What is the Regular Saver Account?
This is a new Variable Rate Savings Account available from KBC Bank Ireland which will allows you to save between €100 to €1,000 monthly by standing order or credit transfer.
Who can apply for a Regular Saver Account?
The Regular Saver Account is available to Personal Customers aged 18 years and over. You may only pay personal funds into the Regular Saver Account. The Regular Saver Account cannot be used as a Business/Charity/Club or other non-personal type of account.
Is there a limit on the number of accounts that an individual may open?
A Personal Customer can only open one Regular Saver Account with us in his/her sole name. In addition a Personal Customer may open a Regular Saver Account jointly with another Personal Customer.
What is the interest rate on the account?
When is interest paid?
Interest is calculated on a daily basis on the cleared deposit balance and paid to the account annually in December.
Is my interest paid gross or net?
Interest payable on the Account is subject to Deposit Interest Retention Tax (“DIRT”) where applicable, i.e. you will receive the net amount after the DIRT deduction. Some Irish resident customers, such as individuals over 65 and those who are permanently incapacitated, may be entitled, in certain circumstances and subject to the completion of certain declaration forms, to be paid interest without the deduction of DIRT. It is the responsibility of customers to seek any tax relief that may apply. Exemptions from DIRT are set by the government and are subject to change. Please see www.revenue.ie for details.
How do I make payments into my Regular Saver Account?
You can make payments to your Regular Saver by setting up a standing order and/or a credit transfer on a monthly basis.
What are the Savings limits on the account?
Minimum lodgement is €100 & maximum lodgement is €1,000.
Multiple lodgements are permitted but the combined value of all lodgements must not be less than €100 or more than €1,000 per calendar month.
Can the Savings amount be changed once the Account is open?
Yes, you may change the Savings amount within the limits (€100 to €1,000 per month) outlined at any time. In order to do so, if you are funding your account by standing order, you must amend accordingly.
Are any withdrawals permitted with this account?
Yes, withdrawals are available on demand. Withdrawals will be paid by EFT to the current account specified in the original application form. Changes to the nominated account must be confirmed to KBC in writing.
In the case of a Joint Account funded from two sources, the customer(s) must specify which account to transfer the funds to.
What happens if I change Bank Account?
You should ensure that you set up your Standing Order from this new account.
What is the maximum balance on the account?
The maximum account balance is €50,000. Once the balance in the Regular Saver Account reaches €50,000 the entire balance, including future Standing Order payments, will earn interest at the Standard Demand Deposit Account interest rate.
Can I have a joint account?
Yes, joint accounts are permitted.
Can a Joint Account be funded by both applicants?
Yes, the Account can be funded by separate standing orders and/or credit transfers from two accounts. Multiple lodgements are permitted by either means but the combined value of all lodgements must not be less than €100 or more than €1,000 per calendar month.
Can I open an account online?
Yes an application for an Account may be made online by completing the form online, signing it and sending to us using our FREEPOST address. Accounts may also be opened via telephone or in a Hub.
When we receive your application and documentation we will review the information to ensure that all is in order. If everything is in order we will then process your application and post you out your account opening confirmation within 6-8 working days.
If there is any information missing from your application we will contact you to advise you of what is outstanding. On receipt of all the required information we will then be in a position to process your account opening and will post you out your account opening confirmation.
Can additional funds (Top Ups) be added to the account?
No, additional lump sums above the monthly standing order amount cannot be added to the account.
Can I take a break from monthly saving?
Yes, you have the opportunity to take two payment breaks per calendar year. Payment breaks can be taken for two consecutive months or for two separate months during the year. For joint accounts, each of the joint account holders can take separate payment breaks during the year. To take a payment break you must cancel your standing order and give instruction to reinstate the standing order for your next payment.
Does KBC charge a fee for non-payment of funds on the due date?
KBC will not charge a fee for non-payment of funds on the due date. If you have the standing order set up and you miss the payment, your Current Account provider may apply a penalty charge.
What happens if I want to close my account early?
Upon Account closure the customer will receive the full amount of their savings and the interest accrued up to the closure date. This payment will be processed by Electronic Funds Transfer (EFT) to the funding account. No penalties or charges will apply.