PTSB hot on the heels of BOI's announcement.
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Permanent TSB latest bank to increase deposit rates
Permanent TSB has become the latest bank to up its interest rates on certain savings products.
PTSB Announce Interest Rate Increases
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podgerodge
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You'd still like to think that with a bit more competition and potential state saving increases that holding off a little while longer before locking in for 3 years would pay dividends. Surely this isn't the best it is going to get? Maybe it is!
PTSB’s Regular Saver product is now by far the best in the market, and is far superior to AIB‘s garbage offering. It pays the premium rate of 2.5% on a much higher balance, and more importantly goes on paying this premium rate indefinitely. None of that AIB 12 month reset to zero caper. The only thing that needs to be watched is that the balance, including interest payments, must never exceed €50k.
Exactly. There is an excellent chance that rates will increase further and therefore you should hold off on locking in for three years. On the other hand there is an excellent chance that rates may not increase and may in fact decline and therefore you should grab the opportunity and lock in immediately.
podgerodge
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Damn it. Ok. I'm leaving it on demand in my AIB current account. At least I know the rate will remain consistent!
I've been using their Online regular savings account in the last few years but less and less recently as the interest offered was low in comparison to what the likes of Trade Republic & Lightyear were offering. At 2.5% it makes it that bit more worthwhile and convenient as my current account is with PTSB. That max lodgement is €1K a month. I don't believe you can lodge funds to it outside of Monday to Friday for whatever reason. Not sure if you can open one of these accounts without a PTSB current account.
podgerodge
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In fairness, their 40 day notice is right up there as a standout product.
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An I correct in think that you can't put in a starting balance?
So the max I could get into it over the next 12 months is 12k. (I have that money sitting in a different account.)
So over 18 months you would get 18k in at 2.5%. Ignoring compound interest you would make €225 interest.
Where as if I stuck the 18k into the 18 months at 2.5% you would make double that (also ignoring compound which would be better)
@faketales Correct that you can’t front load it, it’s monthly lodgements max €1,000 only. If you have a tranche of money to lodge there are far better options than this or any regular saver product My point is that for those that want a regular saver product this is a far better offering than that codswallop AIB are touting.
Like you I’v had the account for quite a long time. It paid some pretty decent interest rates in the past. I’ve never had a PTSB current account so that doesn’t appear to be a requirement. I think I initially fed it from a PTSB Demand Deposit a/c. It’s now being fed by standing order from an AIB deposit account.
Does that not force their hands in the bond auctions, if they offer 3% for 3 years like ptsb then the rate for the 10year bonds must rise to 4 and 5 percent, I think the last bond auction they were at 3% . They will be forced to offer higher interest rates anyways in time but when they are playing around with so much debt every fraction of a percent will cost billions
PTSB had a long history of announcing these notice accounts with attractive rates and then after a year or two reducing the rate to near zero and announcing another notice account with a slightly different term and an attractive rate. And so on. There was a 21 day version and a 35 day one and probably more. It was all based on people, especially the elderly, not noticing the change or not bothering about it and leaving the money where it was. Entirely legal but nonetheless despicable opportunism.
incidentally, according to the website the Online 40 Day Notice Account is no longer available to New Applicants, so if you want one you will have to go to your branch and fill in all the forms to open the offline version
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Will PTSB give you access to their online platform without a current A/C?
podgerodge
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I can see a few queues lining up for that 0.01%!
The bond auctions address a totally different audience, primarily institutional investors and the very wealthy. NTMA’s State Savings products are intended for retail depositors. There is no link between the Bond yields and the rates paid for Savings Bonds, Certs and the Solidarity Bond products. Unfortunately, as if there was such a link the rates on the retail products would be higher right now.
Yes. Well they did for me anyway. I opened a demand deposit account and lodged €100 to it. The very helpful cashier then set-up online banking and guided me through it. Went home and opened the online high interest and regular saver accounts online and moved the €100 in the process ! Have been using the online platform ever since.
Worth noting for people who don't have a PTSB account already that they may need to open an account in branch first before they can avail of this regular savings account. So much for online banking.....