# KBC Enter Current Account Market (Details Revealed)



## Lightning (17 Mar 2013)

I am informed that KBC are going to launch a current account product later this year.

This is a fresh boost for competition in the current account market. 

KBC will be the first entrant into the Irish current account market, in about a decade, since Halifax/PostBank. 

A very welcome development.


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## theresa1 (17 Mar 2013)

I was hoping that this would happen and I look forward to hearing its terms and conditions if any.


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## AgathaC (17 Mar 2013)

A welcome development indeed. It will be interesting to see how the existing banks react.


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## pudds (20 Mar 2013)

Pat Kenny was discussing this on his show this morning, said this is the last thing the big banks wanted right now.

If I heard correctly if your account is kept in the black there will be no charges. 

Will also have atm card but which one was not mentioned.

Have just the one branch in Baggot Street.


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## Boyd (20 Mar 2013)

IMO since PTSB have now announced that they are removing most conditions for free banking this is not nearly as much of a big deal as it would have been say 9 months ago. Interesting all the same though.

I have saving with them and find them great to deal with.


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## DMcL1971 (20 Mar 2013)

I look forward to finding out more about what they will be offering. I have been saving with them for around a year now and am very happy with the service I receive.

My concern is that they will not be able to provide all the services many of us have come to expect from our current accounts. Their online banking is currently very very basic. Basically just online viewing of your accounts. Transactions take a few days to show on your account. Paper confirmations are sent for every transaction.

This is all a long way from full online banking with facilities to set up transfers, standing orders, direct debits, do international transfers or have access through a web app.

If anything I imagine it will be a very basic current account offering.


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## MrEarl (20 Mar 2013)

DMcL1971 said:
			
		

> If anything I imagine it will be a very basic current account offering.




Cheap & Cheerful may be just what the doctor ordered, my friend  ... lets face it, there's enough people giving out about the fees being charged by BoI and others, these days.

Having said all that, BoS-Halifax once offered a very good value Current Account and look how that failed to secure market share - all of the complainers simply didnt' appear to want to move banks, when it came to the crunch, or so I think it was reported at the time.

What amazes me, is the way in which some Banks insist on sending our paper for every transaction - Danske do it, you mention KBC also.  I can understand why they might do it for larger transactions, or perhaps unusual FX transactions but otherwise, there's far too much paper for those of us with online banking imho & it could save a fortune on postage, not to mention help to cheer up a few tree huggers  

Regards

Mr. Earl


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## Lightning (20 Mar 2013)

KBC, used Ulster Bank, for some time, this delayed the display of transactions online, as transactions went through an intermediary bank. 

I expect KBC to launch a competitive non-cash service. 

The Indo have covered this today. 



> Belgian-owned KBC Bank is set to become the first entrant in the current-account market here in more than a decade, the Irish Independent has learned.
> 
> It follows revelations that Permanent TSB is to scrap fees for existing and new customers who take up its current account.
> 
> ...


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## theresa1 (22 Apr 2013)

I wonder if KBC would consider a joint venture with An Post - could be mutually beneficial.


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## Lightning (22 Apr 2013)

theresa1 said:


> I wonder if KBC would consider a joint venture with An Post - could be mutually beneficial.



Yeah, if they go for a cash current account model. Maybe KBC will look to the future and launch an online only current account product.


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## murphaph (23 Apr 2013)

CiaranT said:


> Yeah, if they go for a cash current account model. Maybe KBC will look to the future and launch an online only current account product.


This is the way to go. I have my current account in Germany with DKB which has no retail branches (any more).


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## SPC100 (3 May 2013)

Anyone have any idea on when this will be available?


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## Lightning (3 May 2013)

I was told a month ago that it would be in several months time.


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## SPC100 (3 May 2013)

Thanks.


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## DMcL1971 (3 May 2013)

I was just on the phone to them and they said 'hopefully before the end of the year'.


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## serotoninsid (5 May 2013)

DMcL1971 said:


> I was just on the phone to them and they said 'hopefully before the end of the year'.


Too late for me (UB fees starting from 07/2013).  PTSB it is...


