PTSB is providing a 2.75 per cent rate on one-year fixed-term savings, with the option for savers to collect interest straight away. This offer comes following the European Central Bank’s (ECB) recent decision to lower the main savings rate to 3.75 per cent, a move that will affect variable savings rates. The Irish market has seen a variety of savings options in response to this development.
PTSB introduced this new savings product on the previous Friday, stating that customers have the opportunity to obtain their lump sum interest within the initial month of account opening. The bank further explained that clients could opt to reinvest this interest back into another savings account to generate more interest. Alternatively, they can choose to withdraw the money either by transferring it to their current bank account or receiving a cheque payment.
Eddie Kearney, the head of retail distribution at PTSB, highlighted that this product is unique in the Irish market. However, it is available only to personal customers and requires a minimum balance of €5,000.