PTSB Significantly Cut All Deposit Rates, Leave Mortgage Rates Static

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PTSB who once offered some of the best deposit rates, have cut all their deposit rates again.

Full list of the variable rate cuts here:
[broken link removed]

The fixed rate cuts are on the relevant pages on the PTSB website and in the best buy thread here.

Anyone on a variable deposit product with PTSB should switch.

The cuts across the board are significant. Sad to see deposit rates continue to march downwards.

No relief for high rate paying SVR holders. Greater margin for the bank.
 
Anyone on a variable deposit product with PTSB should switch.

I'm tempted, NationwideUK and Rabodirect rates look good on the Bestbuys. However judging by previous form I'd expect that they'll be cutting soon. No competition for deposits amongst the banks.
 
Jaysus those are some serious cuts:

[broken link removed]
0.85%*
on €0.01 to €50,000

Utterly pointless!!
 
Jaysus those are some serious cuts:

[broken link removed]
0.85%*
on €0.01 to €50,000

Utterly pointless!!

That's what I noticed too... their regular saver account rate now is hardly worth opening an account for!

PTSB has been an outlier in terms of High Street banks here, but with those reductions in rates, they move back into the mainstream rates offered. This takes the pressure off KBC and Rabo to maintain their rates so some slippage can be expected there now too. The Bank of Mattress would be as good a choice as what's on offer out there...
 
NationwideUK and Rabodirect rates look good on the Bestbuys. However judging by previous form I'd expect that they'll be cutting soon.

Yeah, probably Nationwide UK (Ireland), RaboDirect, KBC and Leeds Building Society Ireland will follow suit.

That said, these banks will probably still all offer a better return than PTSB for many of their products even if they get again. For example, Nationwide UK (Ireland) currently pay 4.00% AER variable with their regular saver product, PTSB pay 1.75% AER variable. Even if Nationwide UK (Ireland) cut their rate, it is unlikely to be cut to the PTSB level.
 
Jaysus those are some serious cuts:

[broken link removed]
0.85%*
on €0.01 to €50,000

Utterly pointless!!

I remember opening this a/c in November 2013 and the interest rate at the time was a very respectable 2%.

Interest rates have made a serious decline since then, then not to mention the increase in dirt.

Will we ever see an increase in interest rates in the near future ?
 
It is not likely that deposit rates will increase for quite some time, further cuts are likely. Deposit rates are still on a downward trend due to banks repairing their balance sheets, low ECB rates, low bond yields and less competition.
 
It's difficult to know what to do in this low interest rate/high DIRT environment with possibly rising inflation. I'm just surprised that the State Savings rates haven't been cut for a while, I'm seriously considering cashing in my 100k holding of prize bonds and "locking in" to a fixed term product.

3 year bond - 0.83% AER net
4 year - 0.99%
5.5 year - 1.24%
10 year - 2.26%

I have been filling my boots with the 10 year but am not far from the max holding for the current issue. The max holding size for 10 year bonds used to be 250k per issue, now it's 120k.
 
possibly rising inflation

Inflation is close to zero right now.

I'm just surprised that the State Savings rates haven't been cut for a while

The State Savings rates are, once again, totally unjustifiable in relation to sovereign bond yields and deposit rates.

3/4 year Irish sovereign bonds pay around zero but yet the NTMA is paying 0.83% to 0.99% to State Savings holders.
10 year Irish sovereign bonds pay 0.811% but yet the NTMA is paying 2.26% to State Savings holders.
 
Yeah, probably Nationwide UK (Ireland), RaboDirect, KBC and Leeds Building Society Ireland will follow suit.

That said, these banks will probably still all offer a better return than PTSB for many of their products even if they get again. For example, Nationwide UK (Ireland) currently pay 4.00% AER variable with their regular saver product, PTSB pay 1.75% AER variable. Even if Nationwide UK (Ireland) cut their rate, it is unlikely to be cut to the PTSB level.

Nationwide may still have some value in the Regular saver but their other rates have been cut hugely and are no longer much different than anyone else. Changed times indeed.
 
Nationwide may still have some value in the Regular saver

May? Nationwide UK (Ireland) certainly do still offer a good return in the regular saver product category. 4.00% AER variable is an amazing return in a time of zero inflation and negative bond yields.

but their other rates have been cut hugely

It was sad to see a massive 0.50% cut today in most of the Nationwide UK (Ireland) variable rate products.

and are no longer much different than anyone else. Changed times indeed.

The Nationwide UK (Ireland) term deposit rates are better than anyone else in the 2 year category. Their 2 year product offers instant access subject to a 90 day interest penalty. Although KBC have similar rates, for similar terms, this decent exit clause, along with a market leading rate, makes the product a stand out product in the term deposit product category.
 
May? Nationwide UK (Ireland) certainly do still offer a good return in the regular saver product category. 4.00% AER variable is an amazing return in a time of zero inflation and negative bond yields.

I had one of these. When it matured they said I couldn't have another one. Has this been the experience of other people?
 
The rates carnage at PTSB continues today!

I always said to myself that if I couldn't earn 2% on my money sitting on deposit, I'd do something else with it. Don't know what that 'something else' is right now but PTSB obviously don't want it anyway, even in the form of regular savings!
 
The rates carnage at PTSB continues today!

I always said to myself that if I couldn't earn 2% on my money sitting on deposit, I'd do something else with it. Don't know what that 'something else' is right now but PTSB obviously don't want it anyway, even in the form of regular savings!

They seem to be dropping them every 3 months. They went from having the best rates on the market a few years ago to having the worst or close to it.
 
The PTSB rate cuts have been savage. The biggest cuts have been focused on their instant access products, notice account products and regular saver products. Hopefully, a lot of people with those products move their money elsewhere.

PTSB still, for now, have the most competitive current account product. PTSB are still not too far off the market leader with their 1-3 year term deposit rates.
 
I will be moving €25k to KBC very shortly. This morning I got a letter informing me of the maturity of my Interst first account which was 2.19% 12 months ago. This year its 0.85%.
 
I started moving my savings out of PTSB yesterday. I'll keep the current account but I'm not leaving my savings with them.
 
The PTSB rate cuts have been savage. The biggest cuts have been focused on their instant access products, notice account products and regular saver products. Hopefully, a lot of people with those products move their money elsewhere.

PTSB still, for now, have the most competitive current account product. PTSB are still not too far off the market leader with their 1-3 year term deposit rates.

The Key Point to understand here is that current accounts are expensive to provide and maintain. They can only provide them free of charge if some other customers are subsidising them. There is a review on in the UK at the moment, which will probably ban free current accounts as not in the interests of customers.

Brendan
 
The only good thing left to say about PTSB is that they give reasonable notice of changes. I will leave the regular saver close to the max with a modest monthly contribution and seek a home for the rest.

The Key Point to understand here is that current accounts are expensive to provide and maintain. They can only provide them free of charge if some other customers are subsidising them. There is a review on in the UK at the moment, which will probably ban free current accounts as not in the interests of customers.

In some of the commentary in the media, people don't fully make the connection between "free" banking and interest rates. If interest rates are a bit higher the bank profits from the money in the accounts e.g. if rates were 5% then a €500 min would mean €25 min of interest foregone (and probably twice that on average) , enough to run the account without further charge. If on demand accounts have an interest rate of 0.5% then there is nothing to fund the running of the current account, even with a big minimum. In this environment, "free" current accounts are thing of the past, alas.
 
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