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Switch to Permanent TSB?

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  • 09-01-2013 10:31am
    #1
    Registered Users Posts: 2,650 ✭✭✭


    So I am currently with bank of Ireland for all my day to day banking. I used to also have savings with them but the rate I was getting was so poor I moved to Rabo.

    I used to qualify for fee free banking but as you know BOI now insist on keeping 3k in your account at all times to continue to qualify for this. Because of this I am looking to transfer my account to keep free banking, at least for another while.

    At the moment Permanent TSB still have free banking. I have never dealt with them before however and was wondering was it worth moving. Also I would plan on getting a mortgage in the next year or two. Would moving bank impact this or as long as I could prove my income and savings would I be ok?


Comments

  • Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Define "worth". What is moving worth to you? What are you looking for in ptsb that you're not getting in BOI? Give us something to work with ;)

    With regards to mortgage, changing bank shouldn't have a huge impact in the greater scheme.


  • Registered Users Posts: 2,650 ✭✭✭cooperguy


    BuffyBot wrote: »
    Define "worth". What is moving worth to you? What are you looking for in ptsb that you're not getting in BOI? Give us something to work with ;)

    With regards to mortgage, changing bank shouldn't have a huge impact in the greater scheme.
    I basically want to avoid the fees BOI are now charging for using a current account. I just want to make sure that by doing so I'm not going to regret it e.g. I won't get a mortgage because I haven't been with the one bank long enough or even simpler PTSB have have transaction charges I wasn't aware of.


  • Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    https://www.permanenttsb.ie/whatweoffer/current-accounts/current-account/thenittygritty/#d.en.1180

    Seems pretty clear to me ragarding what you need to do to qualify. So it's a straight up cost/benefit analysis for you then.

    Remember, you're always paying, somehow. Be it in fees, or interest rates there is no "free" banking, really.


  • Registered Users Posts: 106 ✭✭DeiseforLiam


    I switched from AIB last summer for the same reason. It was a bit of a pain to switch (don't depend too much on the dedicated switcher team - you could end up doing a lot of it yourself) although if you don't have many direct debits it mightn't be too bad (it takes about 2-3 weeks to complete).

    Anyway, biggest challenge for me was using the VISA debit 18 times in three months (it's just a matter of getting used to it) and making sure you don't accidentally become overdrawn (referral charge plus entire quarterly fee of €12). It's just a matter of keeping track of when a direct debit is due to come out.

    As regards your banking record, I would keep your BOI statements for the past year and then you should be fine, regardless of who you go to for a mortgage.


  • Registered Users Posts: 287 ✭✭Mellio


    As a permenant TSB customer I can say that I have never had any issues in terms of there banking operation and you will get no charges on your account for transaction fees but thats not to say they wont come into effect in the near future.

    There current variable mortgage rate is supposedly 3.5% for year 1 then upto 4.34% from year 2 onwards.

    I have had one incident which is pretty current and relates to a term loan being extended due to there lack obtianing the right amount of money in the stated terms to complete the loan, lazy approach to dealing with term loans and gives them added interest on the additional months, will say no more as im in discussions with them on this.

    Online banking is fine as you can do and obtain the following:

    • Top up your mobile and friends mobile
    • Review statements and all accounts including loans e.t.c.
    • For me the most imprtant one is transactions are posted straight away so you can see exactly what you have left.
    I dont see you having an issue with a mortgage either and they have just upped there mortgage funding as well recently


    Overall though I can say I have had no issues with them really and long may the transaction charge free banking continue.


    Good Luck


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  • Registered Users Posts: 551 ✭✭✭A New earth


    I see there is a €12 per quarter fee with PTSB but it can be avoided if you meet certain conditions - 18 card purchases per quarter etc


  • Registered Users Posts: 2,650 ✭✭✭cooperguy


    Thanks guys, I think im going to go ahead and switch I think. There doesn't seem to be any reason not to.


  • Registered Users Posts: 4,473 ✭✭✭robbiezero


    Their systems are a pile of ****e.
    I have a term deposit matured with them and cannot move it to another PTSB account online or over the phone, have to call into the branch to do it. Ridiculous ****e.


  • Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,096 Mod ✭✭✭✭Tar.Aldarion


    BuffyBot wrote: »
    https://www.permanenttsb.ie/whatweoffer/current-accounts/current-account/thenittygritty/#d.en.1180

    Seems pretty clear to me ragarding what you need to do to qualify. So it's a straight up cost/benefit analysis for you then.

