Implications of Bawag takeover of ptsb for depositors
- Thread starter redstar
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If I were BAWAG I'd be inclined to keep them separate. They won't want to draw too much attention between the rate a ptsb customer gets and those on MoCo products. Now whether they need those deposits now is another thing. Will be interesting to see if the rates stay competitive.
fistophobia
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Is there a property development / sales angle in this deal?
PTSB have 98 branches.
PTSB have 98 branches.
Douglas Hall
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PTSB have announced a 32 day notice account offering 1.25% interest.
Compared to what the internet banks are offering this seems like a poor effort.
Compared to what the internet banks are offering this seems like a poor effort.
Are you referring to the business-only deposit offering?
All I can see is this business 32 day notice account paying 1.50%, not 1.25%.
Douglas Hall
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I was in a branch last week and a staff member told me this was coming..
The lady in the office said it will be in place this week or next.
The lady in the office said it will be in place this week or next.
But where did they announce it?
Douglas Hall
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Clubman,
I don’t appear to be here long enough to have permission to post links or hit reply to posts but the announcement is currently on the PTSB website.
I don’t appear to be here long enough to have permission to post links or hit reply to posts but the announcement is currently on the PTSB website.
Ok, I see it listed here now.
www.ptsb.ie
Can only be opened in branch according to that. 
Deposit Interest Rates | permanent tsb
Our Interest Rate Sheets will give you all the information you need on our Deposit Interest
www.ptsb.ie
Douglas Hall
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Yes, a poor offering compared to the fintech banks and even the other high street banks.
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Deposit Interest Rates | permanent tsb
Our Interest Rate Sheets will give you all the information you need on our Deposit Interest
www.ptsb.ie
PTSB have a long history of of this messing around. There was a 35 day notice account, a 40 day notice account, a 31 day notice account, another 40 day notice account and now the latest star in the firmament, the 32 day notice account. The modus operandi is simple; announce new account with “attractive interest rate”, wait x months, launch newer account with “attractive interest rate”, depreciate previous notice account dropping the “attractive interest rate” to.01%, wait x months, launch newer account with “attractive interest rate”, depreciate previous notice account dropping the “attractive interest rate” to.01%, wait x months and so on. The strategy is simple, a lot of people will miss what’s going on through lethargy or taking their eye off the ball and deposits, often substantial, remain where they are earning .01% before deduction of DIRT. Viewed benignly its sleight of hand smart-alecary digging holes for their trusting customers to fall into, but when you factor in the legacy cohort among their client base of plain old people who are trusting of their bank it’s actually pretty scummy behaviour. My parents had a string of these and every time a new account was launched it required a visit to the bank (1 hour minimum), and a huge amount of form filling. Frankly It’s a less than impressive product offered by a bottom feeding bank with rubbish systems and processes. Avoid. Avoid. Avoid.
Not to mention this Chinese wall (that’s actually built of reinforced concrete) between their “in-branch” accounts and their “online accounts” I came up against this recently and its a nightmare (more of that anon, I don’t want to take this thread any further off topic).
My commiserations to Bawag on buying this crock, they should look at firing their due diligence team.
Yeah, another devious type tactic by banks is to lure in deposits via new products and take advantage of 'sleepy deposits' as the industry calls it with existing products.
There was no need for PTSB to launch a 32 day notice account when they already have a 40 day notice product. The only logical reason is to pay low rates for the sleepy deposits in the 40 day notice account whilst scooping up new deposits with their 32 day notice account.
There was no need for PTSB to launch a 32 day notice account when they already have a 40 day notice product. The only logical reason is to pay low rates for the sleepy deposits in the 40 day notice account whilst scooping up new deposits with their 32 day notice account.
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Irish banker’s family office considering shock offer for PTSB
www.businesspost.ie