Personal Deposit FAQs

Below you'll find some helpful information about our Personal Deposit Accounts:

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How is interest calculated?

Interest on Cleared Funds will be calculated daily on a 360 day basis, but paid on a 365 day basis.

For Example:
Balance x Interest Rate ÷ 360 days x Number of Actual Days = Gross Interest

How is interest paid?

The gross interest amount is credited to your deposit account, with deductions made for DIRT (Deposit Interest Retention Tax) at the current rate, creating a net amount of interest due to you.
Please refer to our Terms & Conditions for further information on the frequency of interest payments on our accounts.

What is AER?

AER is the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on a yearly basis (instead of monthly or over any other period).

We calculate the AER using the following formula: (Amount Invested x Interest Rate)/360 x 365.

Who is KBC Bank Ireland?

KBC Bank Ireland plc is a 100% owned subsidiary of KBC Bank NV, which is listed and incorporated in Belgium. One of Europe’s most recognisable financial institutions, the KBC Group is a successful banking and insurance group serving over 13 million customers worldwide. KBC Bank Ireland is part of the KBC Group and has been operating in Ireland for over 40 years.

Is KBC Bank Ireland a member of the Irish Deposit Guarantee Scheme?

Yes, KBC Bank Ireland is a member of the Irish Deposit Guarantee scheme. This scheme is administered by the Central Bank of Ireland. The maximum amount payable to any depositor is 100% of the aggregate deposits held with us subject to a maximum compensation of €100,000 per individual.

How safe is my money with KBC Bank Ireland?

A strong knowledge of the needs of Irish customers backed by the strength of our parent means our customers can be secure in the knowledge that they are dealing with a bank that understands their needs and is supported by a financially sound parent.

What is KBC Bank Ireland's account opening process?

Upon receipt of your completed application form, together with all required valid documentation, we will open your account and issue a confirmation detailing your new account number and terms. You will also receive an additional confirmation, confirming your lodgement to your new account.

What additional documentation is required for a Retail Business Deposit?

You will need a Business Deposit Application form, together with:

  • Certified Copy of Certificate of Incorporation;
  • Certified Copy of Memorandum and Articles;
  • List of Directors/Owners;
  • Two Directors to provide Photo ID, address verification and proof of PPSN; 
  • Two authorised signatories to provide Photo ID, address verification and proof of PPSN. (If different from those provided for Directors)

When will I receive my deposit statement?

2018 annual statements have issued in 2019. We will begin to issue 2019 annual statements in early 2020.

What is the meaning of V/D on my account statement?

V/D is short for Value Date and is confirmation of the date that we received your funds and from which date you will receive ‘value’ or interest. In some instances it may be different from the date that appears on your statement as this is the date the transaction occurred on your account.

Why is the interest explanation note on some statements appearing differently?

There are 3 ways that your interest may appear on your statement depending on the account and the type of transaction:

1. Account Rollover - The Credit from the total interest is shown on one line and credited to your account. There is also a line below ‘Interest – Capitalise’ which highlights that this credit is worked out by taking interest less Dirt = credit

2. Interest at Maturity - The Credit from the total interest is shown on one line and credited to your account. On the following line of your statement the DIRT is deducted. The final line shows the NET interest paid from your account.

3. Account Closure - If you have closed your account or are moving to a different product the interest entries will appear on individual lines. This includes the interest credited to your account. On the following line the DIRT amount deducted and the NET interest repayment that was paid from your account. The final line shows the closure of your account and balance paid from your account.

How can I lodge a cheque to my KBC Current Account or Deposit Account?

You can lodge a cheque to your KBC Current Account or Deposit Account (where the account allows) by visiting one of our Hubs or posting the cheque to KBC Bank Ireland Plc, PO Box 12421, Sandwith Street, Dublin 2 along with your account details.