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KBC exiting Ireland

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Comments

  • Registered Users, Registered Users 2 Posts: 16,332 ✭✭✭✭Seve OB


    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.



  • Registered Users, Registered Users 2 Posts: 15,049 ✭✭✭✭retalivity


    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?



  • Registered Users, Registered Users 2 Posts: 10,165 ✭✭✭✭Cartman78


    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



  • Registered Users, Registered Users 2 Posts: 32,345 ✭✭✭✭AndrewJRenko


    The 2% is just extra borrowed money, right? So you're going to have to pay it back with interest.



  • Registered Users, Registered Users 2 Posts: 15,049 ✭✭✭✭retalivity


    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.



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  • Registered Users, Registered Users 2 Posts: 6,442 ✭✭✭DaveyDave


    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.



  • Registered Users, Registered Users 2 Posts: 32,345 ✭✭✭✭AndrewJRenko




  • Registered Users, Registered Users 2 Posts: 2,926 ✭✭✭PommieBast


    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.



  • Registered Users, Registered Users 2 Posts: 10,165 ✭✭✭✭Cartman78


    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



  • Registered Users, Registered Users 2 Posts: 554 ✭✭✭MickH503


    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 :)



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  • Registered Users, Registered Users 2 Posts: 16,332 ✭✭✭✭Seve OB


    have They indicated closing dates yet?



  • Registered Users, Registered Users 2 Posts: 554 ✭✭✭MickH503




  • Registered Users, Registered Users 2 Posts: 5,301 ✭✭✭Yggr of Asgard


    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.



  • Moderators, Business & Finance Moderators Posts: 10,944 Mod ✭✭✭✭Jim2007


    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.



  • Registered Users, Registered Users 2 Posts: 1,380 ✭✭✭Indestructable


    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.



  • Registered Users, Registered Users 2 Posts: 32,345 ✭✭✭✭AndrewJRenko




  • Registered Users, Registered Users 2 Posts: 32,345 ✭✭✭✭AndrewJRenko




  • Registered Users, Registered Users 2 Posts: 6,442 ✭✭✭DaveyDave


    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.



  • Registered Users, Registered Users 2 Posts: 1,908 ✭✭✭BronsonTB


    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)

    Sligo Metalhead



  • Registered Users, Registered Users 2 Posts: 5,360 ✭✭✭JimmyVik




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  • Registered Users, Registered Users 2 Posts: 8,136 ✭✭✭youcancallmeal


    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



  • Moderators, Politics Moderators, Social & Fun Moderators Posts: 16,929 Mod ✭✭✭✭Quin_Dub


    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?



  • Registered Users, Registered Users 2 Posts: 8,153 ✭✭✭Ronan|Raven


    If you ring them up and request a break funding fee. You should get the cost within a few days.



  • Registered Users, Registered Users 2 Posts: 902 ✭✭✭raxy


    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.



  • Registered Users, Registered Users 2 Posts: 288 ✭✭Salvadoor


    Do you mean BOI? Cos KBC wont offer anything as they're closing



  • Registered Users, Registered Users 2 Posts: 777 ✭✭✭Sam the Sham


    Revolut is now set up as a bank in the Republic, so I guess that's now another option. No idea what they charge and it's not prominently featured on their website yet (unless I'm missing it).



  • Registered Users, Registered Users 2 Posts: 902 ✭✭✭raxy


    I already have a Revolut account. I got a mail saying all I have to do it go into the app & select to join Revolut bank, I did & there is no difference, same app & accounts I had before. It is still free to use & there is the usual premium upgrade accounts that was there before



  • Registered Users, Registered Users 2 Posts: 1,380 ✭✭✭Indestructable


    Does this make Revolut a good alternative now to KBC? Details have been scant about fees etc.

    Your money will now be protected by the deposit guarantee scheme, which was an issue for many.



  • Registered Users, Registered Users 2 Posts: 1,885 ✭✭✭Bummer1234


    Revolut are still not using a Irish IBAN and companies here be discriminating against foreign IBANs its hard to work with revolut and direct debits that I had with KBC.



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  • Registered Users, Registered Users 2 Posts: 80 ✭✭atahuapla


    Anyone else have an added discount on their mortgage for using their extra current account?

    I’m getting an extra 0.25% for lodging my salary into the current account so moving that prematurely means I’ll be penalised on my mortgage rate.

    Looks like I’ll be with them until the very end before I can switch to AIB or BOI. (Can’t choose an online bank as they don’t do joint accounts).



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