KBC exiting Ireland

Wheety

https://www.boards.ie/discussion/comment/118173160#Comment_118173160

Not Revolut but I'm using N26 as mine.

Will be looking to set up a new joint account with my wife for bills, mortgage etc.

Cartman78

https://www.boards.ie/discussion/comment/118173160#Comment_118173160

Not quite but I'll likely be using it a lot more than I am at the minute (mainly for online purchases).

Depending on how the charges are structured in whatever bank I move to, I'll probably set up the DDs, Standing Orders etc from that then transfer a chunk over to Revolut for shopping and stuff.

Haven't really thought about it a whole lot to be honest, such a pain in the hoop

zell12

Indo - KBC accounts to move to BoI by end-2022

Mortgage borrowers will be given at least 60 days’ notice before the transfer takes place. KBC current accounts holders will have to make the switch themselves, if they wish. All account holders will have to download and register with the Bank of Ireland app themselves.

xElDeeX

I'm going to be drawing down my mortgage with KBC in January. Opened the current account with them to get the best rate but what happens when that isn't available anymore? BOI could honour the reduced rate or the may up it as soon as KBC exit. Any insight from anyone with them a while?

raxy

They can't up your rate, they have to keep the terms of your mortgage, assuming you're going for a fixed rate. After the fixed rate is up though you'll probably be stuck with boi rates.

I think the current account discount will probably be gone though when it switches. Just my thoughts so don't quote me, haven't seen anything to suggest they'll keep it.

I'm currently looking to move house so will be. Hopefully switching before anything happens.

Red Silurian

https://www.boards.ie/discussion/comment/118265839#Comment_118265839

It depends on what way it's worded, if it's a straightforward fixed rate of X% then BOI have to honour it if your mortgage gets bought by them

Blue4u

Has anyone seen a reduction in mortgage breakage fee for KBC? I am in fixed and would like to move.....not because of KBC but I absolutely want nothing to do with Bank of Ireland.

shanec1928

new year so going to look into this more before been pushed from kbc Also need to move credit card also kbc. looking at the options the lack of choice is pretty bleak. also the thoughts of having to pay fees 🤢

its either BOI or PTSB at €6 per month or AIB at €4.50 a quarter and associated fees.

out of the banks left AIB seem to have the best app out of the three, just trying to work out how much fees you could potentially pay or save compared to the flat rate isn't the most straightforward.

what have people picked here? not interested in the online banks and having a ebs account wouldnt even consider that for my main bank.

PommieBast

Having until recently used all three I'd say AIB is the best of a bad bunch.

AndrewJRenko

https://www.boards.ie/discussion/comment/118495482#Comment_118495482

If you can join a credit union that is part of the currentaccount.ie scheme, you can get it for €4 a month.

Quin_Dub

I have a KBC Tracker Mortgage with only a few years left on it.

I know that BOI will have to honour the terms and the tracker will continue as is if I want it to , but wondering if they might try to "make me an offer" to get the tracker off their books as I understand that the Central bank rules make them particular unprofitable for banks.

In all honesty , beyond them pretty much offering to write off the entire outstanding balance I really don't think that there's anything they could offer that would entice me , but just interested to see if it's something they might try.

Sam the Sham

Do AIB charge the debit card rate (€0.20) or the contactless rate (zero) for Apple Pay transactions?

shanec1928

https://www.boards.ie/discussion/comment/118495842#Comment_118495842

My credit union is part of it but if it’s anything like the online/ app they currently have I’d have it ahead of EBS. First world problem I know but I wouldn’t go back to not having Apple Pay 99.9% of my purchases are via Apple Pay.

AndrewJRenko

https://www.boards.ie/discussion/comment/118495949#Comment_118495949

Looks like you're good to go;

https://currentaccount.ie/faqs/

shanec1928

https://www.boards.ie/discussion/comment/118495985#Comment_118495985

Ah looks like there’s multiple ones for credit unions. My one is part of https://mycu.ie/

AndrewJRenko

https://www.boards.ie/discussion/comment/118496031#Comment_118496031

You may well find that you meet the common bond criteria for one of more CUs in the other scheme, if you're interested.

