PTSB to cut savings rates

First regular saver rate cuts in many years. First Irish bank notice account cuts in many years too. Disappointing to see.

Savers have until Tuesday 1 April 2025 to get 2.75% with PTSB for a 1 year term deposit which is the highest rate on the market.
 
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Sign up on this is almost immediate if you have a PTSB account, online application. I signed up on Monday and have the money in it. I guess the deadline may be to have it opened and funded. If you don't have a TSB account it likely needs appointments and will take longer.
 
Sign up on this is almost immediate if you have a PTSB account, online application. I signed up on Monday and have the money in it. I guess the deadline may be to have it opened and funded. If you don't have a TSB account it likely needs appointments and will take longer.
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Do you know how many days do you have to fund it after opening, and does it need to be funded at once with one single transaction?
 
Michael. I funded some into mine immediately when I setup and more 2 days later (when the money came from other bank account). I put in a figure in I would add to the account at setup but transferred in another 1000 over that without an issue. I saw nothing at setup saying when it needed to be funded by. I have no idea if opened next Tuesday and money goes in on Thursday if the rate would be 2.75 or 2.25.
 
Thanks TomOC! I assume I can transfer money in from non-PTSB bank accounts directly, correct? Or can it only be funded from other PTSB accounts? I moved away from PTSB current accounts since they removed the maintenance fee exemption, but I still have a regular saver there.
 
Michael, yey no problem transferring in from another bank account. There is an IBAN visible on my PTSB online account.
 
TomOC said:
I have no idea if opened next Tuesday and money goes in on Thursday if the rate would be 2.75 or 2.25.
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Normally when one opens a term deposit, the rate at account opening stage applies even if the funding is a few days later. That is how AIB and other banks operate. But I don't know for certain if PTSB also operate that way.
 
Normally when one opens a term deposit, the rate at account opening stage applies even if the funding is a few days later. That is how AIB and other banks operate. But I don't know for certain if PTSB also operate that way.
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I can confirm that's how it works with this deposit. I just opened it online in 1 min, and before opening it clearly stated that the deposit would pay a 2.75% AER interest and mature in 12 months. So until 1st of April anyone opening this deposit would get 2.75% AER.

Also, from their website, it says that "Once opened, you have 14 days to lodge funds to your new account." So it doesn't matter if you fund it AFTER the 1st of April when the rate has changed, as long as you have opened it before it has changed.
 
This is inconvenient, as I have a term deposit falling due on Wednesday! I'll have to rustle up whatever is available and open one tomorrow and then take some money out of the term account that is finishing.
 
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