KBC Extra Regular Saver threshold

Discussion in 'Deposits' started by Hiragii, 10 Feb 2019.

  1. Hiragii

    Hiragii Registered User

    Posts:
    11
    In the best buys post for deposits, the following it's written:

    "2.10%* on €1 to €40,000
    0.01% up to €1,500,000 on the whole balance if the balance exceeds €40,000"


    Also, in KBC's term and conditions:

    "Once the balance reaches €40,000 (including interest credited to the account), the full balance will earn interest at the then prevailing Standard Demand Deposit Account interest rate."

    My current balance in the account is ~€34,000 and I'm depositing €1,000 per month. Does it makes sense to switch to €100 deposits to keep the 2.10% rate for longer and invest the rest in something different?

    Thanks.
     
  2. CiaranT

    CiaranT .

    Posts:
    4,703
    Best bet is to keep depositing 1,000 EUR per month until you are up to around 39,000 EUR or so, then switch to depositing 100 EUR a month and set a reminder in your calendar to manually withdraw 100 EUR too.

    Do not let the balance exceed 39,999.99 EUR.

    Keep in mind that interest is paid on 31 December so you will need to withdraw that too.
     
  3. Hiragii

    Hiragii Registered User

    Posts:
    11
    Thanks Ciaran, that makes sense!

    For some reason I thought I could only withdraw from the account a few times per year, but if I can withdraw every month that's perfect.
     
  4. HollowKnight

    HollowKnight Frequent Poster

    Posts:
    68
    I've made one or two withdrawals a year without any problems (new bathroom and then new kitchen).

    Agree with above. Keep a little below the 40k mark.
     
  5. mc-BigE

    mc-BigE Frequent Poster

    Posts:
    231
    Not really a theashold question, but regarding the 10,000 lump sum, can I put say 3000 lump sump in now , and 7000 lump sum in say a years time , or does it have to by one payment of 10,000 only?
     
  6. pudds

    pudds Frequent Poster

    Posts:
    1,697
    One lump sum of up to 10k permitted.