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New research from KBC Bank finds that consumers are adjusting spending behaviour to avoid current account fees

28 June 2019

KBC Bank Ireland announces fee-free daily banking for Extra Current Account holders who lodge €2,000 a month

  • Recent research shows that more than half (67%) of consumers surveyed are paying current account fees, with two in three now expecting their banks to offer more than just basic current account functions
  • 60% of the fee payers surveyed feel that the cost of maintaining a current account does not match the account functionality being offered by some banks at present
  • KBC Extra Current Account holders who make a monthly lodgement of €2,000 will be able to avail of fee-free daily banking with no requirement to continually maintain a minimum balance.
Research conducted by KBC Bank, Ireland’s digital-first bank, has found that Irish consumers want more from their current account, with almost one in two people admitting to adjusting their spending behaviour to avoid or reduce their quarterly fees. The survey also found that two out of three people expect more than just basic current account functions. Over half (60%) of those surveyed who pay bank fees feel that the cost of maintaining their current account does not match the account’s functionality.

KBC is consistently responding to the changing needs and preferences of consumers, offering unparalleled digital solutions and an ongoing commitment to innovation. In the first few months of 2019, KBC introduced multibanking, which allows customers who hold an AIB or Bank of Ireland current account to view their balance through the KBC app. KBC continues to offer real choice and long-term value across its range of products, including current accounts.

Currently, six out of 10 KBC current account customers avail of fee-free daily banking, but now, KBC Extra Current Account holders who make a monthly lodgement of €2,000 will also benefit from fee-free banking. Additionally, account holders aren’t required to maintain the balance, making it one of the most competitive current accounts on the market. This reduction in the monthly lodgement amount will no doubt increase the number of KBC customers who avail of free day to day banking.

Fergal O'Riagain, Director of Products at KBC Bank Ireland, said:At KBC, we always seek out ways to differentiate ourselves in a way that customers want, offering an unrivalled banking experience with a range of digital capabilities designed to meet customers’ needs. We consistently listen to our customers and consider their banking needs and preferences, which is why we are now offering free day-to-day banking to KBC Extra Current Account holders who lodge a minimum of €2,000 into their account every month. This will provide KBC Extra Current Account holders with the bank choices they deserve and financial support they need to achieve their goals."

KBC Bank Ireland added almost 20,000 new customers in the first quarter of 2019, bringing the total number of customers to 292,000. Customer acquisition was largely driven by the bank’s competitive offering, unparalleled digital solutions and ongoing commitment to innovation in product development.

In recent months, we also launched the first phase of multibanking, introduced a new full-service business banking offer for professionals and SMEs, and we added wena by Sony to our expanding digital wallet. Our market-leading app also offers customers Instant Credit Card, Digital Personal Loans and a new first to market Lost/Stolen instant card replacement service,” added O'Riagain
 
KBC Bank also offers free day-to-day banking to teens, students, and to those over 60 years. Third level students who open a new KBC Student Current Account before 31st of October 2019 will receive €50 in their bank account. The current account, which can be opened in an easy five-step process on the KBC Bank app, will be automatically credited with €50 once opened. Students will also avail of KBC’s market leading digital wallets from Apple Pay™, Google Pay™, FitBit Pay™, Garmin Pay™ and Wena Pay™  by Sony.

For more information see www.kbc.ie.