Online Fixed Term Deposit Accounts

Features and Benefits

• Competitive rates: Benefit from competitive fixed rates to maximise growth on your savings.
• Straight forward application: Existing customers can open Online Fixed Term Accounts in minutes through Open24 Online Banking.
• A good start to your savings: Begin your savings journey with a minimum deposit of €5,000.
• No max limit: With no maximum limit, you have the freedom to invest any amount you wish.  
• Simple roll-over process: On maturity, we will automatically re-invest your funds into a new Online Fixed Term Deposit Account for the same length of time, unless you choose to close the account. More details on what happens when the term ends.
• Peace of mind: You can withdraw your funds or make further lodgements within 14 days from the date of investment, penalty free. 

Understanding the Account

• Withdrawal options:
  • You can withdraw your funds within 14 days from the date of account opening without incurring any charges or penalties.
  • If you wish to withdraw your funds after 14 days from the date of account opening or before the term ends, an early withdrawal charge will apply.
• Annual Equivalent Rate (AER): Shows the interest percentage you would earn if the amount you deposited is in your account for a full year and the interest rate remains constant.
• 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.

More information | Terms and Conditions

When the Term Ends: Next steps

Before your Online Fixed Term Deposit Account reaches maturity, you’ll be notified with a letter detailing your options. We will automatically re-invest your funds (including interest where applicable) into a new Online Fixed Term Deposit Account for the same length of time, unless you choose to close the account. The interest rate on the new Online Fixed Term Deposit Account will be the rate available when the funds are re-invested.

Once the account has been automatically rolled over, you will have 14 days to decide what to do next: 

1. Lodge: Additional funds can be added to your account 14 days from the maturity date.
2. Withdraw: Transfer your funds to your Current Account, Notice Savings Account, or Demand Deposit Account. (Don't have these accounts? – see step 3).
3. Full balance withdrawal and account closure: If you’d prefer not to reinvest and wish to withdraw all funds in the account, the account will need to be closed. To close your account, you will need to attend a branch with valid photo ID. Acceptable forms of ID.
   • Alternatively our Deposits Service Team would be happy to assist you if you send written instruction to the address details provided below:

PTSB Deposit Services,
56-59 St. Stephen's Green,
Dublin 2.