KBC Launch 3.25% Instant Access Account

[Lightning]

According to Emma Kennedy in the Sunday Business Post, KBC are launching a new instant access account.

Rate: 3.25%
Minimum: 3,000 EUR
Maximum: 100,000 EUR
Limited offer for aprox. 4 weeks starting on March 13th.

Also, KBC are going to launch a regular saver product later this year.

3.25% is the highest rate for an instant access account on the market. Leeds also pay 3.25% but with 90 days notice attached.

 

[MysticX]

Looks nice but KBC doesn't have online banking (yet)?
Otherwise looks set to compete with NationWide (UK), Rabo and remaining Northern Rock demand online accounts.

 

[Lightning]

Looks nice but KBC doesn't have online banking (yet)?

From the [broken link removed]:

Does KBC have an Online Banking service?
Unfortunately no.

Otherwise looks set to compete with NationWide (UK), Rabo and remaining Northern Rock demand online accounts.

Yeah, big competition for Nationwide UK Ireland and Leeds Building Society Ireland. To a lesser extent, the legacy PTSB NR accounts.

 

[Renter7]

From the [KBC website FAQ[/URL]:





Yeah, big competition for Nationwide UK Ireland and Leeds Building Society Ireland. To a lesser extent, the legacy PTSB NR accounts.

KBC is Irish bank, covered by Irish guarantee only. Given that Nationwide and Leeds are UK covered, are they still not more attractive?

 

[Lightning]

KBC is Irish bank, covered by Irish guarantee only. Given that Nationwide and Leeds are UK covered, are they still not more attractive?

All depends on how one values rate of return versus the perceived value of respective deposit guarantees.

 

[pator]

For anyone that still has the account the old northern rock demand online (annual) is still paying 3.25% under permanent tsb.
No available any more but still there for those that had the account.

(Will be interesting to see do they follow the anglo route where the rates stayed up near the top available for a long period but have now dropped back)

 

[panindub]

Just to let you all know, This new deposit account went live today on their website.
I've just finish applying for a new account.

 

[Lightning]

Just to let you all know, This new deposit account went live today on their website.
I've just finish applying for a new account.

Yeah, the full details have been added to the best buys earlier, as per the below.

KBC: Smart Access
3.25% on €3,000 to €100,000
2.55% on €100,000 to €1,500,000 on entire balance**
2.04% on €1,500,000.01+
Instant Access.
Product is a 'limited offer'. Product may end for new customers in mid April 2012 according to The Sunday Business Post.
No online access to account.
Interest paid annually in December.
**Once the account balance (including interest added) exceeds €100,000 the entire balance will earn interest at the KBC Standard Demand Deposit Account interest rate as per the rate above.
Deposit Protection: Irish Deposit Guarantee Scheme.

 

[frasr]

Just looking at the rates on
[broken link removed]
For €3,000 - €100,000 the rate is 3.25%

There is no mention of rates from 0 to €2,999 (on any account type).

So is no interested earned or 3.25% earned on the first €2,999 of any deposit?

I know the minimium balance is €3,000 but is it a case of
€2999 at 0% interest & any balance above that at 3.25%?

For example €10,000 on deposit
€2,999 @ 0% + €7,001 @ 3.25% meaning an 'actual' interest rate received on all saving of 2.28%

If so, the 'actual' interest rate received on all saving will increase relative to the amount over 3k you have on deposit, so say €100,000 on deposit would be:
€2,999 @ 0% + €97,001 @ 3.25% meaning an 'actual' interest rate received on all saving of 3.15%

 

[PolkaDot]

No internet banking would immediately rule it out for me. I couldn't live without internet banking!!

I'll stick with Nationwide UK Ireland.

 

[Lightning]

My understanding:

It is not possible to have an account balance below 3,000 EUR as 3,000 EUR is the minimum balance.

A balance of 3,001 EUR would have a rate of 3.25% applied to the whole balance.

I will contact KBC to confirm.

 

[kev53]

Just looking at the rates on
[broken link removed]
So is no interested earned ......on the first €2,999 of any deposit?

Can anyone confirm if this is true? My understanding was different, assumed it was 3.25% on all of deposit, but minimum of the deposit is 3,000 euro.

There is a savings calculator on their website, when you put in 3,000 as the deposit amount the interest earned is not zero, hence I believe the 3.25 applies to the first 3,000 also, but open to correction!

 

[Lightning]

Just looking at the rates on
[broken link removed]
So is no interested earned ......on the first €2,999 of any deposit?

Can anyone confirm if this is true?

This is not true.

If your balance is 4,000 EUR, you will earn 4,000 EUR on the whole balance.

I phoned KBC to confirm.

 

[aoc3048]

The Terms & Conditions for deposit accounts states the charge for 'Money desk and electronic transfers of monies' is €25.40.
Does this mean they will charge €25.40 for every lodgment and/or withdrawal?

 

[Lightning]

The T&C's state:

We have the right to charge fees for services provided.

I don't think KBC exercise that right.

 

[Annie51]

€25.40 to transfer or lodge money??? Are they crazy??

 

[Renter7]

€25.40 to transfer or lodge money??? Are they crazy??

Hi, where are you getting figures?

 

[kev53]

Hi, where are you getting figures?

It is in their terms and conditions:
[broken link removed]

 

[Lightning]

I would be very surprised if KBC even apply these changes.

 

[Renter7]

I would be very surprised if KBC even apply these changes.

Your probably right but it still would put me off.