if they did refuse to pay the interest but again it's a gamble. I'll have to work out how much interest I could lose between here and December and see if it's worth leaving it there or not. Thanks for the replies.
I guess it's a bit of a gamble alright. Worst case scenario is I get no interest on any of the amount. They won't pay their interest until the end of December so I'd have to wait until then to find out.
As you say I could just say that I was not aware of the restriction if they did refuse to pay the interest but again it's a gamble. I'll have to work out how much interest I could lose between here and December and see if it's worth leaving it there or not. Thanks for the replies.
aanyadsouza
Registered User
- Messages
- 1
Still confused 
Caught! I got the following text message last week:
"Hi Daniel, thank you for saving with KBC. The KBC Extra Regular Saver account allows you to lodge a once off lump sum of up to €10,000 and a maximum of €1,000 into your account monthly. Recent funds lodged to this account are outside of the criteria and will be returned in full to the originating account over the coming days. For more information & to view FAQ's, please click here http://oxy.bz/dFtOewgx/?ttid=XQB9HDCJ"
Funnily enough though it wasn't the initial €22k that they caught me on. About a month or 2 ago I needed to make a withdrawal of just over €6k from the account. I transferred the amount into my KBC current account but for some reason the savings and current account balances didn't update immediately. I thought that for some reason the transfer didn't go through, so I did it again. However the initial transfer did go through along with the next transfer so I was left with €12k in my current account. I transferred €6k back to the savings account, it was this €6k that they spotted and they have now transferred it back to my KBC current account.
Maybe this was a sign, I'm now left with €6k that I need to invest. The only way I'll put any money in savings / deposit accounts is if it's getting the 3.5% rate that KBC are offering. So this will force me to invest it in something riskier / higher returning (only time will tell if that is a good or bad thing!
).