Switching current account

M

moore82

Registered User
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Hey guys. Somewhat linked to my post here but felt that this might be better suited on this forum.

Some random details that may help:

  • Currently have 12k in my BOI account at the moment and going to make the switch to KBC.
  • Salary is 2400 take home.
  • Plan is to put 6k into the KBC Smart Move Online Demand Account. And then set up a standing order for this account for things like holidays/gifts.
  • I'll also open the Extra Regular Saver and hope to deposit close to 1k p/m into this.

So, my salary is less than the minimum deposit required for the Extra Current Account. Should I keep my BOI account open, or is it a case that I really have to? Is there any other way of circumnavigating this 2500 deposit requirement? I'm just wondering if I'll be hit with fees on the BOI account by just keeping it open for the sake of transferring to the KBC once per month.

Let me know if you need any more info, thanks.
 
moore82 said:
I'm just wondering if I'll be hit with fees on the BOI account by just keeping it open for the sake of transferring to the KBC once per month.
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Yes, you will be hit with fees.

moore82 said:
Is there any other way of circumnavigating this 2500 deposit requirement?
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The total wire needs to be 2,500 EUR per month. You could open up an EBS Moneymanger current account with no fees and transfer 100 EUR back and forth each month.

moore82 said:
Plan is to put 6k into the KBC Smart Move Online Demand Account.
Click to expand...

This account pays 0.30% AER variable. The KBC Extra Regular Saver pays 2.50% AER variable. A massive difference. The KBC Extra Regular Saver allows lump sum deposits, at the start, up to 10k, before your first monthly standing order starts.
 
Thanks Ciaran.

Basically it makes zero sense to keep the BOI account open then. Never even occurred to me to open an EBS account and just have 100e sitting in it!

The reason I'm looking at the Smart Move Online Demand Account is for instant access reasons, or is that being overly cautious?
 
The KBC regular saver has instant access to your funds too. A benefit of the KBC RS account is that you can leave your funds in, and continue to get the 2.5% in the second year.
If you're prepared to fiddle around moving the same money in and out of the KBC current account (which I am) it is worth the effort.
 
Thanks Gervan. And I assume unlimited withdrawals are permitted? I've read elsewhere that there are no penalties incurred for withdrawing but don't see anything about the number of times you can do so.
 
Thanks. And just one other question for the moment - I also have a credit card with BOI (no outstanding balance on it). Am I best just leaving my CC with BOI as I'll just be paying the stamp duty whether I have it with them or with KBC?
 
And I forgot to add - I only have one DD coming out of my current account whereas I've five different subscriptions and what not on my CC.
 
moore82 said:
I also have a credit card with BOI (no outstanding balance on it). Am I best just leaving my CC with BOI as I'll just be paying the stamp duty whether I have it with them or with KBC
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KBC will give you a small monthly cash back with a credit card. Also, KBC credit card support mobile payments systems such as Android Pay and Apple Pay. You should not have to pay the stamp duty twice in the same year on the 2 different cards, KBC can prevent this for you.
 
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