PTSB Regular Saver Products - Minimum monthly lodgement

sandboy

Registered User
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Hi all

I wonder if anyone can shed some light on whether the PTSB Online Regular Saver and 21 Day Notice Regular Saver accounts require a minimum lodgement each month of €1 or whether you can let the balance sit for a few months without being penalised on the rate of interest.

The documentation on this is giving mixed messages. On the one hand, the Regular Savings Best Buy page here says that for these accounts there is "No mandatory minimum monthly lodgement requirement". (Sorry, I'm not allowed to post links).

On the other hand, the PTSB promotional material on their website says that the lodgments should be from €1 to €1000 each month. When you delve into the T&Cs on their website, there is no mention of a mandatory minimum for the Online Regular Saver, but for the 21 Day Notice Regular Saver, it says (at page 39!) that:

"If at any time a lodgement exceeds the Maximum Monthly Amount or is made in a period longer than one calendar month from the date of the previous lodgement, we reserve the right to transfer the balance in the account and any further lodgements (irrespective of whether such further lodgements comply with this condition as to amount and/or to the period of lodgement) to a demand deposit account with the Bank and the terms and conditions and the rate payable, thereafter, in respect of such balance and lodgements will be those applicable to this demand deposit account. We will notify you in the event that such transfer takes place".​

That sounds as if not making any lodgement for more than one calendar month puts you in breach of the conditions.

Other threads in askaboutmoney aren't really clearing this up. The importance is that if you miss a transfer one month, or let the balance sit, there might be a risk of being downgraded to a miniscule rate of interest. Has anyone any experience of this?

Perhaps the safest thing would be a standing order into these accounts for €1 a month as was suggested in another thread.
 
I have had a 21 day regular saver for a few years now and do not make lodgements some months. I have had no problem with this.
 
There is no mandatory minimum monthly lodgement requirement with the two PTSB products that you mentioned.
 
Thanks Ilgon and CiaranT,

That's reassuring. Though it does seem as if PTSB are ignoring their own terms and conditions, in the case of the 21 Day Notice Regular Saver, if my reading of it in my above post is correct.

Not that I'm complaining!
 
PTSB are not ignoring their T&C's.

The T&C's refer to a maximum amount. Not a minimum amount.

The PTSB marketing material is misleading.
 
The part of the T&Cs that seems to be about a minimum amount is this bit:

"If at any time a lodgement ... is made in a period longer than one calendar month from the date of the previous lodgement, we reserve the right to transfer the balance in the account ... to a demand deposit account ...".​

So if you lodge €1000 on 1st October, make no lodgement in November, and then your next lodgement is €1000 on 1st December, then the last lodgment will be two months after the first one, that is, "a period longer than one calendar month from the date of the previous lodgement".

On the other hand, a lodgement of even €1 made on 1st November would pass this requirement.
 
Fair point. Thanks.

However, I know people who have skipped monthly payments without any issues.

Also, the T&C's do not define what a minimum amount is.

It seems to be a clause that is not invoked.

Anyway, to err on the side of caution, I will change the best buy thread to say €1 is the monthly minimum as per the marketing materials.
 
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