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## murphaph (5 May 2013)

I'm opening a BoI account to move to from UB as the account sees few transactions. I'll move again to KBC and drop BoI like a hot stone if they offer a truly free current account. People need to keep switching to force the banks' hands on this. Inertia is what the banks count on.


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## pator (6 May 2013)

murphaph said:


> I'm opening a BoI account to move to from UB as the account sees few transactions. I'll move again to KBC and drop BoI like a hot stone if they offer a truly free current account. People need to keep switching to force the banks' hands on this. Inertia is what the banks count on.


 
If you are moving at all why not move to PTSB?; obviously if €1500 hits the account ever month - I presume €3,000 doesn't hit the account and hence why you are moving from UB. 



murphaph said:


> ... as the account sees few transactions. .


 
As this is the case would it be worth checking out non-current account options?


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## murphaph (6 May 2013)

1500 wouldn't hit this account either, so PTSB is no better from that side. What do you mean about non-current account options?


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## daheff (13 May 2013)

murphaph -why not just withdraw and lodge money until you hit the 1500 mark? then you get your free banking with PTSB.

All you need is either easy access to a branch or to have an online savings account outside PTSB and transfer funds into/out of it as needed.


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## Lightning (20 May 2013)

More details have emerged about the KBC current account product. 

KBC will offer MasterCard Debit and not Visa Debit.

KBC will allow money to be debited from a savings account as well as a current account.


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## DrMoriarty (20 May 2013)

CiaranT said:


> KBC will allow money to be debited from a savings account as well as a current account.


As do PTSB, as far as I can see (haven't actually tried yet).

Good to see another option out there, presuming the conditions for fee-free banking are reasonable. It will keep pressure on PTSB not to introduce fees down the road.


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## Lightning (20 May 2013)

DrMoriarty said:


> As do PTSB, as far as I can see (haven't actually tried yet).



Do you have a source/link? Generally, banks limit these type of transactions to current accounts only.


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## theresa1 (28 May 2013)

[broken link removed]

Worth a read whilst awaiting further details. I hope they don't go for a yearly fixed charge in Ireland.


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## DrMoriarty (28 May 2013)

CiaranT said:


> Do you have a source/link? Generally, banks limit these type of transactions to current accounts only.


No, but when I do an online funds transfer both my current and my savings account (online Instant Access) appear as alternatives in the 'From:' box.

I haven't been able to put any money into the savings account yet, but I'll try it when I do...


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## theresa1 (28 May 2013)

I have a BOI current account - not being used since recent fee offer change and a BOI savings account. I can do everything FREE with my savings account with 365 Online. I cant do standing orders or direct debits at all on my savings account.

I was going to move my current account to PTSB but might hold out to hear the KBC current account offering. My salary gets paid into my BOI savings account and i could play 'pass the parcel' with the PTSB current account to get free banking i.e. lodge €1,500 a month from my BOI savings account.


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## deeobrien (29 May 2013)

With PTSB you can only transfer money from your savings a/c to your other PTSB accounts.  If you want to transfer to a 3rd party a/c it has to be from your current account. 

At least that is the case with the savings accounts I have.  When you select a 'to' that is outside PTSB the 'From' defaults to the current a/c and you can't change it.


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## Boyd (29 May 2013)

theresa1 said:


> I was going to move my current account to PTSB but might hold out to hear the KBC current account offering. My salary gets paid into my BOI savings account and i could play 'pass the parcel' with the PTSB current account to get free banking i.e. lodge €1,500 a month from my BOI savings account.



If opening a PTSB current account, why bother with BOI at all then? "Pass the parcel" seems like overhead for no benefit as far as I can see


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## theresa1 (30 May 2013)

Fair point username123 but if i do move my BOI current account over to PTSB or KBC I would still keep my BOI savings account open as long as I had the 365 online facilities and all transactions FREE as is the case.

I would review situation in a few months time but I cant see the harm as long as it's FREE keeping open the BOI account. Might even keep the BOI current account and just not use it as is pretty much the case now. It gives more flexibility as banks in the future will change t & c's.


