KBC Ireland to reduce interest rates on business deposit accounts
KBC Bank Ireland is to reduce variable interest rates on its business Smart Access Demand accounts and its Standard Demand Deposit account.
The bank is reducing the annual equivalent interest rated on the Smart Access Demand euro account from 0.85pc down to 0.5pc while its reducing the rate on the sterling account down to 0.25pc from 0.5pc.
KBC also announced that neither account will be available for new customers from February 29.
The euro smart access account is for amounts between €3,000 and €100,000 while the sterling account is for amounts between £2,000 and £1,000,000.
The Standard Demand Deposit account, which is also for business customers, also experienced a fall in its interest rates, down to 0.1pc from 0.3pc.
The rate change notification comes after the Irish arm of the bank swung to a €75m profit last year.
Yesterday the bank reported a profit of €75m for 2015, after tax and impairment costs. That's a marked improvement on the full-year loss of €91m recorded in 2014.