Seve OB

One of the only things I’ll miss will be the odd tap with Garmin Pay.

does any other bank support Garmin PAy?

I would miss the savings rates but they are gone to pot now anyway.

retalivity

https://www.boards.ie/discussion/comment/118495482#Comment_118495482

Have you a mortgage with KBC?

I am looking at PTSB, they are offering 2% upfront cashback and 2% on monthly repayments til 2027 for switchers. The monthly current account fee would be offset by this 2% for the next few year, effectively meaning free banking, with a bit more depending on the size of your repayments.

Also, I have overpaid on my KBC mortgage over the last few years by over 30k, am I right in thinking that it would be better for me to draw that back down, then start the switch to another bank with a cashback offer (like PTSB above), and getting more for my 2%. Once thats done, I can pay the 30k off again with new bank and reset my monthly repayments?

Cartman78

Does anyone know what happens if you do absolutely nothing and wait til the bitter end? :-)

Like others I've changed banks multiple times over the years....not in the mood for it atm but will get the ball rolling at some stage

AndrewJRenko

https://www.boards.ie/discussion/comment/118496563#Comment_118496563

The 2% is just extra borrowed money, right? So you're going to have to pay it back with interest.

retalivity

https://www.boards.ie/discussion/comment/118496626#Comment_118496626

I don't think it is, think its an incentive to get people in. Now you would probably pay it back in higher interest rates etc...but afaik its not explicitly added to the repayable mortgage amount.

DaveyDave

https://www.boards.ie/discussion/comment/118496626#Comment_118496626

Not sure about the one being mentioned but normally, yes. When we got our mortgage last year one of the banks offering €5-6k was something like €30k more over the term of the mortgage. A colleague of mine got a mortgage the same time as us and is at nearly 3% with a cashback offer, mental.

AndrewJRenko

https://www.boards.ie/discussion/comment/118496651#Comment_118496651

It's an incentive using your own money, afaik.

https://www.bonkers.ie/guides/mortgage/are-mortgage-cashback-offers-good-value/

PommieBast

https://www.boards.ie/discussion/comment/118496590#Comment_118496590

Most likley your account will be frozen and you will have to jump through all sorts of silly hoops to get your money back. Pretty much what happened with my Wirecard account.

Cartman78

I'm moving at glacial pace on switching banks.....almost settled now on BOI I think.

If anyone has made that switch lately I'd be interested to hear how it went

MickH503

https://www.boards.ie/discussion/comment/118684317#Comment_118684317

I did the application on the BoI website very late on a Tuesday night and they texted me my new account number the following Monday evening. A new VISA Debit card and the pin number came over the following week. I had to phone them to activate the online / app banking and it was done in less than 10 minutes. I did not get them to switch direct debits as I have time to do that myself in the coming months. In fairness it was all a pain free process :)

Seve OB

have They indicated closing dates yet?

MickH503

https://www.boards.ie/discussion/comment/118686029#Comment_118686029

No

Yggr of Asgard

I made the jump away from KBC last week.

Extremely easy overall, I did the direct debits to my new bank myself and all it took was a signed letter to KBC asking them to close my accounts including giving them a bank account number so that they can transfer over the final balance (due to interest occurred etc.).

Within a few days of them getting the letter I got mail telling me they closed my accounts and that the balance was transferred to the account I gave them.

Sad to see them go but I rather did the transfer now before the rush.

Jim2007

https://www.boards.ie/discussion/comment/118685978#Comment_118685978

It would be good if people could give an indication of what services they are taking up, so people can get a feel for what the waiting times are.

I would expect that anyone want simply transferring a current account, deposit account and similar plus setting up DDs etc should be very quick where as someone needing to transfer say a current account with a regular overdraft facility etc.. would be in for a longer wait and so on.

Indestructable

I think I'm going to go with the local credit union for a current account, backed up with Revolut. They seem to have all I need for 4 euro a month. Even their online banking and app is pretty good.

Sorry to see KBC go, probably the best of a bad lot in terms of traditional banks.

AndrewJRenko

https://www.boards.ie/discussion/comment/118745084#Comment_118745084

Which one did you go for?

