.25% of that was a free cut. That cut will only be worth a bit of praise when the ECB goes back up by .25% and the PTSB don't pass it back on to the SVR customers.... They are still gangsters with suits!
It isn't very generous or for that matter fair, but it is much, much better than increasing the variable (when the ECB was cutting interest rates) like they did before. If it wasn't for Brendan and the campaign team I doubt they would be cutting the SVR at all. How does the SVR compare to other banks? I notice AIB aren't passing the cut on.
AIB rate is 3% still 1.34% lower than PTSB even after not passing on the rate. I'd say PTSB are only slowly reducing the rates in the hope that AIB might start increasing their variable sometime soon. Once the gap is under 1% that will be the end of reductions from PTSB i'd say.
Even if the AIB increase their rate and both banks meet in the middle at say 4%, I will never forget the thousands extra I have paid and I'm actively saving to switch. The PTSB are a disgrace that when the ECB were lowering rates to help people they were putting them up and putting more hardship on people in the worse time financially for the thousands who lost employment etc. This should never be forgotten........