KBC Extra Regular Saver threshold

Hiragii

Registered User
Messages
11
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 balance will earn interest at the then prevailing Standard Demand Deposit Account interest rate."

My current balance in the account is ~€34,000 and I'm depositing €1,000 per month. Does it makes sense to switch to €100 deposits to keep the 2.10% rate for longer and invest the rest in something different?

Thanks.
 
Messages
4,745
Best bet is to keep depositing 1,000 EUR per month until you are up to around 39,000 EUR or so, then switch to depositing 100 EUR a month and set a reminder in your calendar to manually withdraw 100 EUR too.

Do not let the balance exceed 39,999.99 EUR.

Keep in mind that interest is paid on 31 December so you will need to withdraw that too.
 

Hiragii

Registered User
Messages
11
Thanks Ciaran, that makes sense!

For some reason I thought I could only withdraw from the account a few times per year, but if I can withdraw every month that's perfect.
 

HollowKnight

Frequent Poster
Messages
124
I've made one or two withdrawals a year without any problems (new bathroom and then new kitchen).

Agree with above. Keep a little below the 40k mark.
 

mc-BigE

Frequent Poster
Messages
231
Not really a theashold question, but regarding the 10,000 lump sum, can I put say 3000 lump sump in now , and 7000 lump sum in say a years time , or does it have to by one payment of 10,000 only?
 

pudds

Frequent Poster
Messages
1,708
Not really a theashold question, but regarding the 10,000 lump sum, can I put say 3000 lump sump in now , and 7000 lump sum in say a years time , or does it have to by one payment of 10,000 only?
One lump sum of up to 10k permitted.
 

Mickey1985

New Member
Messages
1
Hi folks did ye send in a letter to change the quantity deposited from 1000 to 100 or just setup a new standing order on the app?
 

pclive

Registered User
Messages
20
Does it have to be done by a standing order from your KBC account ? I have just been transferring it across manually every month
 

The Oggster

Frequent Poster
Messages
56
It doesn't have to be a standing order anymore and can be deposited in several transactions manually, once the total deposited per month is between €100-€1000 and it comes from your extra current account.
 

pudds

Frequent Poster
Messages
1,708
I see they are "reducing the lodgement requirement from €2,500 to €2,000 to make it easier for you to avail of the account benefits available to Extra Current Account customers" from August 26th next. Good new but hope they don't drop the int rate any further.
 

pudds

Frequent Poster
Messages
1,708
Would withdrawing the monthly €2,500 from your regular saver to extra current account and then sending it back, is this possible and would it meet the requirements.

If yes is it a wise thing to do?
 

Gervan

Frequent Poster
Messages
1,026
pudds, you won't be able to put €2500 back into the Regular Saver every month, if €1000 is the maximum deposit allowed.
 
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