PTSB Increasing Some Deposit Rates

Thanks for posting.

No changes of note.

PTSB are only making one change for personal customers. 6 month rate changes from 1% to 1.75%. A poor rate for a 6 month term to start with and still a poor rate.
 
Lightning said:
Thanks for posting.

No changes of note.

PTSB are only making one change for personal customers. 6 month rate changes from 1% to 1.75%. A poor rate for a 6 month term to start with and still a poor rate.
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The only thing I found interesting is offering business customers 1% on demand deposit and 2% on 32 days notice accounts. A small return for business customers with short term cash reserves.
 
Harvard said:
The only thing I found interesting is offering business customers 1% on demand deposit and 2% on 32 days notice accounts. A small return for business customers with short term cash reserves.
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It's such a pain that they don't allow these savings accounts to be created online as can be done for personal accounts. Instead they require a branch visit.
 
Savvy said:
It's such a pain that they don't allow these savings accounts to be created online as can be done for personal accounts. Instead they require a branch visit.
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Absolutely. It's as if they are trying to make these accounts as inaccessible as possible.
 
PTSB have a long and despicable history of launching and then depreciating these notice accounts. They have had a 21 day notice account, a 30 day notice account, a 31 day notice account, a 35 day notice account, a 40 day notice account and a 60 day notice account. In each case they launched the product with a headline rate, sucked in the money and then collapsed the rate. And rely on customer lethargy, especially among their elderly client base, to leave the money sitting rather than jump through hoops to open the latest account. Most of the accounts I mentioned above now earn .01%.

Savvy said:
It's such a pain that they don't allow these savings accounts to be created online as can be done for personal accounts. Instead they require a branch visit.
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Both the 6 month and 12 month term accounts are currently available online as well as in branch. This was another one of their start/stop/start shenanigans. It’s totally understandable that you are confused by their incessant messing around.


Harvard said:
As it says on the tin. Irish banks will shortly announce very healthy profits. Hopefully other banks will follow suit on deposit rates.
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Regarding the 1.75% they are now offering for six month term deposits, I’d give them zero credit. They have been behind BOI and AIB (both offering 1.50%) for the last six months or so. The additional .25% they are offering would hardly justify the pain of dealing with them and their weird systems.
 
Freelance said:
PTSB have a long and despicable history of launching and then depreciating these notice accounts. They have had a 21 day notice account, a 30 day notice account, a 31 day notice account, a 35 day notice account, a 40 day notice account and a 60 day notice account. In each case they launched the product with a headline rate, sucked in the money and then collapsed the rate. And rely on customer lethargy, especially among their elderly client base, to leave the money sitting rather than jump through hoops to open the latest account. Most of the accounts I mentioned above now earn .01%.


Both the 6 month and 12 month term accounts are currently available online as well as in branch. This was another one of their start/stop/start shenanigans. It’s totally understandable that you are confused by their incessant messing around.



Regarding the 1.75% they are now offering for six month term deposits, I’d give them zero credit. They have been behind BOI and AIB (both offering 1.50%) for the last six months or so. The additional .25% they are offering would hardly justify the pain of dealing with them and their weird systems.
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I wouldn't be using the word credit in connection with any Irish bank's when it comes to deposit rates.
 
.. and trying to make an appointment to even open a fixed-term account is frustrating..
My local 'full service' branch is a mile away.
You can't ring them.
You get to a call center - can barely understand each other.
First call, they didn't know what i wanted - i had to speak as if to a 6 year-old. Then he said 'I got an error - someone will call you back' . They never did. No appointment made.
Second try - Again, hard to understand, different person. No questions to validate my identity, lots of awkward silences, they could barely string a sentence together in English - but at least this time appointment was made.

Their customer service was better 10, 20 years ago.
Rant over..
 
You can book appts in a PTSB branch online, without speaking to anybody.

I booked an appt last week.

I received confirmations by SMS.

