# Switch savings to PTSB?



## eunan1981 (12 Nov 2012)

Myself & wife have 4 savings accounts with BOI however Interest rates are awful & been threatening to switch to another bank for ages. Seriously thinking about switching to PTSB & today ordered application forms. Basically thinking opening 21 Day Notice Joint A/C giving 2.85% as opposed to paltry 0.75% was getting from BOI Dualsaver. Also had 2 Easysaver Accounts giving 1.75% and plan to open 2 PTSB online accounts giving 3.5%. Finally had ICS 30 day notice account which gave 1.5%, gonna move this into one of 3.5% accounts.
Anyway, looking for advice if this correct move, obviously need to move from BOI to get best from my savings however is PTSB right way to go. Few posts stating it'll prob be wound up & deposits switched to AIB. Whats likely to happen if that happens, does it all get lumped into one AIB account at whatever rate they have going at time?
Anyway, any comments appreciated as its so much hassle to switch accounts, want to make sure its done right now & dont want to do same in couple months time.


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## sandra1 (12 Nov 2012)

Why did you choose 21 Days Notice Account? *Permanent TSB: Online Regular Saver* has 3.5% rate. 
This is online account only, so you need to open any other account with PTSB first. Then you will have access to Open 24 and you can apply for Online Regular Saver.

I don’t know is this “correct move”, I think BOI and PTSB are similar - I would open the better interest account. But I am far from an expert.


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## Billo (13 Nov 2012)

Have you looked at the best buys :

http://www.askaboutmoney.com/showthread.php?t=90481


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## Boyd (13 Nov 2012)

eunan1981 said:


> Anyway, looking for advice if this correct move, obviously need to move from BOI to get best from my savings however is PTSB right way to go.


Whatever has the best rates IMO the the right way to go, again see best buys as linked above.



eunan1981 said:


> Few posts stating it'll prob be wound up & deposits switched to AIB. Whats likely to happen if that happens, does it all get lumped into one AIB account at whatever rate they have going at time?


Impossible to speculate, dont worry about this until if/when it happens. If it does you can decide what to do with your money then.



eunan1981 said:


> Anyway, any comments appreciated as its so much hassle to switch accounts.


Its really not. This exact attitude (customer laziness/inertia) is how banks retain customers at terrible rates


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## eunan1981 (13 Nov 2012)

Cheers folks. Sandra, had hoped to open Joint Online account at 3.5% however only open to single named accounts, Jointly named not allowed. And have looked extensively at bestbuys thread and ruled lot accounts out due to various reasons. PTSB looked best for me going by suitability & rates, just interested if anything to take into consideration, missing something etc that others may have come accross.


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## seantheman (13 Nov 2012)

eunan1981 said:


> had hoped to open Joint Online account at 3.5% however only open to single named accounts, Jointly named not allowed.


 
Just open two accounts and split the money evenly between the accounts, Less paperwork and less hassle making deposits/withdrawals etc.


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## evanio (14 Nov 2012)

*switch to ptsb*

Ptsb is no different to any of the other banks.However with interest rates on the way down and dirt tax probably on the way up you really should consider placing some of your money in state savings before their rates follow the banks and remember you are locked in at the rate you invest at for the term you choose ie. bonds 3yrs, certs 5 i/2 yrs and solidarity bonds 4 or 10 yrs.It is possible to encash before the end of the term chosen but you will lose some interest.


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## inishgael (9 Jan 2013)

Just going back to this thread again for advice unfortunately. Have been in contact with PTSB few times on phone recently & maybe I havent been clear enough but not getting advice i need.
Anyway, closed my BOI accounts and eventually set up 2 Online Savings accounts with PTSB - 1 for myself & 1 for wife & Joint 21 Day Saver. (wife had to get her photo id certified which took while, PTSb then lost that so process took ages). Then applied for security codes on BOI 365 so could set up standing orders and add PTSB accounts as payee to transfer savings.
All done now bar transferring lump sum savings from BOI to PTSB. Unfortunately didn't pay attention/read conditions and 3 new accounts can only accept €1000 per month. So our savings now sitting in BOI current accounts earning no interest & in danger of being dipped into as can't transfer out lump sum.
PTSB advised opening Online Instant Access A/c or Online 40 Day notice account to transfer lump sums however have to be in single names, wheras I need it to be joint account.  Ideally would like to replicate 3 accounts we had with BOI however would take year & half to to that by Standing order due to max lodgeable being €1000.
Anyone any suggestions on an account (preferably with PTSB) that could (a) accept large lodgements electronically (b) be in joint name (c) pay decent bit interest.
See 40 day notice account (not online) with PTSB paying 2.4% i think, however can't see if it can be opened in joint name, if it can be viewed via open24 and can it take decent lodgement electronically.
Any comments from PTSB savers appreciated before i have to ring them for umpteenth time. Thanks


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## Boyd (9 Jan 2013)

Its hard to find info on joint opening. If you want to use PTSB, contact them for a list of accounts that can be opened in joint names and start from there.


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