PTSB Launch New Current Account Product With Free Banking

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PTSB are scheduled to launch their first Online Current Account.

Details are sketchy but here is what I am informed. Details may change before launch day.

Launch date: 2 April 2013.
Product: PTSB Online Current Account.
No postal statements. All statements online.
Free banking if you wire at least 1,500 EUR per month into the account. No minimum balance requirement for free banking.
Product will run concurrent with other PTSB current account products.

This will represent another easy way to get free banking without minimum balance requirements.

It is good to see that PTSB are going down the online route with current accounts as it future proofs their offering. When SEPA comes into force in February 2014, pan European online current account banking competition may emerge. PTSB are prepared.
 
I'm confused. How does this differ from their current current account. The only difference I see is that you don't get postal statements. You can set it up that way now though.
 
Connard said:
I'm confused. How does this differ from their current current account. The only difference I see is that you don't get postal statements. You can set it up that way now though.
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Have a read of this. The PTSB 'Everyday' current account requires a lot of terms to be met for free banking than the new account that PTSB are launching.

The PTSB legacy 'Switch' current is still arguably superior to the new PTSB product.
 
I wonder if this new product has any word on how long it will be available i.e. before charges introduced if ever?
I'd defo switch over if I knew it's not just a 6 month gimmick or the like
 
roker said:
Is there still free banking for over 65s?
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There if free banking for everyone if you have the right account.

Free banking for those aged 60+ at AIB and BoI. You just need to switch to the Advantage or Golden Years accounts.

Free banking for everyone, regardless of age, at Ulster Bank. The problem is that might change in July.

Free banking for at PTSB and EBS, subject to conditions, that do not include minimum balances.

Free banking for legacy PTSB Switch customers.
 
Delboy said:
I wonder if this new product has any word on how long it will be available i.e. before charges introduced if ever?
I'd defo switch over if I knew it's not just a 6 month gimmick or the like
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It appears to be a medium term play by PTSB and not a short term gimmick. I would think they will offer this product for a while to come.
 
My only concern with this new PTSB product is will they force legacy Switch customers to this new product?

The majority of PTSB customers have a legacy PTSB Switch account. Only more recent customers have a PTSB Everyday account. Legacy PTSB Switch customers have guaranteed free banking for life or at least for as long as PTSB offer Switch current accounts. Could PTSB be about to force PTSB Switch customers to migrate to their new product and thereafter introduce fees in the years to come? Just speculation.
 
CiaranT said:
Have a read of this. The PTSB 'Everyday' current account requires a lot of terms to be met for free banking than the new account that PTSB are launching.

The PTSB legacy 'Switch' current is still arguably superior to the new PTSB product.
Click to expand...
I've been with them over 10 years so I must be on their legacy switch account. Compared to their everyday account it is a lot better alright.
 
fair play to ptsb.
Now there is somewhere to bank if ulsterbank bring in charges in the summer.
 
Knuttell said:
How so?
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In lot's of ways.

PTSB Switch customers:
(1) Guaranteed free banking for life. (or as long as the product lasts).
(2) Credit interest, albeit at a tiny 0.25%.
(3) Zero conditions for free banking. Zero.

PTSB Everyday customers:
(1) Lots of hoops to jump through to get free banking.
(2) Zero credit interest.

To this day, most PTSB current account customers are on using the legacy Switch product.
 
More details are emerging ...

PTSB will not force 'Switch' customers to move to the new PTSB product. Hence, no impact to 'Switch' customers for now.

Confirmation that you will need to deposit 1,500 EUR per month into the account to get free banking.

Full details on 2 April 2013.
 
Good luck to anyone trying to open an online account with PTSB.

3 weeks ago I phoned up to open a term deposit with them, we already have a current account there. The documentation was slow to come out and was returned promptly. I phoned a week ago to complain about the delay. We got a phone call informing us of our new account number. I asked for it to be emailed to us, but seemingly that is against regulations. So far they have not bother to write informing us of the new account details.

We will not be proceeding. Thanks Ciaran for the best buys, we will be looking at your second best!
 
I am informed that PTSB staff are under pressure at the moment due to the amount of account switching from BoI and AIB. Many BoI/AIB customers have just got their first quarter of fees and are switching. Hopefully, PTSB will be fully staffed up for the mass switching that may occur post 2 April 2013 new product launch.

I opened an online account with PTSB recently. Totally painless. Done in minutes with zero hassle. I appreciate that the PTSB branch products are a different story.
 
Apply for a Current Account - First Question!

Are you an existing permanent tsb customer?

Answer yes if you have a bank account, a credit card, a savings account, a loan, a mortgage or any other service with permanent tsb.

I'm an 'additional' credit card owner so should I still answer Yes?
 
Clicking no might be the simplest/safest bet given the loose connection you currently have with PTSB. It might just mean that you need to re-supply personal details.
 
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