Here's what you need to know
We've put together some useful tips and frequently asked questions for you.
The DGS guarantees your eligible deposits up to €100,000 per financial institution. As your deposit has now transferred to Bank of Ireland, should your total balance on deposit with Bank of Ireland exceed €100,000 (including any funds held in a Bank of Ireland Current Account), the amounts above €100,000 will not be covered by the DGS.
More information can be obtained at www.depositguarantee.ie
What's changing?
Are you an existing customer? We've put together some useful information for you to help you prepare for the changes ahead.
KBC Savings and Deposit Account(s) have transferred to Bank of Ireland.
If you have instructed KBC to take an action on your account e.g. update your address and this action has not been completed in advance of the Service Transfer Date we will pass this instruction to Bank of Ireland. There may be a short delay in completing your request.
Do you need some additional support? Check out our FAQs:
I have a Notice Account. Will the notice period on my account stay the same?
Yes. There will be no change to the notice period on your account.
I have a Regular Saver/Extra Regular Saver, do I need to do anything?
If your account is a KBC Regular Saver Account or Extra Regular Saver Account you will need to set up a direct debit with Bank of Ireland. Please refer to Communication 3 from Bank of Ireland on how to do this and by when. If you currently fund your account by standing order, you will also need to cancel your standing order.
My deposit was introduced by a broker, can he/she speak with BoI on my behalf?
Where your Deposit Account was introduced via a Broker, please note that the Broker relationship did not transfer to Bank of Ireland. Therefore, your Broker will no longer be able to provide instructions on your behalf.
Will I get a 2023 deposit statement from KBC?
You will receive a closing statement from KBC which will include all activity on your Deposit Account from January 2023 to up to the Service Transfer Date.
What does this announcement mean for my Deposit Account?
Your KBC Savings and Deposit Account(s) have moved to Bank of Ireland.
My deposit transferred to Bank of Ireland, will this have an effect on the Deposit Guarantee Scheme eligibility?
Any obligations in respect of the Deposit Guarantee Scheme (“DGS”) have now transferred to Bank of Ireland. The DGS guarantees your eligible deposits up to €100,000 per financial institution. As your deposit has now transferred to Bank of Ireland, should your total balance on deposit with Bank of Ireland exceed €100,000 (including any funds held in a Bank of Ireland Current Account), the amounts above €100,000 will not be covered by the DGS.
I have a Fixed Term Account what will happen when it transfers to Bank of Ireland?
Your Fixed Term Account will transfer with the same maturity date and the amount of interest you will earn will remain the same until that maturity date.
Can I continue to fund my BOI Savings and Deposits from my KBC Current Account?
For now you can continue to fund your accounts as normal. We have sent you a letter giving you at least 6 months’ notice of your Current Account closing and providing you with more details about what’s happening to your Current Account.
Can my broker contact Bank of Ireland?
Where your Deposit Account was introduced via a Broker, please note that the Broker relationship did not transfer to Bank of Ireland. Therefore, your Broker will no longer be able to provide instructions on your behalf.
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You can save between €100 and €1,000 per month. Fund your account by Standing Order or Credit Transfers.
The combined value of all lodgements must not be less than €100 or more than €1,000 per calendar month.
Once the balance exceeds €50,000 (including interest credited to the account), the full balance will earn interest at the then prevailing Standard Demand Deposit Account interest rate. Only available to Personal Customers.
Get instant access on the App, withdraw funds on demand to your KBC Current Account.
Smart Access Demand
Get instant access to your money through your App with your KBC Current Account.
Standard Demand Account
Get instant access to your money through your App with your KBC Current Account.
Please be aware that if we receive ministerial approval and your fixed term account matures after the transfer to Bank of Ireland, your account will transfer with the same maturity date and the amount of interest you will earn will remain the same until that maturity date.
Should your account transfer we will write to you with further updates. When considering your options please be aware of the Deposit Guarantee Scheme limits if you already have eligible deposits with Bank of Ireland.
For further information regarding the Deposit Guarantee Scheme or for information about accounts maturing prior to transferring to Bank of Ireland, please see our Frequently Asked Questions above.
The Standard Fixed Rate Deposit Account does not permit any access to funds prior to the maturity date. In exceptional circumstances, KBC Bank Ireland may at its sole discretion and subject to reasonable conditions permit a withdrawal from an account before the maturity date.
Unless we receive instruction(s) from you on or before the maturity date, the full balance in the account will be reinvested in a similar fixed term product at the prevailing interest rate for that product on that date. If on the maturity date there is no similar fixed term product available, the full balance in the account will be reinvested in our Standard Demand Deposit account earning the then prevailing Standard Demand Deposit Account interest rate.
If you are permitted to make an exceptional withdrawal from the account before the end of the term, the amount of interest earned will be less than if the deposit had been left intact for the full duration of the term.
The products are no longer available to open.
Read the full details in our Terms and Conditions (pdf, 424 KB)
You can see all our rates here.
