Important Customer Notice - Deposit Accounts - Updated 12th April 2021

KBC Bank Ireland would like to draw your attention to some important information

You may have seen the news about a recent announcement by KBC Bank Ireland in the media – click here for the announcement.

New Customers

You should be aware that if you decide to open a KBC Deposit Account, should a Binding Agreement with Bank Of Ireland receive regulatory approval, your account will be transferred to Bank of Ireland.
Should your account be transferred, your new provider may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.  

Existing Customers

Demand Deposit Account


The account you have chosen provides you with access to your funds when you need it. While no immediate impact is foreseen for your KBC Demand Deposit Account, should a Binding Agreement with Bank Of Ireland receive regulatory approval, your account will be transferred to Bank of Ireland.

When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.


Fixed Term Deposit Account

The account you wish to open means you do not have access to your funds until the end of the term chosen. While no immediate impact is foreseen for your KBC Fixed Term Deposit Account, should a Binding Agreement with Bank Of Ireland receive regulatory approval,  your account will be transferred to Bank of Ireland.
Should your account be transferred, your new provider may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.  

The full term of your Fixed Term Deposit account will be honoured by KBC or the alternative provider.
When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.

We've put together some frequently asked questions for you:

Deposit FAQs

    • There is no immediate impact on your Regular Saver Account /12 Month Fixed Term Deposit Account interest rate as a result of this announcement. Should a Binding Agreement with Bank of Ireland receive regulatory approval, this Account will transfer to Bank of Ireland at a future date.

      If your Regular Saver Account transfers to Bank of Ireland, your interest rate will not change at the time of migration. You will not be required to open a Bank of Ireland Current Account to continue to avail of the rate. This is a variable rate product and may be subject to change in the future. If this is the case, Bank of Ireland will issue notice to this effect in advance. The 12 Month Fixed Term accounts will also retain their rate at the time of migration, and until they mature. At this point, customers will be able to choose from Bank of Ireland’s suite of Deposit products or move your Deposit to another provider.

      From the 1st June 2022, KBC will commence a process  of engaging with customers regarding the closure of Current Accounts. As of that date, you will be able to close your KBC Current Account and your higher rate will be honoured by KBC Bank Ireland and by Bank of Ireland once your Deposit transfers.  In the meantime,  you should continue to adhere to the KBC conditions associated with the Extra Current Account i.e. lodge €2,000 into your Extra Current Account each month. You will be notified well in advance of any actual steps or changes that may be taken in respect of your Regular Saver Account/Fixed Term Deposit.

      For more information on your Current Account click here Important Information - Current Accounts - KBC

    • All your eligible deposits up to a limit of €100,000 per credit institution are protected. If your deposit transfers to Bank of Ireland, your eligible deposits will be the combination of your transferred deposits (formally with KBC Bank) and any existing deposits which you may already have with Bank of Ireland.

      Example 1:
      Customer has €50k in KBCI deposit account and €50k in Bank of Ireland deposit account. On transfer of the KBCI deposit to Bank of Ireland the whole €100k will be covered by the Deposit Guarantee Scheme.

      Example 2:
      Customer has €60k in KBCI deposit account and €50k in Bank of Ireland deposit account. On transfer of the KBCI deposit to Bank of Ireland, only €100k will be covered by the Deposit Guarantee Scheme and €10k will not.

      The following document outlines the basic details of the protection of eligible deposits in KBC Bank: Depositor Information Sheet (pdf)

      More information can be obtained at www.depositguarantee.ie