KBC exiting Ireland

The ECB’s next meeting is 21 July. Hard to know exactly when the KCB rates could change, but around then.

All you can do is get the form back to them as soon as you receive it.

For us, it took 5 working days to receive the break form, another 5 working days for acknowledgement of receipt… almost 3 weeks since the initial request and still waiting for confirmation of the rate change.

Request it again. I'd say they forgot. I requested 1 in April, they never got back to me but I didn't chase it as I was just curious what it might be.

The ONLY rate that is guaranteed to increase when the ECB announces their rate change on 21st July is tracker rates as they are designed to increase / decrease directly in line with the ECB refinancing rate.

All other rates are subject to what the financial institution wants to do. Fixed rates in many instances have already increased this year. Those who haven't increased may act sooner and those who have changed already may wait and see what the bond markets do. But its the start of a program of rates increases that may not be too rushed if the expected slowdown/ slight recession comes, but still expect the ECB to be 2%+ this time next year

Kbc won't be taking any new busines after the 15th July which I think going by other posters here includes changes for current customers.

If you want to do it call them ASAP otherwise you'll be too late if not already.

Changing rates is not new business.

From 15th July they will not accept any applications from current customers for NEW lending / NEW accounts. My guess is that they will still allow fixing / switching rates almost until the final day and that's probably 6-9 months away

If you don't already have a current account with them and want the 0.2% current account discount, you have until July 15th to open one (then simply close it next month). This gives you an extra 0.2% discount

You will not have a break fee.

Took 14 working days for it to be ready. In fairness the guy I was dealing with called me to say it was done. Now the pack is being sent out... Hopefully it arrives in less than 10 working days unlike the last one.

He did also say the 15th July was cut off for new business not existing. That will not stop for a good long time. I'm just keen to get rate fixed before they go up again

Did the final transfer from KBC today....not sure whether to officially close it or let it die a natural death.

Anyway thanks to all for advice and inputs over the last while....hope everyone gets sorted ok.

See you all in the "BOI Exiting Ireland" thread in a couple of years 😅

How do you mean simply close it next month? From KBC: “If you cease mandating your salary to your KBC Current Account and/or paying your KBC mortgage by Direct Debit from your KBC Current Account, the interest rate on your KBC Mortgage will increase by 0.20% i.e. the discount will no longer apply.”

For anyone waiting on the break pack, give them a call. I rang on Friday and received mine in post yesterday.

From the Mortgages FAQ on their site:

"From the 1st June 2022 you will be able to close your KBC Current Account and your Mortgage Discount will be honoured by KBC Bank Ireland and by Bank of Ireland once your mortgage transfers. In the meantime, you should continue to adhere to the KBC conditionsassociated with the discount i.e. continue to have your salary mandated to your KBC Current Account."

I'm with Cython in being cautious, so before moving wages mandate, I'll be screen shotting that and emailing it to myself to ensure it's time stamped. Just in case.

Staff are good and cut them slack as they are doing their best. Very few will jump before the end as they would be giving up their entitlement to a very generous redundancy payment

Put it this way - many will be getting 20k +++ (mostly tax free too) and will start in a new company the week after they leave KBC.

I doubt anyone of them will be unemployed for even a day.

Still waiting on the break info to come back for my inquiry, but two pieces of info from the latest agent to whom I spoke that put my mind somewhat at ease, and may do so for others here:

1. Refixing will still be available for existing customers post July 15th, and indeed right up to the transition to BOI, which is expected to be next year sometime.
2. Any change in the fixed interest rates on offer would be preceded by at least 30 days' notice to customers, which obviously hasn't been issued. Same agent said they've been given no indication of changes as well, but there's no guarantee they'd get much advance notice anyway, IMO.

So given that, there's a part of me that if I thought I could get a break and re-fix through in the 30 days notice I'd be tempted to let it slide for the time being and get as long as I can out of my current fixed rate (2.25% with about a year left), and aim to refix as close to any rate change as possible, but that would be a gamble, obviously, and assume that the break fee would remain zero in the face of a rate hike coming.

400 for BER? Is your house not new if it's that highly rated? Did you not have a BER cert already?

Apologies if I've missed it, but has anyone actually recieved a letter or notification from KBC regarding the closure of their Current accounts 🤔

I've already set up new accounts elsewhere but for convenience, and all charges waived for remainder of account being operational, I'm continuing to use my KBC account albeit less and less, I've one DD remaining for monthly Car insurance, but last payment will be in November, will just pay off balance rather than setting up new DD and next year obviously use new bank for DD purposes.

I'd have expected notification of account closure by now.

Thanks

I misread the post, thought he was requesting the break fee.

Hmm, by that logic my own was probably out on Thursday (issued the 8th, and I was counting to the 22nd, but 10 days inclusive of the date of issue would be the 23rd?), and the staff member with whom I was confirming all of this with agreed with me on the phone that based on the dates I had until close of business on the 22nd. I'll have to wait and see what comes of it at this point I suppose, as it will take time to get any confirmation either way with the backlog of similar requests.

They’re supposed to send a letter confirming the rate change.

I sent mine in on the 17th June and still haven’t received written confirmation yet. I spoke to them last week and was told it’s all done. Took a month for the break and new rate to be processed.

Probably only a matter of time until Avant are absorbed by AIB or BOI. I've fixed now for 5 years with KBC and fearful that the options in 5 years time will be poor

The ecb deposit rate is zero. (Was -0.5%)

I sent one in too. I'm looking to fix long term. What happens if rates go up before they process these applications? The fixed rate on the application is what I have applied for. I would like to think they would honour the rates at the time of application as they are the bottleneck.