ptsb rate drop

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mcriot29

Registered User
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did the ptsb 26 month interest frist account drop from 4.91 to 4.70 percent aer or was it always 4.70 i could have swore it was 4.91 aer
 
It was the 26 month account that was 4.91% AER and yes, it has now dropped to 4.70%.

I recently lobbed some money in @ 4.91% and am awaiting my interest cheque :)
 
But

How come there website says 4.70 aer and 10percent gross
Do u think they would still give me 4.91 rate I'm puttin a large amount in 2 moro
 
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.
 
Bobby1 , as far as I understand there is no interest cheque. The "interest first" goes into a PTSB current account, and you can then lodge it into another deposit account, but not the interest first one.
Perhaps the calculated interest rates assume you place the interest on deposit at 4% somewhere else?
 
We've had interests cheque but have always put them in a different account, my understanding is you can't lodge it back in. As it's a fixed term account all the money has to be received on the same day.
 
Hi Bobby1

Had the same issue with the guy at the branch when I asked what the AER on their 2 month account was.

Would you know how the calculation to AER is done - was offered 4.0% gross and was told it would be 4.07AER thought it would be 4.1% minimum
 
Hi Bobby1

I had the same issue on AER at the ptsb - guy at the branch told me he couldnt calculate it and would have to contact head office.

Would You know how the calculation to AER is done - Got offered 4.0% standard rate on the 2 month . Asked what that would translate into on an AER basis and was told 4.07%. I thought I would be in line for 4.1% minimum
 
Has anyone opened one? I'm wondering do they just pay you back your capital when you lodge funds? If I lodge €25k for 26 months - will they just give me back €2500 of my own money and actually just lodge €22500 to my account and let the interest build from there? It does seem to be a gimmick? But if that's the case, are they actually paying me interest? Should DIRT apply now or at the end?
 
I have spoken to PTSB today and they are saying to me that they were calculating the AER on the basis that the interest (which you get paid up front) is put on deposit at the same rate as the principal.

In my mind, they have been quoting a false AER and I have requested a manager call me about this.

Effecitively, if I took the interest out when I opened the account and went down the pub and drank it I wouldn't be getting the advertised AER.
 
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