Im thinking PTSB are having trouble calculating AER on their interest first accounts!
All the AER's for the interest first have come down, yet the gross rates have remained the same.
6 Month Gross rate 3.50%, aer now 3.56%, was 3.59%
12 Month Gross rate 3.95%, aer now 4.02%, was 4.10%
18 Month Gross rate 6.00%, aer now 4.07% was 4.18%
26 Month Gross rate 10.00%, aer now 4.70% was 4.91%
Id love to know how they calculate AER in there, as they havent actually dropped the rate of interest, which is what they are paying the customer, yet their AER calculations have come down? I have asked for how they assume the calculation on their "Interest First" account several times and the staff are unable to answer, which doesnt fill me with confidence, and now they seem to correct their own calculations.
Question- has anyone actually received their interest cheque, walked back into a branch and re-lodged it to their account? Do PTSB allow this, I would assume the bulk of people who get their interest cheque spend it as opposed to saving it as its paid out as opposed to credited to the capital in the account automaically, in which case they are not earning PTSB advertised AER rates.