Important Customer Notice

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Important Customer Notice

KBC Bank Ireland would like to draw your attention to some important information.
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KBC Savings & Deposits

Important update: Removal of Negative Interest Rates from Business Deposit Accounts

Please note that we will cease applying Negative Interest Rates to the below Business Deposit Accounts effective from 1st September 2022.

  • Business Smart Access Demand Account

  • Business Demand Deposit Account

  • Business Client Demand Deposit Account


For more information click here.


Please note: We are no longer accepting applications for this product. If you made an application on or before the 15th July 2022 it will continue to be processed as normal.

There is no change for existing customers. For more information about what will be happening to your existing Savings and Deposit Account please click here.

Savings Download Booklet

Here's what you need to know

We've put together some useful tips and frequently asked questions for you.

What's happening?
KBC Savings and Deposit Account(s) will be moving to Bank of Ireland. We have written to you with more information and next steps. In the meantime, we are here to help with any queries about your Savings and Deposit Account(s).
What to expect...
If your account is included in the transfer we have written to you providing notice of the transfer and outlining what this means for your account. We will continue to ensure you are provided with plenty of notice of any changes in line with all legal and regulatory protections. Your Savings and Deposit Account(s) will transfer automatically. Bank of Ireland will write to you with important information. We will continue to keep you up to date with more information and next steps.
What you need to do...
Make sure your contact details are correct and up to date so we can keep you informed, and Bank of Ireland can contact you directly about the transfer of your Savings and Deposit account(s).

Guide to Next Steps
Download now

DGS Block

The Deposit Guarantee Scheme

The Deposit Guarantee Scheme (DGS) guarantees your eligible deposits up to €100,000 per financial institution. Following the transfer, if your total balance on deposit with Bank of Ireland exceeds €100,000 (including any funds held in a BOI current account), amounts above €100,000 will no longer be covered. If this applies to you, please contact us to discuss your options.

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:
Deposit Guarantee Sheet

More information can be obtained at www.depositguarantee.ie

Savings Help Hub

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.

Your Deposit Account

Your account will be transferred to Bank of Ireland.

Where there are changes to your terms and conditions and/or where there are operational changes to how Bank of Ireland will manage your Deposit Account, Bank of Ireland will clearly communicate these changes to you. All changes will be made in line with regulatory and contractual obligations, including providing you with sufficient written notice of these updates (at least 60 days). Bank of Ireland will also let you know when these changes come into effect.

We will continue to keep you up to date with more information and next steps.

Important Info

Important Things to Know

You will earn the same amount of interest when your Savings and Deposit Account(s) transfer to Bank of Ireland.

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 at a date in the future. You will receive further information 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. For now you can continue to fund your account as normal.

Top FAQs

Are you an existing customer and need some additional support check out our FAQs:

I have received a letter to say that you are going to close my Deposit account in 30 days’ time because I have never funded it. Why is this happening?

If you have not made a lodgement to your deposit account within 60 days of opening it, in line with our Terms & Conditions we are permitted to close it.  If you wish to keep your deposit account open, you may do so by making a lodgement to it before the date noted on your letter. If you make a lodgement before this date we will not close it, however, your account will transfer to Bank of Ireland (with the anticipated date of transfer being in early 2023).

I get a higher rate on my KBC Deposit Account because I have an Extra Current Account with KBC. What will happen to this if my Deposit Account is transferred to Bank of Ireland?

There will be no change on the amount of interest you will earn on your Regular Saver Account /12 Month Fixed Term Deposit Account as a result of this announcement. 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.

You can 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. We will write to you with more information and next steps.

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

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.

Will my Standing Order remain in place?

You will need to cancel your standing order. Bank of Ireland will contact you directly about how you can pay into your Savings and Deposit Account(s).

How do I set up and delete a Standing Order or Direct Debit?

For information on how to set up and delete a Standing Order or Direct Debit click here.

I have an Extra Regular Saver Account. Will I earn the same amount of interest?

There will be no change to the amount of interest you will earn when your account transfers to Bank of Ireland. This is a variable rate account and may be subject to change in the future. Bank of Ireland will contact you directly providing notice ahead of any changes. You will not be required to open a Bank of Ireland Current Account to continue to avail of the higher rate. You can close your KBC Current Account and your rate will be honoured by KBC Bank Ireland and by Bank of Ireland once your account transfers.

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 withdraw funds from my Demand Account, Regular Saver or Extra Regular Saver?

If you have a Demand Account, Regular Saver, Extra Regular Saver and/or Notice Account, you can continue to withdraw your funds in line with the terms and conditions of your account. If you have a Fixed Term Account you can withdraw funds at maturity in line with the terms and conditions of your account.

Get in touch

Hi!

We’re here to help. Phone us Monday to Friday from 8am to 8pm. Saturday and Sunday from 9am to 5pm.

Customer Service Team
Special Assistance Team

Need help or support?

Get in touch

Important Information about your KBC Deposit Account

  • 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.