# Northern rock/permanent TSB on demand 3% monthly interest account- stay or go ?



## laois1 (18 Feb 2012)

Just wondering what did people do with former deposits in Northern Rock (now permanent TSB) ? I had left a small amount with them on a monthly interest basis. The interest rate has risen to 3% since last August. I am concerned about depositing money with permanent TSB - in case the guarantee is called upon and the government cant pay up. However I do like the fact that the interest is paid every month, the rate is not bad and access is immediate. I was considering adding to this account. I have also looked at the Leeds building society account but these require 30/90 day notice and interest is paid only once a year. Im not interested in term deposits as i want to have access to the money in case I need it. Is the Leeds account considered safer ??


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## Lightning (18 Feb 2012)

Would the nationwide UK 3.00% instant access account meet your needs?


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## laois1 (19 Feb 2012)

Ciaran T - yes I have one. Im wondering though whether the former NR account is worth keeping as it has a similiar interest rate, easy withdrawal, monthly interest and there are very few products like this on the market other than Nationwide UK as you mention. All the others seem to have notice periods, annual interest etc. Im leaning towards keeping it open and maybe moving some savings there. Anyone disagree ?


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## Lightning (19 Feb 2012)

Seems like a plan. PTSB will obviously wind down the NR products over time.


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## daheff (5 Mar 2012)

got a letter of PTSB/NR the other day...they will be setting up this OPEN24 site for all accounts, but they will then be limiting withdrawals from PTSB accounts to 5K per day!!!


I think thats a very cheeky thing for them to be doing...what if u need more in a hurry? Plus its your money, surely to god in this day an age its no problem to wire money out of your account same day? I can understand cash ...but transferring directly from your account online...

as far as i can see, this is just an excuse to limit the outflow of funds from their accounts. wonder if they know of something bad coming out down the line that they are trying to limit the outflow now b4 word gets out


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## vipera1 (5 Mar 2012)

5K limit would be a major concern for me. There was no withdrawal limit on these online accounts up to now. I'll be closing my account if this is true.


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## Lightning (5 Mar 2012)

The limit is definitely 5,000 EUR per day online with PTSB. 

You can transfer greater amounts in-branch.


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## vipera1 (6 Mar 2012)

Hi Ciaran, Thanks for this. I'm a little confused on two points, and can't seem to find the answers in the PTSB docs. Is it mandatory to open an online account ?. Also would you know what the daily branch withdrawal limit is ?.


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## Lightning (6 Mar 2012)

vipera1 said:


> Hi Ciaran, Thanks for this. I'm a little confused on two points, and can't seem to find the answers in the PTSB docs. Is it mandatory to open an online account ?.



If your NR account was web based, I would guess that your PTSB website will be web based. 



> Also would you know what the daily branch withdrawal limit is ?.



It can vary. Ring the relevant branch.


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## daheff (8 Mar 2012)

CiaranT said:


> If your NR account was web based, I would guess that your PTSB website will be web based.
> 
> 
> 
> It can vary. Ring the relevant branch.


 

seems a bit stupid though...whole point of online ac is that u dont need to go into the branch (which are few and far between)


as i said- it looks to be a ploy to make it difficult to withdraw your savings


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## vipera1 (8 Mar 2012)

I think from the bank's point of view, online banking serves to significantly reduce staff and overheads. Also they can place withdrawal limits and hold onto our cash for longer.


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## Lightning (9 Mar 2012)

The bank is looking at it from a risk perspective. A high limit encourages phishing.


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## vipera1 (12 Mar 2012)

I phoned PTSB today, and they informed me that I must open an online account with them. She said the daily withdrawal limit is 5K online + 5K telephone (possible 10K/day). However she said that there is NO restriction on the daily amount you can withdraw through a branch. There's just a 50 cent charge.


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## pator (12 Mar 2012)

laois1 said:


> Just wondering what did people do with former deposits in Northern Rock (now permanent TSB) ? I had left a small amount with them on a monthly interest basis. The interest rate has risen to 3% since last August. I am concerned about depositing money with permanent TSB - in case the guarantee is called upon and the government cant pay up. However I do like the fact that the interest is paid every month, the rate is not bad and access is immediate. I was considering adding to this account. I have also looked at the Leeds building society account but these require 30/90 day notice and interest is paid only once a year. Im not interested in term deposits as i want to have access to the money in case I need it. Is the Leeds account considered safer ??


