Interest First PTSB 1yr fixed

Can’t find this account on the Ptsb website- has it launched yet? (I see the 1 year fixed account is paying 2.75%, but it says this interest is paid at the end of the term).
 
tallpaul said:
PTSB is so useless that they can't even get the simple things right. They announce a new savings account, garner plenty of media interest and then don't have their website updated with details of the new product!! No joined up thinking!
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Yep, it's called a "teaser". https://quickcreator.io/quthor_blog/teaser-advertising-explained/


Clever marketing by PTSB. :p Interested savers will keep searching and the white noise brigade will move on to their next target!
 
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Customers receive their interest upfront instead of at the end of the term
Interest paid within 30 days of account opening
Customers can earn interest on their interest by reinvesting it in another savings account, if they wish
 
I worked out what the real interest rate is if the upfront interest received after 30 days is redeposited:

Calculation:
Say €5000 @ 2.75% = €208 after DIRT removed.

Interest transferred into Trading212 @4.2% for 11 months = €8 before DIRT

Total yield over 12 months on €5,000 is 2.91%

(PS please verify)
 
Xelfyou said:
I worked out what the real interest rate is if the upfront interest received after 30 days is redeposited:

Calculation:
Say €5000 @ 2.75% = €208 after DIRT removed.

Interest transferred into Trading212 @4.2% for 11 months = €8 before DIRT

Total yield over 12 months on €5,000 is 2.91%

(PS please verify)
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A king's ransom!

My nearest PTSB branch is 31km away, so the cost of fuel for a return trip to open that new account (I assume that "personal customers" means that it can't be opened online) would comfortably exceed the value of the extra interest!
 
Xelfyou said:
I worked out what the real interest rate is if the upfront interest received after 30 days is redeposited:

Calculation:
Say €5000 @ 2.75% = €208 after DIRT removed.

Interest transferred into Trading212 @4.2% for 11 months = €8 before DIRT

Total yield over 12 months on €5,000 is 2.91%

(PS please verify)
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The interest is only 137.50 before DIRT on the PTBS account. Regardless, you would still be better off just putting it all in Trading212 or TradeRepublic etc. instead.
 
KBC used to offer this type of deposit, I always thought it was just a marketing ploy, but don't know full T&Cs, bit if leaving deposit for full term what is the real benefit of getting interest after 30days than at the end, and am sure it's priced into the rate.
 
Connard said:
The interest is only 137.50 before DIRT on the PTBS account. Regardless, you would still be better off just putting it all in Trading212 or TradeRepublic etc. instead.
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Don't put all eggs etc...I trust Irish banks more.
 
Good old PTSB!! Of course this account must be opened in branch! Heaven forbid that they would make it easy for customers and allowing it to be opened online. That would run the risk of too many people opening the account in the first place.

When are they going to realise that it is 2024 and not 2004?
 
This is online fixed term account. 6mth (2%) or 1 year(2.75)

Easy to open.

  • min to open 5000E
  • Only available to open24/online

I opened account in May 24.
 
tallpaul said:
Good old PTSB!! Of course this account must be opened in branch! Heaven forbid that they would make it easy for customers and allowing it to be opened online. That would run the risk of too many people opening the account in the first place.

When are they going to realise that it is 2024 and not 2004?
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it also needs to be closed by letter to their head office. otherwise it automatically rolls for a similar term!

I think those T&Cs are outrageous. You put it on deposit for a set amount of time and they wont give you the money back without a letter requesting it!
 
daheff said:
it also needs to be closed by letter to their head office. otherwise it automatically rolls for a similar term!

I think those T&Cs are outrageous. You put it on deposit for a set amount of time and they wont give you the money back without a letter requesting it!
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That’s such a sly way of keeping the customer’s money. If you can open it online, then you should absolutely be able to close it online too.
 
PTSB have two different 1 year fixed rate accounts ( both 2.75%).
- The standard one can be opened online​
- The "interest first" 1 year fixed account can only be opened in branch​
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I think some people in this thread have mixed up the two
1722585070138.png
 
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