PTSB to cut interest rates on several personal and business products
PTSB is to reduce interest rates by 0.5% on new personal and business fixed-term and variable deposit products, the company announced on Wednesday. Picture: Andres Poveda
PTSB is to reduce interest rates by 0.5% on new personal and business fixed-term and variable deposit products, the company announced on Wednesday.
Most of the changes will come into effect from Tuesday April 2, with the exception of two products where the change will take effect from June 4, the bank said. Holders of existing fixed-term deposit products will remain on their existing rate until their current fixed term comes to an end.
The changes will apply to six-month, one-year, 18-month, three-year and five-year fixed-rate deposits, including Interest First and Online fixed-term deposit accounts. The current rates on these products range from 2% to 2.75% and will reduce by 0.5% to a range between 1.5% and 2.25%.
Changes will also apply to some PTSB notice account products – 21-Day Regular Saver (moving from 2.5% to 2%), 40-Day Notice (moving from 1% to 0.5%) and Business 32-Day Notice (moving from 2% to 1.5%).
The Regular Saver (2.5% to 2%) and Business Demand (1% to 0.5%) accounts will change from June 4.
"The changes announced today take place against a backdrop of lower market rates over the past year, with the ECB reducing its deposit rate 6 times by a total of 1.5% and its main refinancing rate six times by a total of 1.85% since PTSB’s last deposit rate changes in May 2024," a PTSB statement said.
PTSB said these are the first changes to PTSB’s deposit rates since May 2024. PTSB increased deposit rates eight times between November 2022 and May 2024.
