PTSB Increase Deposit Rates But Only for a Small Number of Customers

[Lightning]

RTE, Independent.ie and The Irish Times are giving prominence today to PTSB "deposit rate increases" but not challenging PTSB on the details.

But the reality is:
- No increase in deposit rates for current account holders.
- No increase in deposit rates for lump sum instant access account holders.
- No increase in deposit rates for notice account holders.
- No increase in deposit rates for regular saver account holders.

Term deposit rates are going up for those that open new term deposits. About 1% of Irish deposits are held in term deposits.

PTSB are matching AIB in terms of offering 2.00% but for different terms. 2% for 1 year 6 months, 3 years and 5 years.

Rates remain well below many European banks.

More 'window dressing' by Irish banks sending out press releases about deposit increases when the reality is very few will benefit and the media are not challenging the narrative.

 

[Luternau]

My sentiment exactly. Announced on Friday so it gets lost/forgotten over the weekend.

PTSB have a chance to lead here and all they can do is mirror, or follow the big two banks.

How can the media not challenge how these rates are not on the core deposit rates or on accounts for existing custimers.

 

[Knuttell]

RTE reading directly from PTSB press release. Really poor form.

 

[Connard]

RTE reading directly from PTSB press release. Really poor form.

They always do that. It would be nice to see them do even a tiny sliver of journalism and compare it to other offerings on the market available here.

 

[daheff]

They always do that. It would be nice to see them do even a tiny sliver of journalism and compare it to other offerings on the market available here.

Proper journalism is dead. its copy & paste only these days.

 

[Lightning]

Time for another similar rant!!

PTSB hiked mortgage rates again today.

But left deposit rates unchanged. No change

The PTSB press release read "we have done four rounds of deposit increases". Of course, the media across-the-board copy and pasted this and ran with it. Never mind the truth when you can copy and paste the spin.

The truth as we already know is that after 9 rounds of ECB increases, PTSB have left current account rates at zero, instant access product rates largely at zero and raised regular saver rates by fractions of the ECB increases. Term deposit holders, who make up about 1% of Irish deposits, have had some modest increases, but nothing like most European banks. As reported, FT analysis says Irish banks have pocketed 93% of interest rate gains and passed on 7% and PTSB are a prime example of this behaviour.