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## DrMoriarty (30 May 2013)

deeobrien said:


> With PTSB you can only transfer money from your savings a/c to your other PTSB accounts.  If you want to transfer to a 3rd party a/c it has to be from your current account.
> 
> At least that is the case with the savings accounts I have.  When you select a 'to' that is outside PTSB the 'From' defaults to the current a/c and you can't change it.


Well, that answers my/CiaranT's earlier question, thanks.

But if you have both accounts you can transfer funds from the savings to the current account instantly, and then transfer out to the third-party account in the usual manner.

I still keep and use my BoI savings account because there's a branch right beside my workplace and it's handy if I want to lodge cash or cheques. I then go online and send the money to my PTSB account, which usually takes only a day or so to go through.

I also let them continue to send me paper statements once a quarter so that if I need to provide another bank with 3/6 months statements (which more and more of them seem to "require" in order to open a new account), all they get is a load of nonsensical money-in, money-out transactions. Cuts down on marketing calls.


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## theresa1 (16 Jun 2013)

19th August 2013 - this date will go down in history as I suspect alot of people will have closed BOI current accounts.

It's a real pity KBC wont be ready with it's new current account or will they? If alot of people move to PTSB they wont want to then move to KBC.


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## Lightning (16 Jun 2013)

You would to have it closed a fair bit before 19 August 2013 to avoid any fees. 

The question remains if KBC will price match PTSB.


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## theresa1 (16 Jun 2013)

Surely KBC will have to price match or even go further to attract current account customers. Maybe they will offer free current account fees to customers with so many thousand in a savings account with them - just an idea.


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## Lightning (16 Jun 2013)

On one hand, KBC are well versed with price matching and price leading with new launches. 

On the other hand, KBC's Belgian owners, who apparently pull all the strings, might not take well to a free banking product, something they don't offer in Belgium.


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## theresa1 (17 Jun 2013)

http://www.independent.ie/business/...he-main-banks-to-cut-their-fees-29141765.html

Charlie Weston – 20 MARCH 2013

http://www.independent.ie/business/...customers-with-raft-of-new-fees-29343738.html

Charlie Weston – 14 JUNE 2013

Interesting comparing both article's - in march it's anticipated fee's would be cut - never happened and now in June - other banks to BOI to follow with more fee's.


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## manicsaver (17 Jun 2013)

Either way, it's good to see an alternative to the usual. It'll be interesting to see what offer KBC lead in with, but I can't see them offering the free banking product, doesn't seem to be their style on the continent.


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## ronaldo (18 Jun 2013)

Meanwhile in Northern Ireland:

Halifax: £100 joining bonus + £5 per month bonus
First Direct: £100 joining bonus
First Trust (linked to AIB): £100 joining bonus

All with free banking.... 

The most surprising is First Trust - what's different about their computers and/or costs in Northern Ireland that allow them to do this, yet charge in the south (or do they just charge because they know they can in the south)?


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## Lightning (18 Jun 2013)

ronaldo said:


> The most surprising is First Trust - what's different about their computers and/or costs in Northern Ireland that allow them to do this, yet charge in the south (or do they just charge because they know they can in the south)?



Because they can. 

The UK current account banking sector is very competitive. The Irish current account banking sector is nowhere near as competitive.


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## RiskAverse (21 Jun 2013)

A few years back I moved the 'cash' part of my business to Ulster bank from PTSB to avail of a nearer branch and security by splitting my company's funds.  Free banking term now ended with Ulster bank.  Onto ptsb about moving cash back into to my free banking product (negotiated some time ago).  Only concerns seem to be a) only 100000 cover in deposit scheme. and b) the viability of ptsb (anglo was a government bank too!)

Any thoughts?


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## Lightning (21 Jun 2013)

RiskAverse said:


> Only concerns seem to be a) only 100,000 cover in deposit scheme.
> Any thoughts?



I would think that keeping under 100k in PTSB would be advisable.


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## theresa1 (9 Jul 2013)

KBC Bank Ireland has signed up payments technology company TSYS to help launch its debit card portfolio in Ireland.

http://www.bankingtech.com/151822/kbc-bank-ireland-turns-to-tsys-technology/


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## Lightning (16 Jul 2013)

KBC have set up a teaser page on their new current account product h[broken link removed].


