KBC Bank has announced it is to cut interest rates on several types of accounts.

The new, lower rates will come into effect for personal customers from August 4th.

The changes will see the Smart Access Demand Account rate decreased from 0.45% to 0.30%.

While interest on its Regular Saver Account is to be halved, falling from 1.00% to 0.50%.

And those who hold a Select Access Demand Account will also see their interest rate fall - from 0.15% to 0.10%.

The bank says its Smart Access Demand Account for business and pension customers will also be changed.

Its interest rate is to decrease from 0.15% to 0.10%.

Source: KBC Bank