KBC Enter Current Account Market (Details Revealed)

[pudds]

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:

FREE Online Banking

FREE Mobile Banking

FREE Direct Debits

FREE Standing Orders

FREE Electronic Lodgements

Other fees and charges apply.

And before you ask, yes your existing bank could be charging you for all these.

Simple and secure Online and Mobile Banking. Bank whenever and wherever you like 24/7 .

[broken link removed]

 

[Lightning]

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.

 

[pudds]

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.

 

[theresa1]

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.

 

[DMcL1971]

- 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.

 

[Lightning]

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.

 

[theresa1]

"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.

 

[DMcL1971]

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

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.

 

[Lightning]

Thanks, I did not know about that exception.

 

[murphaph]

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.

 

[theresa1]

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.