KBC regular saver maxed out
- Thread starter Bagman
- Start date
HollowKnight
Registered User
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- 286
I think you get the higher rate on up to the 40k and anything over is the low rate.
That was my opinion but I have found out since that if your balance is over 40k at the start of the year, say the 1st Jan and it stays over the 40k for the 12 months, you get the lower rate of 0.01%
HollowKnight
Registered User
- Messages
- 286
Oh that's nasty. But not surprised by KBC.
Also, I can’t find where the above is noted in the T&C
Too right, on approx 50k last year, I got €4.00 in interest
84.11.8 If the Account balance exceeds €40,000 (including interest credited to the Account), the entire balance
will earn interest at the then prevailing Standard Demand Deposit Account interest rate as per our Personal
Deposit Rate Matrix. Your Standing Order(s) will continue to fund your Extra Regular Saver Account. We will
not provide any notice to you in this respect.
See attached, summary of interest rates changes in 2019 that I received with my statement, why do they clearly high light “ up to 40k” and over 40k
Why not just note, if the balance goes over 40k, 0.01% will apply to ALL the balance
Thanks
Attachments
I've no idea.
It's clear enough in their interest rate sheet, so I don't know why it's not as clear on their rate change notification. Maybe since it's in the T&C's they think it's clear enough.
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Hi Red Onion
The following link is dated March 2020
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I have attached pictures of their Rate Matrix dated Nov 2019, there is no mention of extra regular saver and in particular "what happens if the balance goes the 40k"
Thanks
The following link is dated March 2020
[broken link removed]
I have attached pictures of their Rate Matrix dated Nov 2019, there is no mention of extra regular saver and in particular "what happens if the balance goes the 40k"
Thanks
Attachments
Hi Balfour,
I don't work for KBC, nor do I have one of these accounts. You said there no reference to it in terms & conditions. There is, or at least in the current version. But given this has been discussed previously, I doubt it was a secret:
If you genuinely were never provided t&C's with this treatment, or otherwise notified of it, then I'd be making a complaint to the bank about it.
I don't work for KBC, nor do I have one of these accounts. You said there no reference to it in terms & conditions. There is, or at least in the current version. But given this has been discussed previously, I doubt it was a secret:
KBC Extra Regular Saver threshold
In the best buys post for deposits, the following it's written: "2.10%* on €1 to €40,000 0.01% up to €1,500,000 on the whole balance if the balance exceeds €40,000" Also, in KBC's term and conditions: "Once the balance reaches €40,000 (including interest credited to the account), the full...
www.askaboutmoney.com
If you genuinely were never provided t&C's with this treatment, or otherwise notified of it, then I'd be making a complaint to the bank about it.
I'll be in the same situation in a few months so have started looking into this. Someone mentioned opening a second joint account, that's not permitted:
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While the National State Savings are attractive I don't have a mortgage yet so don't really want to tie any money up.
The next best I can see is Permanent TSB that gives 0.90 up to 50k.
https://www.permanenttsb.ie/saving-and-investing/savings-accounts/online-regular-saver/
It says you need to be a TSB customer and register for Open24 however I'm not sure if that means I need to open a current account and pay fees in order to avail of the 0.9%
[broken link removed]
While the National State Savings are attractive I don't have a mortgage yet so don't really want to tie any money up.
The next best I can see is Permanent TSB that gives 0.90 up to 50k.
https://www.permanenttsb.ie/saving-and-investing/savings-accounts/online-regular-saver/
It says you need to be a TSB customer and register for Open24 however I'm not sure if that means I need to open a current account and pay fees in order to avail of the 0.9%
2 comments:
State savings are accessible with very short notice. You get very little interest, but you're not locking the money away, untouchable.
You asked another question about the bonus interest from UB for drawing a mortgage, and you mentioned mortgage again here. UB and BOI both have bonus interest for mortgage regular savers, and the regular saver isn't too bad with either. Nobody knows how long the bonus interest will last of which bank will have the best mortgage rate by the time you want a mortgage, but it wouldn't be the worst idea in the world to open one with each and maybe get a bonus in the future.
for what it’s worth, reduce your monthly savings so you do not exceed the 40k, if you exceed the 40k, the lower interest applies on the total amount.
Just in relation to some of the posts above for KBC regular savers, its says 50k limit in the link below. It also says 'Only one single and one joint Regular Saver Account permitted per individual'.
https://www.kbc.ie/our-products/savings-and-investments/regular-saver
'Information correct as of 28th November 2019.'
perhaps these terms are only available to new customers / new accounts?!
https://www.kbc.ie/our-products/savings-and-investments/regular-saver
'Information correct as of 28th November 2019.'
perhaps these terms are only available to new customers / new accounts?!
Different products. The 40k limit applies to the 'Extra' Regular Saver.
Kilconleagirl
Registered User
- Messages
- 30
Just got letter today, regular saver interest being reduced from 1.25% aer to.75%
Thanks for posting this.
I have not got the letter yet.
KBC have not posted the rate change on their website yet either.
What date did the letter say the rate change applies from?