PTSB changing some fixed term deposit rates

Was expecting decreases across the board from them TBH. Do they have a need to increase deposits?
 
Best buys updated.

Goodbye 3% term deposit rates from Irish banks? I would guess that BOI and AIB will follow suit. Now might be a last chance to get 3% term deposit rate from an Irish bank during this rate cycle perhaps.

The Irish Independent are reporting that PTSB are saying that they are offering a "market leading" 1 year term deposit rate :( The "market" should include all participants in the market, including Raisin and BluOR (direct), and PTSB far from offers the leading rate.
 
Lightning said:
Best buys updated.

Goodbye 3% term deposit rates from Irish banks? I would guess that BOI and AIB will follow suit. Now might be a last chance to get 3% term deposit rate from an Irish bank during this rate cycle perhaps.

The Irish Independent are reporting that PTSB are saying that they are offering a "market leading" 1 year term deposit rate :( The "market" should include all participants in the market, including Raisin and BluOR (direct), and PTSB far from offers the leading rate.
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I would definitely agree with you there. That should be considered false advertising.
 
Why are they reducing (and increasing) ahead of ECB changes?

It took ages for reactions to ECB rate increases.
 
podgerodge said:
Why are they reducing (and increasing) ahead of ECB changes?

It took ages for reactions to ECB rate increases.
Click to expand...

PTSB seem to be making two of their term deposit products more competitive probably due to low customer signups because of the all rate that they offered and decreasing their highest term deposit rate in advance of likely ECB action. But no corresponding adjustment to their highest mortgage rates.

Term deposit rates should fall when there is an expectation that rates will fall. And conversely the opposite and yeah Irish banks were very slow to increase term deposit rates when expectations were the rates would increase.

Instant access rates, in theory, should not decrease until the ECB decreases rates.
 
The 3 year decrease to 2.1% makes it marginally higher than the 3yr State Savings Bond (1.32% aer tax-free Vs 1.407% PTSB after DIRT)
 
Now tempted with the 6 month and 1 year account. I've a big enough balance in my PTSB current account (redundancy money) and being able to do online appeals to me otherwise it's writing a cheque and off to the post office for state savings. I'm still keeping away from any accounts that don't deduct DIRT automatically but yes have better rates.
 
"On the maturity date you can transfer out the account balance with the exception of 1 cent. To close the account fully, you must forward written instructions to Deposit Services"

So say I go with a 1 year fixed I can then withdraw my money and interest after a year to my current account but must leave a cent. Does this cent get interest the following year if any? You can open a/c online but you can't close it online.
 
theresa1 said:
"On the maturity date you can transfer out the account balance with the exception of 1 cent. To close the account fully, you must forward written instructions to Deposit Services"

So say I go with a 1 year fixed I can then withdraw my money and interest after a year to my current account but must leave a cent. Does this cent get interest the following year if any? You can open a/c online but you can't close it online.
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That's basically it. I've 2 fixed rate accounts opened online a decade ago. Both 1 year terms. On maturity I moved the balance less a cent out and ever since then I get letters as they refix at the prevailing rate. An utter waste of postage on their side but that's their business. Unless rates go north of 50% don't ever expect to see interest hitting that account.

If I were you I'd reconsider the likes of Raisin. Yes you have to manually declare interest/DIRT to Revenue but it's a small price to pay for better rates.
 
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