Closing a PTSB online fixed-term account - seems very difficult

S class said:
Buy a postage stamp to recover my 1 cent.
No thanks !
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You speak for this couple too! We have about half a dozen of these old accounts with one cent left in each of them.

We've tried to close them online but have been told that we need to visit out local PTSB branch - which is an hour's drive away. I called in once, but was told that I needed to make an appointment! :rolleyes:
On one occasion, I added €9.99 to one of the accounts to test whether I could withdraw €10, but I couldn't!

So the statements keep on arriving every six or 12 months and go straight into our shredder. Bad for the environment and bad for PTSB's bottom line, but at least they're giving An Post a few bob's profit every year.
 
My solution a few years back (shortly after PTSB threatened me with 9% on a mortgage renewal) was to move my day-to-day banking to our local credit union where there are actual, real people who listen, and do everything else via Fintechs like Raisin, avoiding Irish banks like the plague. We've had SEPA for over 10 years so there really is very little difference between having online accounts in other EU countries earning interest and having online accounts in Irish banks earning nothing -- apart from the money.
 

Online Fixed Term Deposit Accounts | Deposit Accounts | PTSB

Got a lump sum? Open a Fixed Term Deposit Account online, in minutes, for a competitive rate, and secure your financial future.
www.ptsb.ie www.ptsb.ie

"To close your account, you will need to attend a branch with valid photo ID." - think this is a new option.

"Alternatively our Deposits Service Team would be happy to assist you if you send written instruction"

Sorry I think this is also mentioned in a previous post.
 
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Hello,

I'm proud to say that I'm also a member of the 1 cent club... In fact, I have been for 5-6 years, now !

They annoyed me with various matters, to the extent that I have now decided to not only leave the 1 cent in the account, but will also transfer another 1 cent into the account, on the next rollover date, to keep this fiasco going for an even longer period. Otherwise, there's a risk that my account may one day soon be marked as "dormant", and they'll stop wasting money, without ever realising why :)
 
I have one too.
As PTSB has over a million customers many could be in the same position.
Potentially over 10.000 Euros locked up.
 
VInterested said:
I have one too.
As PTSB has over a million customers many could be in the same position.
Potentially over 10.000 Euros locked up.
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They may have a theoretical €10,000 for a million customers (completely unlikely) but that million customers would cost PTSB €1.65 million in postage for one letter a year!!!

I'm a customer of PTSB and find many of their practices old-fashioned and wasteful. This continued practice of forcing customers into branches to deal with opening and closing of accounts is ridiculous in 2025.
 
I have an old deposit account open with 0.00c in it. It will go dormant after 15 years.. so will remain occupying some database fields until then..
 
tallpaul said:
I'm a customer of PTSB and find many of their practices old-fashioned and wasteful. This continued practice of forcing customers into branches to deal with opening and closing of accounts is ridiculous in 2025.
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I'm very impressed (not) with the new Log In screen on the PTSB App which proudly informs me that they are "Altogether more human"!

Perhaps that's why they insist on me driving for 45 minutes to my nearest branch so I can meet one of their humans. Just what I want from online banking!
 
What people are forgetting is TSB are using all these 1 Cent accounts are part of their performance figures for the regulators and their shareholders. Ie the Government of Ireland.
 
tallpaul said:
They may have a theoretical €10,000 for a million customers (completely unlikely) but that million customers would cost PTSB €1.65 million in postage for one letter a year!!!
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That would be 3.3 million.

They send one letter notifying the account holder that the fixed term has been completed.

After a few weeks they then send a second letter notifying the account holder that a new fixed term has commenced.

This second letter includes multiple extra pages printed on one side only explaining the terms and conditions of the new contract.
 
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