Are there any circumstances where it would be worthwhile having a current account just to avail of this offer? From my calculations you'd earn an extra €60 before tax/DIRT/PRSI so it would be a couple of euro either way...
Hi Ciaran,
I already have a KBC current account and an existing KBC regular saver account. Do you know if this new rate will apply to the existing regular saver account or is it only for a newly opened regular saver account.
Hello,
I thought there was something to prevent Banks coniditioning that you take one product, to avail of another - the Consumer Protection Code perhaps ?
How are KBC getting around this, if I am infact correct ?
I think the CPC is intended to prevent situations such as "you must open a current a/c in order to take out any loan with us"
and not "you must open a current a/c to take out a loan with these specific conditions".
As KBC provide regular and other savings a/cs which do not require a current a/c to be opened, they are compliant with the regulations.
So Danske were within their rights to require that mortgage customers hold current accounts with them for the life of the loan, as long as they could do so without incurring fees. Once they withdrew their Freebank product, that requirement fell foul of the CPC.A regulated entity must not make the sale of a product or service contingent on the consumer purchasing another product or service from the regulated entity. This provision does not prevent a regulated entity from offering additional products or services to consumers who are existing customers which are not available to potential consumers.
Seems like a half-baked offering from KBC. If they were serious, they'd drop the current account fees. They don't even have the overhead of a branch network!
Some plausible interesting theories about the CPC criteria for contingent products. The letter of the law, in the CPC, seems to outlaw contingent products. However, everyone seems to think there is an implicit spirit or intent of the law, however, that is far from clear in the CPC rules.....
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