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## theresa1 (16 Jul 2013)

I hope we are only talking weeks away to a launch of product.


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## Lightning (16 Jul 2013)

Yeah, I would guess we will see launch in coming weeks. 

Judging by other comments, it looks like the KBC current account product will not be a market-leading package, it will not price match or beat PTSB. If that is the case, there will be no much to look forward to, for the switchers out there, with this pending launch.


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## DMcL1971 (17 Jul 2013)

I contacted them this morning. They couldn't give me any details in relation to fees. All they could say was that they were launching it at the start of September and that near the end of August they would contact any people who had registered an interest.


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## Connard (17 Jul 2013)

How do they expect to get any customers if they aren't going to at least get close to PTSB. People aren't moving as it is.


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## Bobby1 (17 Jul 2013)

Connard said:


> How do they expect to get any customers if they aren't going to at least get close to PTSB. People aren't moving as it is.



Dont bank on PTSB  being free for ever. The cost of running a full banking service for retail customers is enormous, not charging a fee for the service, whilst popular is not sustainable. Don't forget, the only bank offering "free banking" is the one bank that is on life support awaiting its fate from the ECB is it is to remain in its current format. What better way to bump up your customer numbers then offer free banking and try to connivence the powers at be your are relevant in your market.

Its not a case of "how can they charge me for getting my money"....but running an ATM network, account opening process, anti-money laundering, fraud, monitoring, central bank requirements are just a few that are massive burdens in terms of cost.

Honestly I think they are better off not offering free banking because if they are middle of the road they will attract some customers, granted not loads. Not connected to them and i wont be switching as Im very happy with my current bank


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## Willy Fogg (18 Jul 2013)

Connard said:


> How do they expect to get any customers if they aren't going to at least get close to PTSB. People aren't moving as it is.



Depends. We don't know the full options yet: they could be planning a low annual, all inclusive fee vs free over a certain criteria type of product..until we know full details, it's a bit soon to make assumptions.


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## murphaph (19 Jul 2013)

Bobby1 said:


> Dont bank on PTSB  being free for ever. The cost of running a full banking service for retail customers is enormous, not charging a fee for the service, whilst popular is not sustainable. Don't forget, the only bank offering "free banking" is the one bank that is on life support awaiting its fate from the ECB is it is to remain in its current format. What better way to bump up your customer numbers then offer free banking and try to connivence the powers at be your are relevant in your market.


Hmmm, the bank can make money in other ways of course. They have the use of your money for a start, but added to that banks can make money from such things as order statements, overdrafts etc. while maintaining a free basic service (free transactions and direct debits).

I think the days or retail banking are generally numbered any way to be honest. In the future you just won't need a physical presence to be able to bank as we move (inevitably IMO) to a cashless society.

Your money is already just some bytes in some computer, so the next logical step is to eliminate the middleman (cash) and allow those bytes to be transferred to others as easily as cash. This is happening right now. There's already paypal & co. and nowadays you even have low cost payment terminals that interface to your smart phone.

As soon as cash itself disappears, the need for a physical bank goes with it as you can do all your banking from the comfort of your home/business.

Online only banks are the future IMO. Even now MOST private customers and indeed business customers who don't handle cash could switch to an online only bank (I do all my day to day banking with such a bank) and feel no loss of service, indeed I get emails answered within 5 mins most times and not with some "fob you off" answer.


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## mimi rogers (26 Jul 2013)

i can't wait for their current account to launch. i am guessing it will be online only just like danske. i have registered my interest so as soon as i hear from them i will post all the details.


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## Alex (21 Aug 2013)

i can't wait to get my kbc current account. i haven't had a call yet. have you? has anyone?


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## rf1980 (21 Aug 2013)

My understanding is it's due to launch in 2nd September. It will take on BOI etc. cheaper fees, but will need 2000 in account to avoid atm charges etc. Sounds like a good deal though. I'll be looking to move from BOI if it is anyway reasonable.


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## Lightning (21 Aug 2013)

Alex said:


> i can't wait to get my kbc current account. i haven't had a call yet. have you? has anyone?