 
If you chose to stay with them unless you specifically need the monthly interest would you conider the higher 3.25% annual interest?


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## markell50 (30 Mar 2012)

*PTSB limit on NR accounts*



vipera1 said:


> 5K limit would be a major concern for me. There was no withdrawal limit on these online accounts up to now. I'll be closing my account if this is true.


Hi all.
Just to follow up on above. 
Have spoken with Permanent PTSB this morning. They have told me final point of merging the Northern Rock accounts will be completed by Monday.
RE: withdrawal limits, these will be at €5000 online and €5000 through customer services.
I pointed out that nowhere in their literature have they advised Northern Rock customers that this is the case. I informed them that this was a breach of my contract with NR and they, as new owners of these accounts, were obliged to adhere to the same terms and conditions under those which I held with NR. I could withdraw any amount at any time I wished by electronic fund transfer. They advised of alternative methods of withdrawal, but my point is, they are not the manner by which I am accustomed to for limits above their set limits. So, from Monday on, if I wish to perform an eft of, for example, €11,000, I can no longer do it in the manner which I was able to do under my contract with NR.
IMO, this is a breach of contract. I was informed by PTSB, that this was only an "allowance" that I had with NR. I then pointed out that,no, this is a contract term, which they are legally bound to adhere to.
Anybody out there share the sam view?
Markell


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## Lightning (30 Mar 2012)

Hi Markell, 

I agree with your comments and well done for pursuing this with PTSB.


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## markell50 (30 Mar 2012)

Thanks Ciaran. I am contacting my branch manager to advise him of closure of my other PTSB accounts and advise that I will be following up on what is, in my opinion, a breach of contract re: transfer of NR accounts. I will keep you posted on any further info I receive.
Markell


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## ger49 (30 Mar 2012)

also PTSB will be charging for online withdrawals, whereas NR did not


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## Lightning (30 Mar 2012)

ger49 said:


> also PTSB will be charging for online withdrawals, whereas NR did not



Huh? PTSB change nothing for online withdrawals with the exception of PTSB 'Everyday' Current account customers.


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## seesaw (2 Apr 2012)

This stinks, how is 5k a day instant access to savings.
Thanks for highlighting this


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## Lightning (2 Apr 2012)

seesaw said:


> This stinks, how is 5k a day instant access to savings.
> Thanks for highlighting this



You are able to transfer more in-branch.


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## bleary (16 Apr 2012)

CiaranT said:


> You are able to transfer more in-branch.


How much more? TBH I had a substantial deposit I had planned to transfer in but this 5k limit has made me decide to open a KBC account instead. Besides the hassle in the event of needing more than 5k to be transferred, it doesn't inspire confidence in the bank in me.
I will leave what is there for the moment and then run it down over the next few months.


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## Lightning (16 Apr 2012)

bleary said:


> How much more?



Seems to vary depending on the branch funds but generally quite high. 

If you give sufficient agreed notice, you should be able to withdraw the entire sum in one go via any branch.


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## Timser (23 Apr 2012)

It should also be remembered that many rural dwellers live a long distance from their nearest PTSB branch - for myself it is about a 60 mile round trip and I'm sure longer for others. For people like us the ability to make full online lodgements and withdrawals is absolutely essential.


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## Lightning (23 Apr 2012)

Timser said:


> It should also be remembered that many rural dwellers live a long distance from their nearest PTSB branch - for myself it is about a 60 mile round trip and I'm sure longer for others. For people like us the ability to make full online lodgements and withdrawals is absolutely essential.



No retail bank gives customers unlimited withdrawals online. They all have daily online limits. This is mainly for security reasons.


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## Godfather (24 Apr 2012)

I moved my savings back to Rabo because I already had a small savings account with PTSB (just to diversify)


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## Timser (26 Apr 2012)

Point taken but €5000 is a derisory amount.


