Northern rock/permanent TSB on demand 3% monthly interest account- stay or go ?

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laois1

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Just wondering what did people do with former deposits in Northern Rock (now permanent TSB) ? I had left a small amount with them on a monthly interest basis. The interest rate has risen to 3% since last August. I am concerned about depositing money with permanent TSB - in case the guarantee is called upon and the government cant pay up. However I do like the fact that the interest is paid every month, the rate is not bad and access is immediate. I was considering adding to this account. I have also looked at the Leeds building society account but these require 30/90 day notice and interest is paid only once a year. Im not interested in term deposits as i want to have access to the money in case I need it. Is the Leeds account considered safer ??
 
Ciaran T - yes I have one. Im wondering though whether the former NR account is worth keeping as it has a similiar interest rate, easy withdrawal, monthly interest and there are very few products like this on the market other than Nationwide UK as you mention. All the others seem to have notice periods, annual interest etc. Im leaning towards keeping it open and maybe moving some savings there. Anyone disagree ?
 
got a letter of PTSB/NR the other day...they will be setting up this OPEN24 site for all accounts, but they will then be limiting withdrawals from PTSB accounts to 5K per day!!!


I think thats a very cheeky thing for them to be doing...what if u need more in a hurry? Plus its your money, surely to god in this day an age its no problem to wire money out of your account same day? I can understand cash ...but transferring directly from your account online...

as far as i can see, this is just an excuse to limit the outflow of funds from their accounts. wonder if they know of something bad coming out down the line that they are trying to limit the outflow now b4 word gets out
 
5K limit would be a major concern for me. There was no withdrawal limit on these online accounts up to now. I'll be closing my account if this is true.
 
The limit is definitely 5,000 EUR per day online with PTSB.

You can transfer greater amounts in-branch.
 
Hi Ciaran, Thanks for this. I'm a little confused on two points, and can't seem to find the answers in the PTSB docs. Is it mandatory to open an online account ?. Also would you know what the daily branch withdrawal limit is ?.
 
vipera1 said:
Hi Ciaran, Thanks for this. I'm a little confused on two points, and can't seem to find the answers in the PTSB docs. Is it mandatory to open an online account ?.
Click to expand...

If your NR account was web based, I would guess that your PTSB website will be web based.

Also would you know what the daily branch withdrawal limit is ?.
Click to expand...

It can vary. Ring the relevant branch.
 
CiaranT said:
If your NR account was web based, I would guess that your PTSB website will be web based.



It can vary. Ring the relevant branch.
Click to expand...


seems a bit stupid though...whole point of online ac is that u dont need to go into the branch (which are few and far between)


as i said- it looks to be a ploy to make it difficult to withdraw your savings
 
I think from the bank's point of view, online banking serves to significantly reduce staff and overheads. Also they can place withdrawal limits and hold onto our cash for longer.
 
I phoned PTSB today, and they informed me that I must open an online account with them. She said the daily withdrawal limit is 5K online + 5K telephone (possible 10K/day). However she said that there is NO restriction on the daily amount you can withdraw through a branch. There's just a 50 cent charge.
 
laois1 said:
Just wondering what did people do with former deposits in Northern Rock (now permanent TSB) ? I had left a small amount with them on a monthly interest basis. The interest rate has risen to 3% since last August. I am concerned about depositing money with permanent TSB - in case the guarantee is called upon and the government cant pay up. However I do like the fact that the interest is paid every month, the rate is not bad and access is immediate. I was considering adding to this account. I have also looked at the Leeds building society account but these require 30/90 day notice and interest is paid only once a year. Im not interested in term deposits as i want to have access to the money in case I need it. Is the Leeds account considered safer ??
Click to expand...

If you chose to stay with them unless you specifically need the monthly interest would you conider the higher 3.25% annual interest?
 
PTSB limit on NR accounts

vipera1 said:
5K limit would be a major concern for me. There was no withdrawal limit on these online accounts up to now. I'll be closing my account if this is true.
Click to expand...
Hi all.
Just to follow up on above.
Have spoken with Permanent PTSB this morning. They have told me final point of merging the Northern Rock accounts will be completed by Monday.
RE: withdrawal limits, these will be at €5000 online and €5000 through customer services.
I pointed out that nowhere in their literature have they advised Northern Rock customers that this is the case. I informed them that this was a breach of my contract with NR and they, as new owners of these accounts, were obliged to adhere to the same terms and conditions under those which I held with NR. I could withdraw any amount at any time I wished by electronic fund transfer. They advised of alternative methods of withdrawal, but my point is, they are not the manner by which I am accustomed to for limits above their set limits. So, from Monday on, if I wish to perform an eft of, for example, €11,000, I can no longer do it in the manner which I was able to do under my contract with NR.
IMO, this is a breach of contract. I was informed by PTSB, that this was only an "allowance" that I had with NR. I then pointed out that,no, this is a contract term, which they are legally bound to adhere to.
Anybody out there share the sam view?
Markell
 
Thanks Ciaran. I am contacting my branch manager to advise him of closure of my other PTSB accounts and advise that I will be following up on what is, in my opinion, a breach of contract re: transfer of NR accounts. I will keep you posted on any further info I receive.
Markell
 
This stinks, how is 5k a day instant access to savings.
Thanks for highlighting this
 
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