# PTSB Launch New Current Account Product With Free Banking



## Lightning (11 Mar 2013)

PTSB are scheduled to launch their first Online Current Account. 

Details are sketchy but here is what I am informed. Details may change before launch day. 

Launch date: 2 April 2013. 
Product: PTSB Online Current Account.  
No postal statements. All statements online. 
Free banking if you wire at least 1,500 EUR per month into the account. No minimum balance requirement for free banking. 
Product will run concurrent with other PTSB current account products.

This will represent another easy way to get free banking without minimum balance requirements. 

It is good to see that PTSB are going down the online route with current accounts as it future proofs their offering. When SEPA comes into force in February 2014, pan European online current account banking competition may emerge. PTSB are prepared.


----------



## Connard (16 Mar 2013)

I'm confused. How does this differ from their current current account. The only difference I see is that you don't get postal statements. You can set it up that way now though.


----------



## theresa1 (16 Mar 2013)

http://www.independent.ie/irish-new...n-the-cards-as-ptsb-scraps-fees-29133864.html

Permanent TSB will pay 1pc interest on credit balances of up to €1,500, according to Niall O'Grady of the bank.


----------



## Lightning (16 Mar 2013)

Connard said:


> I'm confused. How does this differ from their current current account. The only difference I see is that you don't get postal statements. You can set it up that way now though.



Have a read of this. The PTSB 'Everyday' current account requires a lot of terms to be met for free banking than the new account that PTSB are launching. 

The PTSB legacy 'Switch' current is still arguably superior to the new PTSB product.


----------



## roker (16 Mar 2013)

Is there still free banking for over 65s?


----------



## Delboy (16 Mar 2013)

I wonder if this new product has any word on how long it will be available i.e. before charges introduced if ever?
I'd defo switch over if I knew it's not just a 6 month gimmick or the like


----------



## Lightning (16 Mar 2013)

roker said:


> Is there still free banking for over 65s?



There if free banking for everyone if you have the right account. 

Free banking for those aged 60+ at AIB and BoI. You just need to switch to the Advantage or Golden Years accounts. 

Free banking for everyone, regardless of age, at Ulster Bank. The problem is that might change in July.

Free banking for at PTSB and EBS, subject to conditions, that do not include minimum balances. 

Free banking for legacy PTSB Switch customers.


----------



## Lightning (16 Mar 2013)

Delboy said:


> I wonder if this new product has any word on how long it will be available i.e. before charges introduced if ever?
> I'd defo switch over if I knew it's not just a 6 month gimmick or the like



It appears to be a medium term play by PTSB and not a short term gimmick. I would think they will offer this product for a while to come.


----------



## Lightning (16 Mar 2013)

My only concern with this new PTSB product is will they force legacy Switch customers to this new product?

The majority of PTSB customers have a legacy PTSB Switch account. Only more recent customers have a PTSB Everyday account. Legacy PTSB Switch customers have guaranteed free banking for life or at least for as long as PTSB offer Switch current accounts. Could PTSB be about to force PTSB Switch customers to migrate to their new product and thereafter introduce fees in the years to come? Just speculation.


----------



## Connard (16 Mar 2013)

CiaranT said:


> Have a read of this. The PTSB 'Everyday' current account requires a lot of terms to be met for free banking than the new account that PTSB are launching.
> 
> The PTSB legacy 'Switch' current is still arguably superior to the new PTSB product.


I've been with them over 10 years so I must be on their legacy switch account. Compared to their everyday account it is a lot better alright.


----------



## Knuttell (16 Mar 2013)

Connard said:


> I must be on their legacy switch account. Compared to their everyday account it is a lot better alright.



How so?


----------



## Alexmartin (17 Mar 2013)

fair play to ptsb.
Now there is somewhere to bank if ulsterbank bring in charges in the summer.


----------



## Lightning (17 Mar 2013)

Knuttell said:


> How so?



In lot's of ways. 

PTSB Switch customers:
(1) Guaranteed free banking for life. (or as long as the product lasts).
(2) Credit interest, albeit at a tiny 0.25%. 
(3) Zero conditions for free banking. Zero. 

PTSB Everyday customers:
(1) Lots of hoops to jump through to get free banking. 
(2) Zero credit interest. 

To this day, most PTSB current account customers are on using the legacy Switch product.


----------



## Lightning (23 Mar 2013)

More details are emerging ... 

PTSB will not force 'Switch' customers to move to the new PTSB product. Hence, no impact to 'Switch' customers for now. 

Confirmation that you will need to deposit 1,500 EUR per month into the account to get free banking. 

Full details on 2 April 2013.


----------



## valery (23 Mar 2013)

Good luck to anyone trying to open an online account with PTSB.

3 weeks ago I phoned up to open a term deposit with them, we already have a current account there.  The documentation was slow to come out and was returned promptly.  I phoned a week ago to complain about the delay.  We got a phone call informing us of our new account number.  I asked for it to be emailed to us, but seemingly that is against regulations.  So far they have not bother to write informing us of the new account details.

We will not be proceeding. Thanks Ciaran for the best buys, we will be looking at your second best!


----------



## Lightning (24 Mar 2013)

I am informed that PTSB staff are under pressure at the moment due to the amount of account switching from BoI and AIB. Many BoI/AIB customers have just got their first quarter of fees and are switching. Hopefully, PTSB will be fully staffed up for the mass switching that may occur post 2 April 2013 new product launch. 

I opened an online account with PTSB recently. Totally painless. Done in minutes with zero hassle. I appreciate that the PTSB branch products are a different story.


