PTSB Increase Current Account Maintenance Fees for some

tomdublin

Registered User
Messages
43
The link states that all current account charges will be standardized (i.e. brought up to the level of the previously most expensive account type) but there will still be four different current accounts. This seems confusing. Also, it states that customers who want to close their account must make an appointment.
 
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kceire

Frequent Poster
Messages
410
I received a letter from PTSB saying they will be charging 25 euro per year to provide an overdraft and 18 euro per quarter to maintain the account. No 18 euro charge will be taken if I keep a daily balance in my account of 2500 euro.
I'm expecting a call back on Monday 28th from local branch. To me it's simple. I will not be paying them for something that another bank (kbc) offers for free.
If they insist on charging me these fees I will simply close this account and also move my mortgage . Might not be much to them but they will be losing out on my few thousand euros per year interest.
Silly move from PTSB in my opinion but I'm sure they've done the sums on how many people will still stay with them and how many will leave.
Looks like they've risked losing 1000's of euro in interest on the presumtion i'll will pay the charges.
Got the same letter today.
Am currently looking around for options to move.
 

Marobar1

Registered User
Messages
16
Got that letter today too! So if I keep €2,500 in the account every day it's free! Otherwise €18 a quarter.
I'll be switching so, quick look at bonkers tells me EBS have a free current account so I'll be signing up to that!
 

billyclub

Registered User
Messages
6
Why not switch to PTSB Explore rather than switch bank?
There's a MONTHLY €4 maintenance charge on the PTSB Explore as far as I can gather.

I'll be looking to switch banks too. This is the end of the line with PTSB for me.
From 1% interest and no maintenance fee if more than €1,500 is lodged monthly.
To 0.001% interest and QUARTERLY €18 maintenance fee (unless €2,500 is kept in the account every day!)
 

mugsymugsy

Frequent Poster
Messages
72
I only moved about 2/3 years ago after the Ulster bank fiasco I guess I'll be moving again. Only joined to have free banking by paying my salary each month into it and don't want to leave 2500 in current account.

Being a bit lazy but anyone got a good comparison link for current accounts to get free banking where you dont have to keep x amount in the account.
 
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4,819
There's a MONTHLY €4 maintenance charge on the PTSB Explore as far as I can gather.
There is a rebate of up to 5 EUR per month @ 10 cent per debit card use. If you pay by card for all your expenses, and you use your card on average at least 1.6 times per day, then you will earn money from this account, as the fee is 4 EUR but the rebate is 5 EUR.
 

Tebbit

Frequent Poster
Messages
111
I'm just after getting the letter today - keep 2500 in your a/c daily or pay 18 maintenance fee. I too am gonna move my a/c . I'll ring them first though to see if it's right. Any suggestions as to where does free banking?
 

pudds

Frequent Poster
Messages
1,708
I'm just after getting the letter today - keep 2500 in your a/c daily or pay 18 maintenance fee. I too am gonna move my a/c . I'll ring them first though to see if it's right. Any suggestions as to where does free banking?
Friend of mine got it too, from 1.5k passing throughmonthly to 2.5k sitting there daily, no way, for that reason HE'S OUT :)

Have a look at the post above yours for link to best free current account options.
 

gravitygirl

Frequent Poster
Messages
447
Am I missing something? If you have 2.5k in cash, I don't see the big hassle here with keeping it in the account full time?
 

Black_Knight

Registered User
Messages
45
Am I missing something? If you have 2.5k in cash, I don't see the big hassle here with keeping it in the account full time?
Before, having 0 in your account and taking out money meant the bank would charge you. Now, having 2500 in your account and taking out money means the bank will charge you.
And the interest rate went from a crappy 1% to a crappier 0.01%.
 

Black_Knight

Registered User
Messages
45
Why not switch to a PTSB Explore account? PTSB Explore effectively reimburses the fees provided you make reasonable usage of your debit card.
10cent on every use, up to €5, and then you're charged €4 a month maintenance. To break even on that €4 is 40 card transactions a month. I barely use my card once a day.
 

gravitygirl

Frequent Poster
Messages
447
Before, having 0 in your account and taking out money meant the bank would charge you. Now, having 2500 in your account and taking out money means the bank will charge you.
And the interest rate went from a crappy 1% to a crappier 0.01%.
I guess my point was, a lot of people probably keep 2500 in their current account all the time as an emergency fund etc. anyway?
 

Protocol

Frequent Poster
Messages
2,981
I have a ptsb online savings account paying 0.05% or something like that.

I may as well move 2,500 to the current a/c?

I'll save 72 pa in fees, but lose maybe 1 euro in interest?
 

username123

Frequent Poster
Messages
1,481
I understand its annoying, but at the end of the day, its E72 / 365 days is less than 20c a day. Many people wouldn't even bother to bend down and pick 20c up off the ground!
 

netman

Frequent Poster
Messages
14
I understand its annoying, but at the end of the day, its E72 / 365 days is less than 20c a day. Many people wouldn't even bother to bend down and pick 20c up off the ground!
Got the letter today, for me its more about when I signed up PTSB had a free banking for life guarantee that attracted me to them when BOI fees went up which they now seem to have broken. Mortgage, current account and joint acc all with them but definitely considering moving all 3 now.
 

RedOnion

Frequent Poster
Messages
3,288
Mortgage, current account and joint acc all with them but definitely considering moving all 3 now.
You're considering moving your mortgage over 48 euro per year current account fee?
It's probably something you should be considering anyhow, unless you've a tracker rate!
If you've a 200k mortgage, a saving of 0.03% is more than the current account fee.
 

Ryan

Frequent Poster
Messages
65
I was quite annoyed when I opened the letter at first but it actually suits me better. Im not working at the moment so I dont have €1500 going into my account but I do have some savings. That said its going to be hard to ensure the balance stays over €2500 at all times.
 

tomdublin

Registered User
Messages
43
I understand its annoying, but at the end of the day, its E72 / 365 days is less than 20c a day. Many people wouldn't even bother to bend down and pick 20c up off the ground!
It's about €145 pre-tax income per year (if you are in the higher tax band), i.e. about €1600 pre-tax income over ten years including interest. Why would anyone pay that if they don't have to?
 
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