Permanent TSB Hot 100 Account

I've searched but can't find any chat on the PTSB's new offerring of 4.00% Gross on savings fixed for 100 days.
You must lodge 10K.

Seems good to me.
Any thoughts?

Are they covered by the Irish Deposit Guarantee scheme?

I opened one of those last week. Back in February ptsb were offerring 4.55% aer for a 75 day account

Starbuck said:

I've searched but can't find any chat on the PTSB's new offerring of 4.00% Gross on savings fixed for 100 days.
You must lodge 10K.

Seems good to me.
Any thoughts?

Are they covered by the Irish Deposit Guarantee scheme?

Click to expand...

[broken link removed]

Starbuck said:

Any thoughts?

Click to expand...

Not the best rate and a very short period. You will get ((4.00%/365)*100)*0.77 - i.e. Peanuts.

You can get a much better rate for a 6 month TD or a 1 year TD.

Also, PSTB will give you a much lower lower rate after your TD matures.

Not a good offer for most saver profiles unless 100 days is really what you need.

Totally agree Fungus -dont be fooled by slick marketing -hot 100 my foot!

fungus said:

Not the best rate and a very short period. You will get ((4.00%/365)*100)*0.77 - i.e. Peanuts.

You can get a much better rate for a 6 month TD or a 1 year TD.

Also, PSTB will give you a much lower lower rate after your TD matures.

Not a good offer for most saver profiles unless 100 days is really what you need.

Click to expand...

Can you expand on this Fungus. Was going to switch from my 21day notice acc with PTSB to their 100day as I thought it was better deal given that the rate has dropped on the 21day Acc. Looked at other term deposits and best is Investec (5.58%)but minimum investment is 20k (mine is 10k investment), next is Anglo with 4% but "Rate quoted is an annual rate; return will be based on 6 month equivalent". So what I am reading here is that PTSB is actually the best of them for 100days. Am I reading this correctly?

Happy Girl said:

Can you expand on this Fungus. Was going to switch from my 21day notice acc with PTSB to their 100day as I thought it was better deal given that the rate has dropped on the 21day Acc. Looked at other term deposits and best is Investec (5.58%)but minimum investment is 20k (mine is 10k investment), next is Anglo with 4% but "Rate quoted is an annual rate; return will be based on 6 month equivalent". So what I am reading here is that PTSB is actually the best of them for 100days. Am I reading this correctly?

Click to expand...

Yes, PTSB is "the best for 100 days" but there is very little competition in such a short term deposit offer. The best rates exist for "proper" 6 month and 1 year term deposits products.

You need to ask yourself
Are you not better off with an on demand account at 4.75% ?
Can you not lock for 6 months or 1 year ?
Are you happy that when your 100 days expires that the ECB rate will most likely be on a lower rate?

Unless you have a significant sum and you need the money in 100 days then you are better off with other savings products.