----------



## Lightning (29 Mar 2013)

PTSB have gone live with details of their new current account product. 

https://www.permanenttsb.ie/whatweoffer/current-accounts/current-account/

I will update the best buys shortly.


----------



## theresa1 (31 Mar 2013)

Apply for a Current Account - First Question!

Are you an existing permanent tsb customer?

Answer yes if you have a bank account, a credit card, a savings account, a loan, a mortgage or any other service with permanent tsb.

I'm an 'additional' credit card owner so should I still answer Yes?


----------



## Lightning (1 Apr 2013)

Clicking no might be the simplest/safest bet given the loose connection you currently have with PTSB. It might just mean that you need to re-supply personal details.


----------



## Boyd (1 Apr 2013)

Do the new conditions apply to existing current accounts too?


----------



## theresa1 (1 Apr 2013)

username123 said:


> Do the new conditions apply to existing current accounts too?





- No.


----------



## Lightning (1 Apr 2013)

No. 

PTSB have lots of different legacy current account products. Nobody is being force migrated to the new product.

You can switch in branch if you wish.


----------



## Boyd (1 Apr 2013)

Thanks.....why would someone not switch from "old account"? This new one has less conditions and pays some interest.


----------



## Lightning (1 Apr 2013)

username123 said:


> Thanks.....why would someone not switch from "old account"? This new one has less conditions and pays some interest.



It all depends on which on you are comparing it with. PTSB have about 10 legacy current account products. 

The new product, that appears to simply be called 'Current Account', offers better conditions that the most recent legacy product called 'EveryDay'. 

Hence 'EveryDay' customers are better off switching to the new product. 

However, 'Switch' customers are best off not switching to the new product. 

Customers of other legacy PTSB products need to weight up the decision.


----------



## Tebbit (24 Apr 2013)

I'm considering moving to this c/a  as it's free from AIB where I'm being charged a fee per year.   Is the switch as easy as it seems to be?  Has anyone experienced any problems with it?  Are there any negatives?
I'm fed up of AIB and since seeing mortgage interest is going up today I've decided to protest by moving. Just want to make sure I'm not making a mistake


----------



## Boyd (24 Apr 2013)

Depends on how many DDs you have and how lazy you are (IMO). Most people dont move as they think its too much hassle. I thought it was grand, I had one direct debit only.

No negatives so far. No fees either


----------



## TRS30 (25 Apr 2013)

normahorse said:


> I'm considering moving to this c/a  as it's free from AIB where I'm being charged a fee per year.   Is the switch as easy as it seems to be?  Has anyone experienced any problems with it?  Are there any negatives?
> I'm fed up of AIB and since seeing mortgage interest is going up today I've decided to protest by moving. Just want to make sure I'm not making a mistake



I moved two current account's from BOI to PTSB after getting my current account fee's from BOI about 6 weeks ago. The process has been very smooth so far. 

I went into my local PTSB branch and filled out the paper work, took about 45 minutes as doing two accounts. 

Only slight hassle was that one of the companies I have DD's set up with will not accept a new instruction from a bank and I had to fill out a new DD. Small price to pay for no fees and should save me about €150 a year.


----------



## kceire (25 Apr 2013)

I'm also considering swapping too. Does the €1500 per month transactions include salary payments?

Also, I presume you will have access to all the standard banking features such as online transfers, their iPhone app etc?


----------



## theresa1 (25 Apr 2013)

Yes and yes.


----------



## Tebbit (25 Apr 2013)

username123 said:


> Depends on how many DDs you have and how lazy you are (IMO). Most people dont move as they think its too much hassle. I thought it was grand, I had one direct debit only.
> 
> No negatives so far. No fees either




Thanks, think I'll go ahead.  Why do you say it depends on my dd's---I have a good few? Is it just that it's alot more to move?


----------



## pudds (25 Apr 2013)

normahorse said:


> Thanks, think I'll go ahead.  Why do you say it depends on my dd's---I have a good few? Is it just that it's alot more to move?




Its watching the dates that they are due so not to incur a 'non collect fee' or whatever they call it.

I would advise moving  them one by one immediately after you have just paid one, so you will have 30 days for them to be set up in your new account before the next due date.

I relied on Ulster Bank doing it for me in the past and they made a mess of it and I got stuck with 'non collect fee'  Self help is best help


----------



## TRS30 (25 Apr 2013)

pudds said:


> Its watching the dates that they are due so not to incur a 'non collect fee' or whatever they call it.
> 
> I would advise moving  them one by one immediately after you have just paid one, so you will have 30 days for them to be set up in your new account before the next due date.
> 
> I relied on Ulster Bank doing it for me in the past and they made a mess of it and I got stuck with 'non collect fee'  Self help is best help



Once we agreed the 'switching date' I rang the companies that were due to collect within 10 days of this date and explained what was happening and made the necessary arangement.


----------



## daheff (13 May 2013)

normahorse said:


> . Is the switch as easy as it seems to be?


 

in a word -NO. I went to try and switch mine. I was told A-i'd have to make an appointment and B-The appointment would take an hour 

Really surprised at this...seeing as they have ads in the paper saying i can get mortgage approval in principal in 15mins !!!


still going to go ahead with making the switch. *BUT* i'll be moving the DDs myself. I have heard so many stories of banks making a mess of the DD switches that its not funny. I'd rather do it myself and know its been instructed.



why is it so difficult to set up a bank account these days???


----------



## Lightning (21 May 2013)

The Irish Examiner are reporting that the new PTSB current account product has being a huge commercial success.


----------