    Remember, you're always paying, somehow. Be it in fees, or interest rates there is no "free" banking, really.

    Well if you have some old accounts you can, my TSB account is free with no terms. I can see on my statement I would be paying 38e in the last quarter, but am exempt. Their interest is grand too, 3.5% for instant access savings account is pretty decent.


  • Registered Users Posts: 4,518 ✭✭✭The Rooster


    Well if you have some old accounts you can, my TSB account is free with no terms. I can see on my statement I would be paying 38e in the last quarter, but am exempt. Their interest is grand too, 3.5% for instant access savings account is pretty decent.

    That's 3.5% on the regular saver I think.
    I think the best the rate for lump sum instant access is 2.75%.

    The limit on bank transfers to other banks is €5,000 a day. I think this is quite low. Its €13k for Ulster Bank. But its probably not a regular occurance of needing to do transfers of such an amount.


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  • Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,096 Mod ✭✭✭✭Tar.Aldarion


    That's 3.5% on the regular saver I think.
    I think the best the rate for lump sum instant access is 2.75%.

    The limit on bank transfers to other banks is €5,000 a day. I think this is quite low. Its €13k for Ulster Bank. But its probably not a regular occurance of needing to do transfers of such an amount.

    Oh very confusing terminology, I meant that the regular online saver is an instant access account @3.5%, the instant access saver account itself is 2.5%. I won't really be transferring 5k a day anywhere and at worst, I could wait another day to do another 5k, would n't mind having to worry about that :D


  • Registered Users Posts: 1,909 ✭✭✭greenman09


    New account coming out in march. Lodge 1500e pm or salary and its free. No hidden restrictions. Accounts can be converted in branch if needs be from march also.


  • Closed Accounts Posts: 10,012 ✭✭✭✭thebman


    I switched from AIB to PTSB (mostly to get a Visa debit card) and get rid of my laser card which was useless for online and get rid of my credit card which I would then not need when making online purchases.

    I had no bother switching but had no direct debits except ESB which I did myself. Not a bother. Person in the branch was very helpful and got it all done very fast.

    Shutting down the AIB account was easy as well and staff were grand though they said cancelling the credit card would have to go to Dublin and they didn't always follow instructions so she'd follow it up and to make sure I got a letter saying it was all shut down.

    Handy enough though. I found I can do everything with PTSB online banking I could do with AIB (everything I wanted anyway), just transfer money etc...


  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,078 Mod ✭✭✭✭AlmightyCushion


    That's 3.5% on the regular saver I think.
    I think the best the rate for lump sum instant access is 2.75%.

    The limit on bank transfers to other banks is €5,000 a day. I think this is quite low. Its €13k for Ulster Bank. But its probably not a regular occurance of needing to do transfers of such an amount.

    The lump sum instant access account is only 2.5% now, the legacy Northern Rock account is 2.75% though for the ones who still have it. I expect the lumps sum instant access rate to drop soon as Permanent TSB have advertised a new instant access account with a rate of 1.5%, that increases to 2.5% if you only make 2 withdrawals in a year.


  • Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,096 Mod ✭✭✭✭Tar.Aldarion


    What are the rules of this lump sum one? The rabo direct account is 2.45%, not sure if it has a maximum per month. http://www.rabodirect.ie/personal-savings/on-demand/default.aspx

    I opened a regular saver with tsb and that rabo direct one.


  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,078 Mod ✭✭✭✭AlmightyCushion


    What are the rules of this lump sum one? The rabo direct account is 2.45%, not sure if it has a maximum per month. http://www.rabodirect.ie/personal-savings/on-demand/default.aspx

    I opened a regular saver with tsb and that rabo direct one.

    It's like the regular saver account but there is no restrictions on the amount or frequency of your deposits. E.g. You could put in €20,000 and then never put in another penny again. It is better than the regular saver account if you have a lump sum to save simply because of the lack of restrictions.

    Edit: That Rabo account has no maximum per month. Apart from interest rate, it is more or less identical to the Permanent TSB account.


  • Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,096 Mod ✭✭✭✭Tar.Aldarion


    Oh so was there any reasong for me to get the regular aver at all? i'm stuck at the max for a month now with more to put in.


  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,078 Mod ✭✭✭✭AlmightyCushion


    Oh so was there any reasong for me to get the regular aver at all? i'm stuck at the max for a month now with more to put in.

