Interest First Fixed Term Deposit Account

Features and Benefits

• Upfront interest: Receive all your interest in the first month.
• Competitive rates: Benefit from competitive rates to maximise growth of your savings.
• Easy interest payment options: You can choose to have your interest paid into a PTSB Current Account or Demand Deposit Account, an account in another Irish bank*, or sent to you by cheque, whatever works for you. *You should check with the bank to ensure the account you wish to nominate is suitable for this purpose.
• Guaranteed return: Get peace of mind that your savings are secure, with a guaranteed interest return within 30 days of opening your account on a minimum deposit of €5,000.
• No maximum balance: There is no maximum balance for personal customers. The account is not available to non-personal customers.
• Earn interest on your interest: All you have to do is lodge the interest you earn on your Interest First Fixed Term Deposit Account into another savings account.
• Simple roll-over process: On maturity, we will automatically reinvest your funds into an Online Instant Access Account unless you choose to close the account. More details on what happens when the term ends. Instructions for another fixed term can be provided through Open24 Online Banking, by contacting our Deposit Maturities Team, or by visiting your local branch. 

Understanding the Account

• Withdrawal options:
  • You can withdraw your funds within 14 days from the date of investment without incurring any charges or penalties.

  • If you wish to withdraw your funds after the cooling off period and before the account maturity date, your account will close and an early withdrawal charge will apply and any interest paid to you in respect of the unexpired deposit term will also be deducted from the account.

• Annual Equivalent Rate (AER): A preview of how much interest you could earn each year if you kept your money in the account for a full year and the interest rate didn't change. 
• Deposit Interest Retention Tax (DIRT): A tax payable on the interest you earn from your Savings or Deposit Account. It is automatically deducted when you receive your funds. However, you may not have to pay DIRT. Further information on DIRT exemptions can be located on the Revenue website.

Terms and Conditions.

When the Term Ends: Next steps

When your Interest First Fixed Term Deposit Account matures, it will automatically roll-over into an Instant Access Account should you not choose an alternative arrangement for your funds. This will be at a variable interest rate which is currently 0.01% Gross/AER. If you choose to roll the account for another fixed term, you will have 14 days to lodge additional funds or make a withdrawal. 

I want to reinvest my funds

Should you want to reinvest your funds and get the most from your Interest First Fixed Term Deposit Account, you can roll the account for another fixed term by:

1. Logging in to Open24 Online Banking, and selecting another fixed term from the account types available.
2. Contacting our Deposit Maturities Team on 0818 600 209 or +353 1 655 0509 (from abroad). Lines are open from 9am to 5pm, Monday to Friday (excluding Bank Holidays).
3. Making an appointment at your local branch.

I don’t want to reinvest my funds

If you don’t want to reinvest all your funds for another fixed term you can:

1. Withdraw: Transfer your funds to your Current Account, Notice Savings Account, or Demand Deposit Account. (Don't have these accounts? – see step 2).
2. Full balance withdrawal and account closure: To withdraw all your funds and close your account, you will need to attend a branch with valid photo ID and proof of address. Acceptable forms of ID and proof of address.

If you withdraw early, penalties will apply

Example:

• If you invest €10,000 into an Interest First Fixed Term Deposit Account you will receive €184.25 (after DIRT is deducted) within 30 days of account opening into an account of your choice (or via cheque).
• Should you choose to close this account prior to maturity unearned interest will be reclaimed and penalty charges will apply.
• Using the sum noted above if the account is closed after 90 days, then €75.34 will be deducted for the early withdrawal charge and an additional €137.81 will be reclaimed as unearned interest. After these charges have been deducted €9,786.85 will be returned to you.