PTSB launches new personal Interest First deposit product paying 2.75% AER upfront for 1-year fixed term savings
- Customers receive their interest upfront instead of at the end of the term
- Interest paid within 30 days of account opening
- Customers can earn interest on their interest by reinvesting it in another savings account, if they wish
PTSB has today launched a new personal Interest First deposit product that pays 2.75% AER (Annual Equivalent Rate) for 1-year fixed term savings.
The product is unique in the Irish market because customers can receive their interest upfront as a lump sum, within the first month of opening the account, instead of waiting until the end of the 1-year fixed term.
Customers can then earn interest on their interest by reinvesting it in another savings account, if they wish to do so. They also have the option of withdrawing the money by transferring it to a current account (or a bank account that can receive inbound transfers) or receiving a cheque payment.
This is a fixed-rate product. The interest rate that customers earn will not change over their fixed rate term.
Eddie Kearney, PTSB’s Head of Retail Distribution said:
“Our Interest First deposit product is the only of its kind in the Irish market and provides our customers with an innovative way to get access to their interest, without having to wait until the end of their fixed rate term.
We’re delighted that we’re able to expand on our already competitive suite of savings and deposit options and bring additional choice to both existing and new customers.”
Product features:
- A minimum balance of €5,000 applies and the product is only available to personal customers.
- In the event of the customer making a withdrawal before the end of the fixed term, an early withdrawal charge will apply and any interest that was paid upfront in respect of the remaining term will be deducted from the account balance, and the account will close.
- Partial withdrawals are not permitted.
- Interest First products, which were last available from PTSB in 2021, are being re-introduced in response to customer demand.
Notes to Editors:
- This is a press release which covers the main points of this announcement but it does not provide detail on every aspect of the changes. Customers should contact the Bank for information on how the changes will impact on their individual circumstances and should seek independent financial advice. Terms and conditions apply to PTSB products.
- All interest rates quoted in this press release are the Annual Equivalent Rate (AER).
- The Interest First product announced today will be available to personal customers from 2 July 2024.