They also rang me to confirm.
 
redstar said:
.. and trying to make an appointment to even open a fixed-term account is frustrating..
My local 'full service' branch is a mile away.
You can't ring them.
You get to a call center - can barely understand each other.
First call, they didn't know what i wanted - i had to speak as if to a 6 year-old. Then he said 'I got an error - someone will call you back' . They never did. No appointment made.
Second try - Again, hard to understand, different person. No questions to validate my identity, lots of awkward silences, they could barely string a sentence together in English - but at least this time appointment was made.

Their customer service was better 10, 20 years ago.
Rant over..
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I opened an account with BOI back in December. I went through a similar process but I have to say it was seamless compared to what you described above. I rang the call centre spoke to a very pleasant lady with a midlands accent who made the appointment for the local branch. She also advised me what documents etc were needed. The appointment took about 10 minutes and I got my confirmation letter a few days later.
 
Protocol said:
You can book appts in a PTSB branch online, without speaking to anybody.

I booked an appt last week.

I received confirmations by SMS.

They also rang me to confirm.
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Interesting...

I didn't see a online appt option for opening a deposit a/c. I know you can book an appt online when opening a Current (Explore) account but didn't see the option for a deposit a/c.

1709290360397.png

Find your local branch leads to the above numbers....
 
@redstar

When I decided to open a fixed term account last November I called to make an appointment and had a similar experience. So I dropped into my local branch. It took 1 minute to make an appointment for 10am on the following Monday. Not ideal but sometimes you have to sink to the level at which your opponent operates to get the desired result.
 
Lesson learned, i suppose. Two trips just to open account. Yes, its a race to the bottom with customer service.
 
Opened a fixed account with them during the week. I was told it would take 45 minutes but only took 25 as I was already a customer. The rigmarole of going through all the T&C's at the start was farcical. The staff member was just reciting it and was immune to interruption.

I agree that it is beyond ridiculous that these account openings have to be done in-branch and yet I can open a regular savings account in seconds through their online banking.
 
Sorry, I wasn't opening a savings account.

I was dealing with an existing current account.
 
tallpaul said:
Opened a fixed account with them during the week. I was told it would take 45 minutes but only took 25 as I was already a customer. The rigmarole of going through all the T&C's at the start was farcical. The staff member was just reciting it and was immune to interruption.

I agree that it is beyond ridiculous that these account openings have to be done in-branch and yet I can open a regular savings account in seconds through their online banking.
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I made that point during my 30 minute of answering irrelevant questions, getting my driving licence copied, when is our house insurance up, do we anticipate long term care in near future and how much we receive monthly in net pay!! I asked why I couldn't do all this online and was told it's so we don't tie up money we might need!! No Ts&Cs recited to us!!
 
PTSB have become more difficult to deal with in recent years and forcing customers back to the branch is counter intuitive. Online should be more efficient for everyone. I closed an old current account when they imposed new charges. I moved the balance and closed a savings account in that branch for good measure. The collections department have now written to me highlighting an "unauthorised balance" as they failed to close it, imposed their new charges on it and are threatening to report to CCR and add additional charges on a daily basis. I have not heard back from them since I pointed out their error!

Meanwhile I literally moved lock, stock and barrel to every form of Raisin account from my main PTSB accounts, necessitating frequent visits to the lovelies in PTSB who cleverly restrict online transfers to €10k per day.
 
Well, we finally got to meet a human in a PTSB branch to open a term deposit a/c. :p

Actually went very well, if a little slowly - the staff member was very friendly and competent, and didn't try to sell us anything else.
No jargon, straight-forward description of T&C's...

All got setup, money transferred to new a/c, and PTSB app updated to show new a/c too. Took an hour though, with about 4 forms to sign...
 
We were in Friday and the written confirmation arrived today. I availed of the 14 day window to bump up the deposit as I think the 3% for 3 years is quite attractive, despite ECB holding rates today.
 
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