Launch date is early September 2013. Therefore, I doubt anyone has heard from KBC yet. 

Why are you eager to get a KBC account? Would the PTSB offering not suit you?


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## Lightning (21 Aug 2013)

rf1980 said:


> cheaper fees, but will need 2000 in account to avoid atm charges etc.



Cheaper than who exactly? 

If true, it sounds like a worse deal than PTSB currently offer. 

Can't see many people flocking to an offering that does not at least price match PTSB.


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## rf1980 (21 Aug 2013)

CiaranT said:


> Cheaper than who exactly?


 
AIB and BOI...the others not so sure about.


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## andrewol (31 Aug 2013)

Im actually using the PTSB service at the moment, having switched from UB for my current account. Have to say Im less than happy with PTSB. The switch was a complete disaster - basically they didnt switch all my DD's and ended up doing the whole lot myself. 
Salary wise - when my employer booked and approved the payroll payments (Citibank is employers bank) at least 3 days in advance, the money used to appear in Ulster bank within 24 hours of payment processing date. 
PTSB is far slower and actually takes at least 3 days to get there. (which to be fair they do advise) Ill be really interested to see how KBC offer comes in. At the moment debating going back to UB, but holding off till I try KBC assuming they launch in the next few weeks.


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## Lightning (2 Sep 2013)

Full details to be revealed tomorrow apparently.


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## Lightning (2 Sep 2013)

I have the details. 

Quarterly fee: 6.00 EUR
ATM fee: 30 cent per transaction. 
Debit card fee: Free.
Cheque fee: 30 cent per transaction. 

ATM and Cheque Processing Fees are waived if customers maintain a minimum daily credit balance of €2,000 in their account.

Some exclusives, for current account customers, like preferential term deposit rates. More to follow on that. 

Overall, PTSB have a far better offering than the KBC offering.


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## DMcL1971 (2 Sep 2013)

Well that is a huge let down. Looks like I will be staying where I am.


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## Lightning (2 Sep 2013)

Yeah, big let down, very surprising that they are not price matching PTSB. The Belgians clearly did not want their Irish wing giving away free banking. 

The preferential rates are with a product called the 'KBC Instant Interest Fixed Term Account'. Is this a replacement for the 'KBC Interest UpFront' product? or a brand new product? No word on the rates for the 'KBC Instant Interest Fixed Term Account'. There should be more details tomorrow.


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## ang1170 (3 Sep 2013)

More details here:

http://www.irishtimes.com/business/...account-and-targets-10-market-share-1.1514530

How they expect to get 10% market share, when there is a more competitive product already out there (PTSB), is beyond me.


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## Lightning (3 Sep 2013)

ang1170 said:


> How they expect to get 10% market share, when there is a more competitive product already out there (PTSB), is beyond me.



Ditto. You only get big market share by price leading not price lagging. KBC are either delusional or telling marketing porkies to the Irish Times. 

I suspect KBC will be forced to revise their current account pricing in the near future when they see the lack of interest.


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## murphaph (3 Sep 2013)

How can they get it so wrong? I'm sure setting up this new product means plenty of man hours have gone into it already, so without some customers it'll just be throwing money away by the bank. They have no chance of gaining even 1% market share with that offering...remember most people have never even heard of KBC bank, despite their long presence in Ireland.


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## Lightning (3 Sep 2013)

I just got the promotional leaflet in the post from KBC about their new current account product. 

There was no mention anywhere about their account maintenance fees and no mention of their ATM fees. They just use the word "free" over and over again without giving the real details of their product. 

The information in the leaflet has the real potential to mislead consumers. If your going to get into details about a banking product, you need to be give the full picture, sadly KBC skirt around the details.


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## theresa1 (3 Sep 2013)

ang1170 said:


> More details here:
> 
> http://www.irishtimes.com/business/...account-and-targets-10-market-share-1.1514530
> 
> How they expect to get 10% market share, when there is a more competitive product already out there (PTSB), is beyond me.




- Sorry but yet another bad article - the BOI bit is totally wrong.


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## Renter7 (3 Sep 2013)

theresa1 said:


> - Sorry but yet another bad article - the BOI bit is totally wrong.



