KBC Current Account

Amik

Looks like we're getting closer to the announcement of the KBC Current Accounts!

Strange though that they want us to call in to register...

http://www.kbc.ie/currentaccount

I'm holding back from moving to PTSB to see what KBC has to offer.

Amik

Just got off the phone with them and September is the launch month. No details yet but I registered. They will get back to me towards the end of August with all the info.

JTMan

Amik wrote: »

I'm holding back from moving to PTSB to see what KBC has to offer.

I would be surprised if KBC beet the PTSB offer.

Sheep Shagger

Fungus wrote: »

I would be surprised if KBC beet the PTSB offer.

Much bigger bank with deeper pockets to try and get market share, just not big here.

murphaph

If they don't beat PTSB (and realistically that means no strings attached free banking) then there's no point in them even bothering as they will win no customer base.

Delta2113

Maybe they will pay a few percent interest and you have to keep min balance of €2,000 - i'm just guessing but they really need to at least match PTSB. They hardly want just a few thousand customers.

Amik

Looking forward to a very clever business strategy from KBC. I've never been as excited about current account banking as I am now -- sad but true. :P Hahah

hognef

Amik wrote: »

Looking forward to a very clever business strategy from KBC. I've never been as excited about current account banking as I am now -- sad but true. :P Hahah

How is KBCs online banking?

murphaph

hognef wrote: »

How is KBCs online banking?

From what I hear/read it's pretty awful for their savings products anyway. You can basically check balances and that's it. No withdrawals etc.

JTMan

murphaph wrote: »

From what I hear/read it's pretty awful for their savings products anyway. You can basically check balances and that's it. No withdrawals etc.

Yeah, but it has been getting better.

The no withdrawals issue will clearly be fixed with the new current account.

BuffyBot

Indeed - their current internet banking is probably an unfair yardstick to measure by as it was designed for an entirely different product.

Delta2113

Amik wrote: »

Just got off the phone with them and September is the launch month. No details yet but I registered. They will get back to me towards the end of August with all the info.

- Just wondering - are you already a customer of KBC Bank? Did they say they would ring,e-mail or post to you the info at the end of August?

Amik

Delta2113 wrote: »

- Just wondering - are you already a customer of KBC Bank? Did they say they would ring,e-mail or post to you the info at the end of August?

No, not a customer at present. I just heard they were going to start offering current accounts and have been checking their site from time to time (want to get out of Ulster Bank). I'd prefer KBC to PTSB as it has a big parent.

They promised a mailing and phone call towards the end of the month. I'll let you know when I hear from them!

physioman

Hi
Heard KBC are introducing current accounts to the ROI. Any news on this i.e. free banking etc

Thanks

JTMan

Launches early September 2013.

Some speculation on the offering but nothing concrete.

KBC will need to put together a better offer that is better than PTSB to attract customers in any significant number.

Delta2113

Launch is imminent of current account product.

JTMan

KBC are charging quarterly fees :mad::mad: There is no way out of the quarterly fees :mad:

KBC are also charging 30 cent per transaction. The only way around that is to keep a whopping 2,000 EUR in your account each and every day.

Total joke. I am sticking with PTSB.

topcatcbr

Fungus wrote: »

KBC are charging quarterly fees :mad::mad: There is no way out of the quarterly fees :mad:

KBC are also charging 30 cent per transaction. The only way around that is to keep a whopping 2,000 EUR in your account each and every day.

Total joke. I am sticking with PTSB.

Good luck in attracting customers with that. That's even more expensive than AIB.

JTMan

Yeah, no one in their right mind would choose KBC over PTSB. Really disappointing.

Amik

Fungus wrote: »

KBC are charging quarterly fees :mad::mad: There is no way out of the quarterly fees :mad:

KBC are also charging 30 cent per transaction. The only way around that is to keep a whopping 2,000 EUR in your account each and every day.

Total joke. I am sticking with PTSB.