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## daheff (9 May 2012)

CiaranT said:


> Seems to vary depending on the branch funds but generally quite high.
> 
> If you give sufficient *agreed notice*, you should be able to withdraw the entire sum in one go via any branch.


 

Correct me if I'm wrong, but the Northern Rock ac was a demand deposit with no withdrawal limits (up to max of 1m was allowed in the account if memory serves me) - so no notice is needed!!

I sent a couple of emails to PTSB about withdrawing my money...i was told i cant do it online, i have to do it in branch or send an letter (its on online account for FFS) to request a cheque/draft to be drawn...plus pay transaction charges.

i've sent an email of complaint to them and requested they withdraw all my funds to the bank ac i've registered with the ac when it was with NR (and free of charge). When I get home I'll be getting the missus to do the same.

I want nothing more to do with them. thats 100k+ of funds leaving because of their lack of respect of contracts/ customers


on another note...i went into a branch of theirs today to get a small amount of sterling...they insisted that i provide id...i told them to shag off that theres no requirement for id. tool behind the counter told me there was a legal requirement...but couldnt tell me where it came from when i challenged him on it "just following procedures". Bank down the road had no such stupidity when i went to them. 

And we wonder why some of our banks had to be bailed out....


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## Renter7 (9 May 2012)

I have never banked with PTSB but with all the bad experiences of people on this website, now can bank ever expect to recover from it's current position.


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## ardmacha (9 May 2012)

Speaking to a PTSB guy he said that the Northern Rock "online" withdrawal was then processed manually whereas the PTSB system executes the transfer automatically. So for security reasons they didn't want the possibility of some hacker logging in clearing out the account. 

The solution for this would be some additional scrutiny for larger transfers, without making the person go to the branch (as people may have chosen NR as it was online).


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## Lightning (9 May 2012)

PTSB process all transfers manually? all of them? 

PTSB must deal with hundreds of thousands of transfers per month, it is hard to believe that it would not be STP !!


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## ardmacha (10 May 2012)

> PTSB process all transfers manually? all of them?


No. *Northern Rock* (only one branch in Ireland) did process transfers manually. PTSB now do things automatically for these accounts, like their other accounts, partly explaining the change in withdrawal limits.


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## Lightning (10 May 2012)

Ok, understood Adam, thanks.


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## daheff (11 May 2012)

finally got somebody from PTSB to respond to my complaint....not that it was much good 

they didnt know the ins & outs of the account type (despite having a number of days to find this out before contacting me). has to go away again to find information internally. no idea about being able to transfer money online, or costs being implied or timeframes or limits 

give me my damn money


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## daheff (11 May 2012)

ardmacha said:


> Speaking to a PTSB guy he said that the Northern Rock "online" withdrawal was then processed manually whereas the PTSB system executes the transfer automatically. So for security reasons they didn't want the possibility of some hacker logging in clearing out the account.
> 
> The solution for this would be some additional scrutiny for larger transfers, without making the person go to the branch (as people may have chosen NR as it was online).


 

i cant believe that! sounds like PTSB are making excuses why you cant withdraw money in a hurry. They must be very afraid of a run on the bank.

as you said...all you need is that any transfers above X amount get flagged for review. Its not exactly online banking if u need to visit a branch to do a transfer.


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## daheff (14 May 2012)

got another response from PTSB. Said this is their final answer and i have 15 days to lodge a complaint with the Financial Ombudsman!

Basically said i can withdraw 5k a day online, and 5k by phone. I finally got some details of charges...50c per electronic transfer up to 50k and then its 10Eur !

i was told that they limit the withdrawals to stop fraud and that its common practice by financial institutions .......eh not with NR it wasnt!!!

they also attached a number of documents ...one of which said there was no withdrawal restricitions!! 


I'm not happy with their response at all...or that I have to pay to withdraw my money!! 

has anybody got any joy in complaining to Financial Ombudsman about them changing the NR terms & conditions?


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## daheff (17 May 2012)

Closed my account today. they transferred my money by swift, charging me 50c

even in closing the account, they were trying to tell me that the rate was very attractive and that i'd be mad to leave. 

the whole issue has left a bad taste in my mouth. Not sure if i'll bother complaining to Financial Ombudsman as I am getting my money...but might still do on a point of principal.


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