KBC Enter Current Account Market (Details Revealed)

CiaranT said:
KBC will allow money to be debited from a savings account as well as a current account.
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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.
 
[broken link removed]

Worth a read whilst awaiting further details. I hope they don't go for a yearly fixed charge in Ireland.
 
CiaranT said:
Do you have a source/link? Generally, banks limit these type of transactions to current accounts only.
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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...
 
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.
 
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.
 
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.
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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
 
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.
 
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.
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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. ;)
 
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.
 
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.
 
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.
 
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.
 
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.
 
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)?
 
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)?
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Because they can.

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