AndrewJRenko

https://www.boards.ie/discussion/comment/118750515#Comment_118750515

I’m thinking the same.

DaveyDave

They said they aren't doing anything until the end of the year didn't they? Still plenty of time to benefit from the perks of KBC before needing to move, it's only the beginning of March.

BronsonTB

https://www.rte.ie/news/business/2022/0314/1286230-central-banks-consumer-protection-outlook-report/

Current KBC rate 2.5% (Fixed) ending in 1 year

Current KBC Variable rate 3.25%

Being moved to BOI within the next year

BOI Variable rate 4.2

Not sure where the central bank's protection is going to be to ensure customers are not being exploited by the move?

(Switching to another mortgage provider isn't an option at the moment with the switching requirements)

JimmyVik

https://www.boards.ie/discussion/comment/118782236#Comment_118782236

Fix for 5 years now.

youcancallmeal

https://www.boards.ie/discussion/comment/118782236#Comment_118782236

I'm in a similar position, KBC rate 2.3% (Fixed) ending in April 2023. I'd like to switch now to someone like avant or aib(Green) but I'm not sure what the penalties are for breaking the fixed term early

Quin_Dub

Has anyone moved a tracker mortgage yet?

Interested to see if the receiving banks just roll it in or if they attempt to make deals to get people out of the tracker?

Ronan|Raven

https://www.boards.ie/discussion/comment/118782591#Comment_118782591

If you ring them up and request a break funding fee. You should get the cost within a few days.

raxy

Has anyone asked KBC for a better rate? I am currently applying through a broker but the lender they applied to (ICS) have just increased rates to the same as KBC. I Wanted to switch to Avant but have just been told they don't allow equity release for structural changes so that rules them out. I may still apply to a different broker to get a better deal, Finance Ireland would be 2.3%

I'm wondering if I go to KBC would they offer a better rate to stop me switching.

My current rate with KBC is 2.3 ending in October this year. I applied for the break funding fee towards the end of last summer & it was only €140.

Salvadoor

https://www.boards.ie/discussion/comment/118822810#Comment_118822810

Do you mean BOI? Cos KBC wont offer anything as they're closing

Sam the Sham

Revolut is now set up as a bank in the Republic, so I guess that's now another option. No idea what they charge and it's not prominently featured on their website yet (unless I'm missing it).

raxy

I already have a Revolut account. I got a mail saying all I have to do it go into the app & select to join Revolut bank, I did & there is no difference, same app & accounts I had before. It is still free to use & there is the usual premium upgrade accounts that was there before

Indestructable

Does this make Revolut a good alternative now to KBC? Details have been scant about fees etc.

Your money will now be protected by the deposit guarantee scheme, which was an issue for many.

Bummer1234

Revolut are still not using a Irish IBAN and companies here be discriminating against foreign IBANs its hard to work with revolut and direct debits that I had with KBC.

atahuapla

https://www.boards.ie/discussion/comment/118056873#Comment_118056873

Anyone else have an added discount on their mortgage for using their extra current account?

I’m getting an extra 0.25% for lodging my salary into the current account so moving that prematurely means I’ll be penalised on my mortgage rate.

Looks like I’ll be with them until the very end before I can switch to AIB or BOI. (Can’t choose an online bank as they don’t do joint accounts).

Seve OB

https://www.boards.ie/discussion/comment/118829021#Comment_118829021

How are the discriminating?

Jim2007

https://www.boards.ie/discussion/comment/118841518#Comment_118841518

I would not advise hanging on until the end. There will be a scramble at the end, some people will miss out and some may well discover that the banks are not interested in their business and may only be offered limited services as required by the EU directive. And remember if you have any issues you will not be able to go back to UB to sort it out because they will not be there.

Cartman78

Took the plunge just now with BOI....not exactly jumping up and down with excitement but might as well get the ball rolling rather than panicking at some stage later in the year.

The application process is fairly streamlined....pretty much the same as Revolut from what I remember

Bummer1234

https://www.boards.ie/discussion/comment/118841800#Comment_118841800

Irish companies not allowing Revolut IBAN number for example when its the EU wide setup. I am trying to move all my accounts to N26/Revolut and some need a Irish IBAN.