https://www.irishtimes.com/business/financial-services/kbc-seeks-to-quit-republic-with-planned-loan-sales-to-bank-of-ireland-1.4539135 KBC Group has signalled it is seeking to quit the Republic after more than four decades. It is planning to sell its performing loans and deposits to Bank of Ireland, reducing the number of retail banks in the country to three.
Do you mean BOI? Cos KBC wont offer anything as they're closing
Has anyone asked KBC for a better rate? I am currently applying through a broker but the lender they applied to (ICS) have just increased rates to the same as KBC. I Wanted to switch to Avant but have just been told they don't allow equity release for structural changes so that rules them out. I may still apply to a different broker to get a better deal, Finance Ireland would be 2.3%
I'm wondering if I go to KBC would they offer a better rate to stop me switching.
My current rate with KBC is 2.3 ending in October this year. I applied for the break funding fee towards the end of last summer & it was only €140.
If you ring them up and request a break funding fee. You should get the cost within a few days.
Has anyone moved a tracker mortgage yet?
Interested to see if the receiving banks just roll it in or if they attempt to make deals to get people out of the tracker?
I'm in a similar position, KBC rate 2.3% (Fixed) ending in April 2023. I'd like to switch now to someone like avant or aib(Green) but I'm not sure what the penalties are for breaking the fixed term early
Fix for 5 years now.
https://www.rte.ie/news/business/2022/0314/1286230-central-banks-consumer-protection-outlook-report/
Current KBC rate 2.5% (Fixed) ending in 1 year
Current KBC Variable rate 3.25%
Being moved to BOI within the next year
BOI Variable rate 4.2
Not sure where the central bank's protection is going to be to ensure customers are not being exploited by the move?
(Switching to another mortgage provider isn't an option at the moment with the switching requirements)
They said they aren't doing anything until the end of the year didn't they? Still plenty of time to benefit from the perks of KBC before needing to move, it's only the beginning of March.
I’m thinking the same.
Which one did you go for?
I think I'm going to go with the local credit union for a current account, backed up with Revolut. They seem to have all I need for 4 euro a month. Even their online banking and app is pretty good.
Sorry to see KBC go, probably the best of a bad lot in terms of traditional banks.
It would be good if people could give an indication of what services they are taking up, so people can get a feel for what the waiting times are.
I would expect that anyone want simply transferring a current account, deposit account and similar plus setting up DDs etc should be very quick where as someone needing to transfer say a current account with a regular overdraft facility etc.. would be in for a longer wait and so on.
I made the jump away from KBC last week.
Extremely easy overall, I did the direct debits to my new bank myself and all it took was a signed letter to KBC asking them to close my accounts including giving them a bank account number so that they can transfer over the final balance (due to interest occurred etc.).
Within a few days of them getting the letter I got mail telling me they closed my accounts and that the balance was transferred to the account I gave them.
Sad to see them go but I rather did the transfer now before the rush.
No
have They indicated closing dates yet?
I did the application on the BoI website very late on a Tuesday night and they texted me my new account number the following Monday evening. A new VISA Debit card and the pin number came over the following week. I had to phone them to activate the online / app banking and it was done in less than 10 minutes. I did not get them to switch direct debits as I have time to do that myself in the coming months. In fairness it was all a pain free process :)
I'm moving at glacial pace on switching banks.....almost settled now on BOI I think.
If anyone has made that switch lately I'd be interested to hear how it went
Most likley your account will be frozen and you will have to jump through all sorts of silly hoops to get your money back. Pretty much what happened with my Wirecard account.
It's an incentive using your own money, afaik.
Not sure about the one being mentioned but normally, yes. When we got our mortgage last year one of the banks offering €5-6k was something like €30k more over the term of the mortgage. A colleague of mine got a mortgage the same time as us and is at nearly 3% with a cashback offer, mental.
I don't think it is, think its an incentive to get people in. Now you would probably pay it back in higher interest rates etc...but afaik its not explicitly added to the repayable mortgage amount.
The 2% is just extra borrowed money, right? So you're going to have to pay it back with interest.
Does anyone know what happens if you do absolutely nothing and wait til the bitter end? :-)
Like others I've changed banks multiple times over the years....not in the mood for it atm but will get the ball rolling at some stage
Have you a mortgage with KBC?
I am looking at PTSB, they are offering 2% upfront cashback and 2% on monthly repayments til 2027 for switchers. The monthly current account fee would be offset by this 2% for the next few year, effectively meaning free banking, with a bit more depending on the size of your repayments.
Also, I have overpaid on my KBC mortgage over the last few years by over 30k, am I right in thinking that it would be better for me to draw that back down, then start the switch to another bank with a cashback offer (like PTSB above), and getting more for my 2%. Once thats done, I can pay the 30k off again with new bank and reset my monthly repayments?
One of the only things I’ll miss will be the odd tap with Garmin Pay.
does any other bank support Garmin PAy?
I would miss the savings rates but they are gone to pot now anyway.
You may well find that you meet the common bond criteria for one of more CUs in the other scheme, if you're interested.
Ah looks like there’s multiple ones for credit unions. My one is part of https://mycu.ie/
Looks like you're good to go;
My credit union is part of it but if it’s anything like the online/ app they currently have I’d have it ahead of EBS. First world problem I know but I wouldn’t go back to not having Apple Pay 99.9% of my purchases are via Apple Pay.
Do AIB charge the debit card rate (€0.20) or the contactless rate (zero) for Apple Pay transactions?
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