    Yes, the interest rate is better (the Permanent TSB regular saver is 3.5%) so you will earn more. Put the €1,000 into the regular saver and put the rest into an instant access account (or find another regular saver with a rate that is better than the instant access. For example, if you have €1,500 to save a month you would earn more interest by putting €1,000 into your regular saver account and the other €500 into the instant access. If the regular saver rate reduces in the future this may no longer be the case. Keep an eye on the interest rates just in case they change (they usually don't tell you when they do) and put your money in the account with the highest rate.


  • Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,096 Mod ✭✭✭✭Tar.Aldarion


    Cheers, forgot it was 3.5 for a minute!


  • Registered Users Posts: 1 Anorcg


    cooperguy wrote: »
    Thanks guys, I think im going to go ahead and switch I think. There doesn't seem to be any reason not to.
    Hi,

    So just wondering if you made the switch & if so how are you getting on? I'm thinking of switching as well so any feedback would be greatly appreciated!


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  • Registered Users Posts: 28,403 ✭✭✭✭vicwatson


    Anorcg wrote: »
    Hi,

    So just wondering if you made the switch & if so how are you getting on? I'm thinking of switching as well so any feedback would be greatly appreciated!

    +1 I'm doing it, seems very straightforward, here's details

    https://www.permanenttsb.ie/whatweoffer/current-accounts/current-account/


  • Registered Users Posts: 6,339 ✭✭✭How Strange


    What are the chances of getting a credit card if switching to ptsb?

    I'm with BoI, my husband is with AIB and our joint account is BoI but I'd like to have all my banking including credit card with the one bank. We'd both consider switching if we get credit cards too.

    We've got no credit card debt but want the facility.


  • Registered Users Posts: 28,403 ✭✭✭✭vicwatson


    What are the chances of getting a credit card if switching to ptsb?

    I'm with BoI, my husband is with AIB and our joint account is BoI but I'd like to have all my banking including credit card with the one bank. We'd both consider switching if we get credit cards too.

    We've got no credit card debt but want the facility.


    Can't imagine there would be a problem considering you are shifting accounts to them, they are crying out for customers.


  • Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,096 Mod ✭✭✭✭Tar.Aldarion


    Everybody gets a visa debit if that interests you


  • Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    What are the chances of getting a credit card if switching to ptsb?

    I'm with BoI, my husband is with AIB and our joint account is BoI but I'd like to have all my banking including credit card with the one bank. We'd both consider switching if we get credit cards too.

    We've got no credit card debt but want the facility.
    As long as you've no bad debt or terrible credit rating, you'll be grand to get one.


  • Registered Users Posts: 6,339 ✭✭✭How Strange


    Thanks. I must contact them and have a chat. Good credit rating as far as I know. I just like to have a credit card for emergencies although I rarely/never use it anymore since we got our visa debit cards. My husband needs his for work as his employer refunds travel expenses retrospectively.


  • Registered Users Posts: 9,624 ✭✭✭wmpdd3


    You can apply for a credit card without having a current account, or since the current account will cost you €12 per month with making the €1500 deposits, you could apply for a CC and a current account and say you will only switch banks if you get a CC!


  • Registered Users Posts: 1,909 ✭✭✭greenman09


    wmpdd3 wrote: »
    You can apply for a credit card without having a current account, or since the current account will cost you €12 per month with making the €1500 deposits, you could apply for a CC and a current account and say you will only switch banks if you get a CC!


    The do it or else attitude wont work. The customer will be assessed for a limit on a CC. If meet all lending criteria. There is no guarantee that if you have a 5k limit in one bank you will get it in the other.


  • Closed Accounts Posts: 18,966 ✭✭✭✭syklops


    robbiezero wrote: »
    Their systems are a pile of ****e.
    I have a term deposit matured with them and cannot move it to another PTSB account online or over the phone, have to call into the branch to do it. Ridiculous ****e.

    Have you got open24? I think its one of the best online banking systems I have used.


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  • Registered Users Posts: 9,624 ✭✭✭wmpdd3


    greenman09 wrote: »
    The do it or else attitude wont work. The customer will be assessed for a limit on a CC. If meet all lending criteria. There is no guarantee that if you have a 5k limit in one bank you will get it in the other.


    I'm sorry I have come across wrong.

    I didn't mean threatening the bank with leaving!, I meant you could have your current account in place and your CC approval and then consider moving or just pay the €12 for the Current account quarter and walk away.


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