KBC Launch 3.5% Regular Saver Product

Tomorrow, KBC will launch [broken link removed]. The account pays 3.5% which is a price match of the PTSB Online Regular Saver rate.

However, the account is not as flexible as the PTSB Online Regular Saver as it has a mandatory direct debit requirement.

It appears to be the case that the standing order cannot come from a KBC account and must come from a current account. Hence, if you want to move money from your KBC Smart Saver to the KBC Regular Saver. You might need to manually move money manually from the KBC Smart Saver to a current account and then via standing order to the KBC Regular Saver account.

Details from the best buys ...

KBC: Regular Saver Account
3.50% on €1 to €50,000.
2.55% on €50,000 to €1,500,000 on the the whole amount if the balance exceeds €50,000.00

• Minimum per month: €100 per month.
• Maximum per month: €1,000 per month.
• Access: Instant access.
• Lodgement method: Mandatory direct debit requirement. 2 payment breaks per year allowed provided 14 days notice given.
• Minimum period: None.
• Interest type: Variable.
• Interest payment frequency: Annually. Annual interest is credited to the account on 31 December.
• The amount being saved per month can only be changed by written request by providing at least 14 days notice.
• Deposit Protection: €100,000 via Irish Deposit Guarantee Scheme.

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It's direct debit only and not standing order, you must give KBC the right to debit your bank account (not you setting up a standing order on your account) and you need to give 14 days advanced notice to KBC if you want to change the amount or take one of the 2 possible payment holidays.

No such requirement exists with PTSB, you don't even need a direct debit or standing order, you can pay when you want as long as you pay within the month and within the agreed limits.

DublinTexas said:

It's direct debit only and not standing order, you must give KBC the right to debit your bank account (not you setting up a standing order on your account) and you need to give 14 days advanced notice to KBC if you want to change the amount or take one of the 2 possible payment holidays.

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It is very surprising that KBC have gone with direct debit rather than standing order. Standing order is the normal way to approach regular saver payments.

DublinTexas said:

No such requirement exists with PTSB, you don't even need a direct debit or standing order, you can pay when you want as long as you pay within the month and within the agreed limits.

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With PTSB there is no lower limits. You can pay zero for as many months as you wish.

It is clear that the PTSB Online Regular Saver product is a far more flexible product than the KBC Regular Saver product. I am going to make that clearer in the best buys by leaving PTSB on its own at the top.