PTSB Change Current Account Fees (June 2016)

L

Lightning

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PTSB are changing their fee structure on current accounts.

Charlie Weston has a good article in the Indo on the changes here.

  • Current account now costs 4 EUR per month.
  • Customers are PAID 10 cent per debit card transaction up to a maximum of 5 EUR per month.
  • Cashback with some retailers such as Sky "up to 5%" if direct debit is used. No further details available.
  • Unknown if rewards are linked to the Visa Go Rewards scheme or if it is a different scheme.
  • Unknown if bank interest will be paid on the account.
  • No changes for existing customs. Changes apply to new customers.
  • Full details not yet on the PTSB website. Details are a little unclear right now.

Hence, 60 EUR per year to operate a PTSB current account rather than free, provided you deposit 1,500 EUR per month, as things currently stand.

For most people, this is bad news and the EBS current account offering will probably become the best buy.

For some people, if the rewards more than cover the cost, then it would be worth switching to this product.

Hopefully, more detail to follow.
 
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I wonder if this is what they are calling the Explore Account - just have to wait and see. I'll be sticking with my exisiting PTSB Current Account.
 
Seems so. The PTSB homepage now says that an Explore Account product is coming on 1 June 2016.
 
€4 per month - available from June 1st 2016 - 10 cent payment for use of the Debit Card - 5% cashback ob bills paid via direct debit to partner companies - Sky,SSE, Topaz.

No minimun balance -over 18's.
 
Thanks, where do you see 4 EUR a month? Indo article mentioned 5 EUR a month.
 
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Are they partnering with sky and power companys? So they are looking to make 4Euro per month of these accounts and then somehow give some of this back to customers. The synic/realist in me thinks they will give some of this 4Euro back to the customers, but they will still make a small margin on it. Seems like a complicated product just to make a small margin, but that's without knowing the finer details. Will be interesting to see.
 
Hattrick said:
Are they partnering with sky and power companys?
Click to expand...
Hmmm. Assume that make a promotional agreement with 1 of each type of utility - gas, electricity, phone, tv, internet. Assume those utilities will kick 7% of each PTSB customer's bill to PTSB as a marketing cost, and PTSB pass 5% on to the customer.

I think that other reward cards already have similar setups with particular supermarkets?
 
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