# KBC Ireland Launch Sterling Deposit Account Paying 3%



## Lightning (18 May 2012)

Just weeks after Nationwide UK launched sterling deposit products, KBC Ireland have just done the same ...

KBC Ireland have launched a [broken link removed]. 

The instant access GBP account pays 3.00% (2.50% above BoE base rate). 

The account is open to both residents of the RoI and residents of NI. 

It is one of the highest rates that I have seen for a RoI GBP account. The rate is significantly above the GBP rates that NUK, Investec, PTSB and BoI offer their RoI customers.


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## djh (18 May 2012)

It looks like a very good interest rate!
Just as good as my Euro sitting in a similar demand deposit account. 

I gave them a call there and you can call in person to the Dublin office to open the account.

I asked about putting money into the account, and was told that it needed to already be in Sterling as they have no foriegn exchange facility. A sterling cheque or draft would do I was told. 

Will definitely be looking into this more.


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## Delboy (18 May 2012)

but your money, whilst it may be in sterling, still sits in Dublin. Will it not just get transferred to the new Punt if the euro goes under


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## Lightning (19 May 2012)

Delboy said:


> but your money, whilst it may be in sterling, still sits in Dublin. Will it not just get transferred to the new Punt if the euro goes under



It would be very difficult for the Irish government to convert non EUR assets into a new currency.


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## Lightning (20 May 2012)

The Sindo ran an article today about this new KBC product today and other non EUR account options.


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## Duke of Marmalade (21 May 2012)

The Danish kroner account is interesting. As I undertsand it the DKK tracks the euro within a very narrow band, has done so since the launch of the €, but it could break at any time at the discretion of the Danish Central Bank. 

Thus the DKK does not seem to be a hedge against a steady decline in the € in the way that the £ would be, as it would most likely follow a steady decline, but it could escape a complete collapse (which won't happen BTW). Similarly if the € recovers, even dramatically, the DKK would likely follow suit. The Swiss Fr is currently in a similar position after the decision to more or less peg its rate to the €.


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## Gervan (21 May 2012)

I was tempted by the KBC sterling account, but don't quite understand how to get my money out again. 
If it can only be transferred electronically into a nominated account, I'd have to have another sterling account locally. 
But I'm not even sure electronic transfers are possible: 


> An original signed instruction must be received by the Bank prior to a withdrawal being made from the Deposit Account.
> 6.8 Cheque withdrawals can take up to one Business Day to process on receipt of the original signed withdrawal instruction.


It sounds rather cumbersome.


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## bravo (21 May 2012)

Like Gervan above, I'm tempted to open one, but my problem is getting money in. Third party lodgments aren't allowed, so using transfermate or any other Exchange agency won't work and I won't get a decent exchange rate from the banks which hold my current Euro accounts. Suggestions welcome.


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## Lightning (21 May 2012)

Looks like you need a GBP account to feed this GBP account. 

Your best bet might be to open a GBP instant access account with an Irish retail bank and then transfer the money from there. 

Therefore, you might need to move your money from EUR to your retail GBP account using transfermate and then from your retail GBP account to your KBC GBP account.


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## ardmacha (21 May 2012)

> If it can only be transferred electronically into a nominated account, I'd have to have another sterling account locally.



Presumably you can transfer this into a UK account? This account is at least partly aimed at NI investors.


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## 8611 (15 Jun 2012)

I think its aimed exclusively at NI savers, as per the literature on their website.


Has anyone in the Republic succeeded in opening this account and how did they lodge the money?


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## Lightning (15 Jun 2012)

8611 said:


> I think its aimed exclusively at NI savers, as per the literature on their website.



It can be opened by RoI and NI residents.


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## kdoc (15 Jun 2012)

According to the first par from their blurb they appear to be targeting NI clients:

"We’d like to tell you a bit about ourselves and the exciting new product we are bringing to savers in Northern Ireland."


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## celebtastic (15 Jun 2012)

This is probably not the best time to be sticking your cash into KBC:
http://www.moodys.com/research/Moodys-downgrades-KBC-Bank-and-KBC-Group-outlook-stable--PR_248302?WT.mc_id=@moodysemeabnkng

If you have non-eurozone assets, you would be far better off keeping outside the eurozone. 

Who knows what currency controls the government would have to introduce upon the collapse of the eurozone?


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