Is it just me or is has the quality of Irish Times deteriorated significantly in the last year or so?


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## Renter7 (3 Sep 2013)

Is there anywhere on KBC website that mentions the 6EUR charge per quarter? I know it is included in Irish Times article but as Theresa points out above the article we know has one error relating to Bank of Ireland.

I can only find press release below:
[broken link removed]

Pretty awful launch IMO if this is it. Surely, they should have better information about how you can switch. They have all this publicity, anyone who is interested in switching and logs on to website and there is no information.


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## Lightning (4 Sep 2013)

Renter7 said:


> Is there anywhere on KBC website that mentions the 6EUR charge per quarter? I know it is included in Irish Times article but as Theresa points out above the article we know has one error relating to Bank of Ireland.
> 
> I can only find press release below:
> [broken link removed]
> ...



KBC are skirting around the details with their marketing. 

The 6 EUR charge is confirmed in the NCA comparison.


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## Lightning (4 Sep 2013)

KBC have launched 2 new accounts today. Details here and here. 

You can only open these accounts if you also open a current account. The 1 year 3 months account has an impressive rate or be it with the KBC fees attached.


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## rf1980 (4 Sep 2013)

Renter7 said:


> Is it just me or is has the quality of Irish Times deteriorated significantly in the last year or so?



totally agree. the quality of their reporting has dropped significantly - not to mention their response to that totally incorrect abortion story a few weeks ago.


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## AgathaC (4 Sep 2013)

CiaranT said:


> KBC are skirting around the details with their marketing.
> 
> The 6 EUR charge is confirmed in the NCA comparison.



Does that constitute a breach of CPC, I wonder, the fact that they are not being upfront re their charges?


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## theresa1 (4 Sep 2013)

http://www.herald.ie/news/kbc-bank-set-to-spark-price-war-29551866.html

Another terrible article with no mention of €6 charge.


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## murphaph (5 Sep 2013)

Irish "journalism" often entails simply copy & pasting press releases. Dreadful indeed. 

KBC must be either really stupid or really clever. I haven't quite decided what yet.


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## tml (5 Sep 2013)

KBC have updated their website with the details. Not sure what to make of it, am currently with AIB so seriously considering switching (can't use PTSB)

[broken link removed]

[broken link removed]


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## Lightning (5 Sep 2013)

tml said:


> KBC have updated their website with the details. Not sure what to make of it, am currently with AIB so seriously considering switching (can't use PTSB)




Why can't you use PTSB? EBS and Ulster Bank also offer avoidable fees.


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## tml (6 Sep 2013)

I have a personal loan and credit card on reduced repayments with PTSB so MABS advised me not to have my wages going into an account with a bank I owe money to.


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## Lightning (6 Sep 2013)

Fair enough, your still better of with EBS rather than KBC.


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## Wig (11 Sep 2013)

If one wants to lodge money into a KBC current account how do they do it? Can you lodge cash in branches or is it via An Post like with Danske? Thanks.


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## Lightning (11 Sep 2013)

Wig said:


> If one wants to lodge money into a KBC current account how do they do it? Can you lodge cash in branches or is it via An Post like with Danske? Thanks.



KBC do not allow customers lodge cash into their current accounts. The only Irish current account product that does not offer cash services. Another reason to go elsewhere.


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## DMcL1971 (2 Oct 2013)

So, its been a few weeks since the KBC current account was launched. Has anyone actually opened one with them yet?

If so, what is it like? Was it easy to open, did switching go smoothly, what is the online banking like, any difficulty setting up EFTs, DD's or standing orders?


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## pudds (29 Jan 2014)

> Everyone can get a Current Account for just €2 a month. That’s the price of a cup of coffee! Just use your KBC Debit Card for purchases or get Cashback for free and avoid those annoying ATM charges. €2 a month is based on a quarterly Current Account fee of €6.
> 
> What’s more you also get the following for free:
> 
> ...



[broken link removed]


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## Lightning (29 Jan 2014)

Was there are purpose to copying their marketing and posting it?!

