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KBC Regular Saver - any drawbacks?

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  • 19-03-2015 8:55pm
    #1
    Lou22
    Registered Users Posts: 38 ✭


    I'm considering opening a KBC Regular Savings account (3.5% AER), saving €1,000 a month for foreseeable future. Are there any drawbacks? With the rate they offer compared to others it seems like a no-brainer, I just hope it's not too good to be true!

    I would also switch my current account to them and get the extra 1% for the first year, I currently have a student account elsewhere but am no longer a student so I assume I don't have long left with it.


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    #2
    Humour Me
    Registered Users Posts: 360 ✭✭Humour Me


    I have the regular saver and have had a good experience with KBC anytime I wanted to change the monthly amount. Nationwide UK Ireland has a regular saver with a higher rate.

    I didn't go with the current account due to the transaction fees. Even with the extra 1% interest, it would cost me to move my current account to them. I have transaction free banking with PTSB instead.

    If you use some of the online interest calculators you should be able to calculate how much interest you would earn and if it will cover the fees on the current account.


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    #3
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    I would also switch my current account to them and get the extra 1% for the first year, I currently have a student account elsewhere but am no longer a student so I assume I don't have long left with it.

    You don't get 1% extra for the first year. You get 1% extra until 1 June 2015 which is quite soon which means cents in extra interest.

    The downside is no cash banking, no cheque banking, not a lot of branches and mandatory maintenance fees with the KBC current account. Better off with PTSB.


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    #4
    Lou22
    Registered Users Posts: 38 ✭Lou22


    Thanks for the info! I had misread/misinterpreted what I was told about the extra interest, so that coupled with the lack of cash banking (something I hadn't considered as it's so infrequent but would be a huge pain if impossible) has put me off moving my current account to them. I'll have to look into the PTSB one further, thank you both!


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    #5
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    I looked into one of those accounts too, but my main issue is that they don't allow lump sum payments.... So if you got a bonus or had some spare cash one month, you can't add it to your savings.


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    #6
    Lou22
    Registered Users Posts: 38 ✭Lou22


    That was a concern of mine too Charlie but I think for now I could live with it. As it is I plan to save the max amount for as long as I can, so will be unlikely to have extra floating around anyway.

    That said, I'm off to read the small print again now, and maybe compare it in more detail to the Nationwide UK one.


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