Research carried out by KBC Bank suggests that almost half of Irish customers adjust their spending behaviour to avoid current account fees from their banks.

According to the KBC survey, 67% of Irish consumers are paying current account fees, with two in three now expecting their banks to offer more than just basic current account functions.

Some 60% of the fee payers surveyed by KBC feel that the cost of maintaining a current account does not match the account functionality being offered by some banks at present.

KBC is using the research to make the case for its own suite of banking services. Among them, the bank has launched an initiative whereby KBC Extra Current Account holders who make a monthly lodgement of €2,000 can avail of fee-free daily banking, with no requirement to continually maintain a minimum balance.

Earlier this year, KBC also launched its multibanking service, which allows customers who hold an AIB or Bank of Ireland current account to view their balance through the KBC app.

In Association with

Fergal O'Riagain (pictured), director of products at KBC Bank Ireland, said that the bank added almost 20,000 new customers in the first quarter of 2019, bringing the total number of customers to 292,000.

“In recent months, we also … introduced a new full-service business banking offer for professionals and SMEs, and we added wena by Sony to our expanding digital wallet,” O’Riagain added.

“Our market-leading app also offers customers Instant credit card, digital personal loans and a new first to market lost/stolen instant card replacement service.”

KBC Bank also offers free day-to-day banking to teens, students and to over-60s.