# PTSB now paying 4.91% for Term Deposit - New Recent High



## Lightning (28 Sep 2011)

Despite the expectation that the ECB will decrease base rates, PTSB are still hiking their rates in order to attract more deposits. 

PTSB are now offering 4.91% for 2 years 2 months. This is the highest term deposit rate for several years.

[broken link removed]

http://www.askaboutmoney.com/showthread.php?t=101813


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## carallen2 (28 Sep 2011)

I think its worth noting that its only applicable for term deposits 10k and over.


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## joeysoap (29 Sep 2011)

Gross return is 10% after 2 years 6 months.

so 10K invested for 2 1/2 years yields 1K interest.
Less DIRT of 27% = 630.

So net return after 2 and a half years is 6.3%

That right?


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## Brendan Burgess (29 Sep 2011)

joeysoap said:


> Gross return is 10% after 2 years 6 months.
> 
> so 10K invested for 2 1/2 years yields 1K interest.
> Less DIRT of 27% = 630.
> ...



This is not the way to look at it at all and only confuses people.

You should compare deposits using only Compound Annual Rate. Using a rate per period only facilitates banks to mislead customers.

I presume that Ciarán's 4.91% is the gross CAR.

Brendan


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## Bobby1 (29 Sep 2011)

CiaranT said:


> Despite the expectation that the ECB will decrease base rates, PTSB are still hiking their rates in order to attract more deposits.
> 
> PTSB are now offering 4.91% for 2 years 6 months. This is the highest term deposit rate for several years.


 
Term is 26 months so its 2 years 2 months according to their website


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## Lightning (29 Sep 2011)

From the PTSB website:



> The gross return is 5.00% per annum.
> *The AER is 4.91%. *



Yeah, it's 2 years 2 months. Best buys updated.


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## kamakaze J (29 Sep 2011)

Am I right in saying that if you deposit €10k now that in a month's time you can take out the full interest of €776.74*

*€491 (Year 1) +€491 (Year 2) +€81.83 (final 2 months) - 27% DIRT

If DIRT is increased in the next 26months can the full 10k still be withdrawn or will the additional DIRT be taken from that?

Any ideas what the penalties are if you take out early, say in 3, 12 or 24 months?


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## kamakaze J (6 Oct 2011)

As nobody has corrected me since I better correct my self so others aren't misled; 

The full interest on €10K before DIRT for the 26months is actually €1000 not the €1064 I had. 
I was calculating the AER which only applies if you deposit back in the €730 interest you receive after the first month. 

The DIRT is only payable when interest is received so assuming you get the interest before January then it's 27%. 
The whole €10k can then be withdrawn in 26months even if DIRT is >30%. Assuming PTSB are still standing


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## Palerider (8 Oct 2011)

I got 4.65% about two months back for 18 months with PTSB, I played the prize bonds and did ok until the last couple of months when for some reason I am not as lucky...anyways am going to pull that PB money and go for this, I see DIRT increasing in the next budget and was the victim of an increased DIRT rate some time back when DIRT increased in a past December Budget and my 12 month fixed term deposit matured in January, I had to pay the 2% increased DIRT on a backdated basis so I like the interest first option...a lot ;-)  ,


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