I don't like the way they gloss over the fact that KBC charge per ATM withdrawal or require a 2,000 EUR minimum balance each and every day to avoid this. 

Also, it is not clearly started that they do not offer credit cards, do not offer cash banking, do not offer forex and do not offer cheques. 

Better off with Permo.


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## pudds (29 Jan 2014)

CiaranT said:


> Was there are purpose to copying their marketing and posting it?!



I just got a leaflet in the door today and just thought I'd refer to it in case maybe they had tweaked some things. Not really interested in kbc myself as happy where I am.


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## theresa1 (30 Jan 2014)

DMcL1971 said:


> So, its been a few weeks since the KBC current account was launched. Has anyone actually opened one with them yet?
> 
> If so, what is it like? Was it easy to open, did switching go smoothly, what is the online banking like, any difficulty setting up EFTs, DD's or standing orders?





- Still no answer from anyone - Please don't fall for the marketing spin.


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## DMcL1971 (30 Jan 2014)

theresa1 said:


> - Still no answer from anyone - Please don't fall for the marketing spin.



I actually have opened a current account with them.

However, I only did it as it is required in order to be allowed to open their Smart Move deposit account paying 2.5% and their 15 month fixed account paying 3%. I have not used the current account and have not even activated the debit card that I was issued. I have only deposited 24 Euro in the account to cover this years maintenance fees.

I have complained to them about the maintenance fees on a number of occasions but they say that they cannot waive them. However, they have told me that they intend to introduce a new current account type this year. 
My guess is that their current offering is a complete flop and that they are re-thinking it. If they were to create a new account where there was a way of avoiding fees they might start to get some customers. Because other than the fees, I have found KBC to be very efficient.


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## Lightning (30 Jan 2014)

DMcL1971 said:


> I actually have opened a current account with them.
> 
> However, I only did it as it is required in order to be allowed to open their Smart Move deposit account paying 2.5% and their 15 month fixed account paying 3%. I have not used the current account and have not even activated the debit card that I was issued.



Good move if your deposit is enough to justify the KBC fees. 



> I have only deposited 24 Euro in the account to cover this years maintenance fees.



You need to put 29 EUR in the account, not 24 EUR. 

((6 * 4) + 2.50 + 2.50) = 29 EUR 

Where 2.50 EUR is the government ATM fee and 2.50 EUR is the government debit card fee. 



> However, they have told me that they intend to introduce a new current account type this year.



Interesting information, thanks for sharing. 



> My guess is that their current offering is a complete flop and that they are re-thinking it.



If it difficult to get consumers to switch current accounts. It is even more difficult when you are the challenger new entrant and don't even come close to price matching the best value competitor PTSB and also do not match on range of services. 

The product offering was poor for the onset, I'm not convinced that heavy advertising can hide this. It would not surprise me if they are going back to the drawing board.


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## theresa1 (30 Jan 2014)

"2.50 EUR is the government ATM fee and 2.50 EUR is the government debit card fee"

- If you don't use the card you wont be charged the €5.


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## DMcL1971 (30 Jan 2014)

CiaranT said:


> Good move if your deposit is enough to justify the KBC fees.
> 
> 
> 
> ...



There is an exemption to government stamp duty on debit cards if they are not used during the year.

http://www.revenue.ie/en/tax/stamp-duty/leaflets/stamp-duty-financial-cards.html#sectiona

So, because I have not used the debit card, I will only have to pay the 6 Euro per quarter.


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## Lightning (30 Jan 2014)

Thanks, I did not know about that exception.


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## murphaph (30 Jan 2014)

I said from the start that KBC would be back to the drawing board with this. It was obvious enough really...unless you have substantial savings and want one of their deposit accounts then their current account was and remains useless. They have to beat PTSB and this means completely free banking IMO.


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## theresa1 (30 Jan 2014)

murphaph said:


> I said from the start that KBC would be back to the drawing board with this. It was obvious enough really...unless you have substantial savings and want one of their deposit accounts then their current account was and remains useless. They have to beat PTSB and this means completely free banking IMO.




- They might just try and match AIB offering - would be better if they beat PTSB and offer more than 1% and up to a higher balance say €5,000.


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