PTSB to reduce interest rates on certain deposit products

• First changes in PTSB’s deposit rates since May 2024, with the ECB reducing rates 6 times since then
• Existing fixed-term rates will continue to be available until new rates take effect on 2 April
• No change to rates on existing fixed-term deposit products for the duration of their fixed term

PTSB is to reduce interest rates by 0.5% on new personal and business fixed-term and variable deposit products. The changes will come into effect from 2 April, with the exception of two products where the change will take effect from 4 June – see details below.

Holders of existing fixed-term deposit products will continue to benefit from their existing fixed rate until their current fixed term comes to an end. 

These are the first changes to PTSB’s deposit rates since May 2024. PTSB increased deposit rates 8 times between November 2022 and May 2024.

The changes announced today take place against a backdrop of lower market rates over the past year, with the ECB reducing its deposit rate 6 times by a total of 1.5% and its main refinancing rate 6 times by a total of 1.85% since PTSB’s last deposit rate changes in May 2024. 

Fixed rate changes

• The changes will apply to 6-month, 1-year, 18-month, 3-year and 5-year fixed-rate deposits, including Interest First and Online fixed-term deposit accounts. The current rates on these products range from 2% to 2.75% and will reduce by 0.5% to a range between 1.5% and 2.25%.

Variable rate changes

• The changes will apply to the following Notice accounts – 21-Day Regular Saver (moving from 2.5% to 2%), 40-Day Notice (moving from 1% to 0.5%) and Business 32-Day Notice (moving from 2% to 1.5%).
• The following Demand accounts will also change with effect from 4^th June – Regular Saver (2.5% to 2%) and Business Demand (1% to 0.5%).

Note to Editors:

1. 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.
2. All rates quoted in this press release are the Annual Equivalent Rate (AER).