You'd still like to think that with a bit more competition and potential state saving increases that holding off a little while longer before locking in for 3 years would pay dividends. Surely this isn't the best it is going to get? Maybe it is!
Exactly. There is an excellent chance that rates will increase further and therefore you should hold off on locking in for three years. On the other hand there is an excellent chance that rates may not increase and may in fact decline and therefore you should grab the opportunity and lock in immediately.
Damn it. Ok. I'm leaving it on demand in my AIB current account. At least I know the rate will remain consistent!
In fairness, their 40 day notice is right up there as a standout product.
Like you I’v had the account for quite a long time. It paid some pretty decent interest rates in the past. I’ve never had a PTSB current account so that doesn’t appear to be a requirement. I think I initially fed it from a PTSB Demand Deposit a/c. It’s now being fed by standing order from an AIB deposit account.
Does that not force their hands in the bond auctions, if they offer 3% for 3 years like ptsb then the rate for the 10year bonds must rise to 4 and 5 percent, I think the last bond auction they were at 3% . They will be forced to offer higher interest rates anyways in time but when they are playing around with so much debt every fraction of a percent will cost billions
PTSB had a long history of announcing these notice accounts with attractive rates and then after a year or two reducing the rate to near zero and announcing another notice account with a slightly different term and an attractive rate. And so on. There was a 21 day version and a 35 day one and probably more. It was all based on people, especially the elderly, not noticing the change or not bothering about it and leaving the money where it was. Entirely legal but nonetheless despicable opportunism.
Will PTSB give you access to their online platform without a current A/C?
I can see a few queues lining up for that 0.01%!
The bond auctions address a totally different audience, primarily institutional investors and the very wealthy. NTMA’s State Savings products are intended for retail depositors. There is no link between the Bond yields and the rates paid for Savings Bonds, Certs and the Solidarity Bond products. Unfortunately, as if there was such a link the rates on the retail products would be higher right now.
Yes. Well they did for me anyway. I opened a demand deposit account and lodged €100 to it. The very helpful cashier then set-up online banking and guided me through it. Went home and opened the online high interest and regular saver accounts online and moved the €100 in the process ! Have been using the online platform ever since.
