I opened a second PTSB account today and because I'm feeding this new account from my wages and then have a standing order from this new account to my existing account, I asked about PTSB's rather stingy interest rate. It's 2% on 1500 only, as long as 1500 is deposited into the account each month. No problem, it's 30 quid in my pocket rather than the bank's.
However, the girl opening my new account told me I have to apply for this interest rate. There's a link online where you click it to apply. She couldn't adequately explain why this is. But it means that I've not being earning ANY interest for about 5 years on my existing account.
I don't understand how they can do this, nor why I have to specifically apply to have interest applied to my account. Does anyone know about this? I'm about to apply to have both accounts get interest now, but they're making such a kerfuffle about it, I'm thinking there's a downside?
However, the girl opening my new account told me I have to apply for this interest rate. There's a link online where you click it to apply. She couldn't adequately explain why this is. But it means that I've not being earning ANY interest for about 5 years on my existing account.
I don't understand how they can do this, nor why I have to specifically apply to have interest applied to my account. Does anyone know about this? I'm about to apply to have both accounts get interest now, but they're making such a kerfuffle about it, I'm thinking there's a downside?