I haven't received a call/mail yet but if that's true it's an enormous letdown. Feel silly that I thought a bank would give me a great offer. :P

BuffyBot

Not a very competitve offer, for sure. We'll have to see if they tweak it later if the take up isn't great.

Delta2113

http://compare.consumerhelp.ie/CurrentAccountDetail.aspx?i=457 - more details.

Ivan.Drago

It's a €6 quarterly fee. On top of that you get charged for ATM withdrawals (30c), but this can be avoided if you get cashback as debit card transactions are free. All online banking transactions are free also. No facility to lodge cash though to your account though - it's all electronic.
If you make no ATM withdrawals you can get away with the €6 given that dirct debits, standing orders, online money transfers are free.

All fees can be avoided by keeping €2,000 in your account at all times throughout the quarter.

JTMan

Ivan.Drago wrote: »

All fees can be avoided by keeping €2,000 in your account at all times throughout the quarter.

Nope. As per The Irish Times, the NCA website and the AAM website, the 6 EUR in quarterly fees cannot be avoided.

The ATM fees can be avoided by loosing out on opportunity interest by keeping 2,000 EUR in your account each and every day.

From the Irish Times.

Customers who maintain a minimum daily balance of €2,000 will pay a maximum of €24 a year - charged at €6 a quarter - in account fees.

murphaph

Dreadful offering. They'll have wasted a lot of money on launching this if they don't revise the fees pronto.

BuffyBot

I've just had to delete irrelevant crud. Keep it on topic folks.

hognef

So. The interest paid on €2000 in a decent savings account would be at least €40 p.a. (@ a rate of 2%). After 33% DIRT, that's €26.80.

At 30 cent per ATM transaction, that's the equivalent of nearly 90 transactions. Hence, if you make ATM withdrawals less frequently than once every four days, you're better off sticking the €2000 in a savings account.

JTMan

hognef wrote: »

So. The interest paid on €2000 in a decent savings account would be at least €40 p.a. (@ a rate of 2%). After 33% DIRT, that's €26.80.

At 30 cent per ATM transaction, that's the equivalent of nearly 90 transactions. Hence, if you make ATM withdrawals less frequently than once every four days, you're better off sticking the €2000 in a savings account.

You're better off opening a PTSB current account than do either of the above options.

Also, you need to maintain in excess of €2,000 to prevent ever failing below €2,000.

channelsurfer2

disappointing to say the least. Do KBC think they will actually get any customers from this offering or are they living in cloud cuckoo land?????

Delta2113

I'm not paying BOI €20 per year so I'm certainly not paying KBC €24 per year. I held off switching to PTSB or EBS until KBC released details of current account. I need to decide now - PTSB or EBS.

KBC have actually now put me off even taking out savings accounts with them. I'll stick with state savings from the NTMA.

JTMan

Delta2113 wrote: »

I'll stick with state savings from the NTMA.

The NTMA have dreadful returns for most of their products.

Delta2113

Fungus wrote: »

The NTMA have dreadful returns for most of their products.

- Sorry yes I should have pointed out that I managed to get all my savings into state savings before the last few cuts.
I'm still doing the 10 year bonds but these wont suit everybody.

Rock Steady Edy

There appear to be unavoidable quarterly fees and cheque lodgement fees, so it looks disappointing to me, especially given the hype on their website for the last couple of months.

I would have thought that with a no / low branch network, they could have offered a no fee current account.

JTMan

Yeah, plus KBC are offering no cash services with this current account product which must be saving them a fortune over other banks, which is not been reflected in the product pricing;.

I know most people do their banking online these days, but there are occasions where a cash service comes in handy. The absence of a cash service will cause headaches at times for KBC current account customers.

murphaph

Yup, my online only bank here in Germany has low overheads so charges no fees whatsoever. Roll on SEPA. Come February I'll be transferring all payments in from my last remaining Irish bank account to my German accounts and I'll close the Irish one. KBC have made a major tactical mistake with this....could have really hoovered up customers.