Were you transferred from INBS to PTSB ?

C

Chas

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I had 3 accounts with INBS at the time of the transfer to PTSB which appears to have happened on 1st Aug 2011.

I now notice the rates being applied to these transferred accounts is way below the equivalent PTSB accounts...

Account Type Deposit Half Yearly
Balance.................. €200 - this was effectively an instant access account due to the low balance.
Rate Aug 11............ 0.01%
Rate now................ 0.01%
Equiv PTSB Rate Now 2.25%

Account Type Classic Quarterly
Balance.................. £13k
Rate Aug 11............ 0.5%
Rate now................ 0.5%
Equiv PTSB Rate Now 2.0%

Account Type Classic Quarterly
Balance.................. £6K
Rate Aug 11............ 0.05% *
Rate now................ 0.05%
Equiv PTSB Rate Now 2.0%

PTSB have left the interest rates on all 3 accounts exactly as they were on 1st Aug 2011. The rates currently being paid on equivalent PTSB accounts are substantially more.

* Also notice the different rates being applied to the 2 Classic Quarterly accounts - why the difference?

Is this other people's experience?

Has anyone successfully challenged PTSB as to why they have not kept INBS customers on the best rates and been repaid the lost interest?

Many Thanks.
 
Each account is paying way below the current equivalent interest rate.

When I took out each account with INBS I ticked a box to roll over each account plus interest at the end of each quarter to best prevailing rate. This has not happened since they moved to PTSB.
 
Most banks reduce the rate on products that have been on offer, the longer the product is on offer. i.e the rate reduces as the products life cycle evolves.

Most banks then offer the best rates on new products to entice new customers.

You need to close your INBS account and switch to get a good return for your money.
 
Each account is paying way below the current equivalent interest rate.

When I took out each account with INBS I ticked a box to roll over each account plus interest at the end of each quarter to best prevailing rate. When things were good this worked a treat. This has not happened since they moved to PTSB.
 
I think my question contained too much detail. Here's a simpler version of the question.

When I opened my accounts with INBS they were quarterly savings accounts. I ticked a box stating I wished the funds to be rolled over at the end of each quarter to a new quarterly savings account at the prevailing interest rate each quarter.

My accounts have been moved to PTSB. The rate at the time of the move was 0.5%. It is still 0.5%. The option to roll over to the prevailing rate each quarter has been lost in the transfer from INBS to PTSB. PTSB are currently paying approx 2% on similar accounts.

Anyway I went to see someone at my local PTSB. He explained how "PTSB couldn't possibly move money about - even to get a better rate - without the account holders permission". I am trying to say he had my permission from when I opened the account.

Anyway he basically "told me to get lost and if I have an issue take it up with the Ombudsman" - well actually he said he would make an enquiry with head office and then wrote a letter saying "unfortunately" and I could appeal his decision or go to the Ombudsman.
 
Interesting. Normally I would say it is up to the account holder to periodically move their savings to benefit from better rates. But if INBS guaranteed to move your money each quarter, and PTSB didn't write to you to say that would no longer happen, you may have a case. I had an unrelated issue which was only resolved once I initiated proceedings with the Ombudsman.
 
I previously had a Classic quarterly and my understanding was that it was not a fixed term deposit account, as you seem to think.... the interest was paid quarterly & €X amount was available on demand per quarter etc - hence the name.... there never was an option to rollover as it was not a term account so there was no maturity date as such....
 
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