PTSB Explore Current Account

Delta2113

€4 per month - no way to avoid this fee.

'The Explore Account' will be available through Permanent TSB branches and the bank’s call centre from Wednesday 1st June 2016. Customers will be paid 10c by permanent tsb for each time they use their permanent tsb Visa Debit Card in-store or online (up to a maximum of €5 per month). The payment will be made each month directly to the customer’s current account and will be clearly identified to the customer.
Furthermore, customers will receive cashback payments from participating partner companies when they pay the bills by Direct Debit through the Explore Account.




Account holders are not required to have any minimum amount in the account or to make any minimum lodgement to avail of its benefits. There are also no day-to-day fees for transactions such as using debit cards or standing orders.

Yggr of Asgard

More details:

New current account pays customers who use it

Monday 30 May 2016. permanent tsb has announced details of a major change to the bank’s product suite with the launch of the first current account in Ireland that actually pays customers as they use it. The new product turns the traditional approach to current accounts on its head and gives permanent tsb a unique position in the Irish market.

The ground breaking product is The Explore Account. It will be available through permanent tsb branches, and the bank’s call centre 1890 500 195 from Wednesday 1 June 2016.

Key Benefits

Customers using the account will receive cashback payments and rewards for using their account in three ways:

10c payments for use of the Current Account’s Debit Card

Customers will be paid 10c by permanent tsb for each time they use their permanent tsb Visa Debit Card in-store or online (up to a maximum of €5 per month). The payment will be made each month directly to the customer’s current account and will be clearly identified to the customer. Other banks typically charge customers for each time they use their card.

Up to 5% Cashback on Bills paid via Direct Debit to partner companies

Customers will receive cashback payments from participating partner companies when they pay the bills by Direct Debit through the Explore Account. The cashback amounts will be up to 5% of the value of the relevant bill paid and the cashback will be paid into the Explore Account at the start of each month. Partner companies already include brands like Sky, SSE Airtricity, and Topaz. More partners are joining the programme in the months ahead.

Personalised Offers

Each week Explore Current Account customers who register for this benefit will be offered personalised offers and financial discounts which will reflect the kind of things they have demonstrated that they like to buy. This element of the account is made possible through a partnership between permanent tsb and Visa who supply the permanent tsb Debit Cards.

Terms & Conditions

With the Explore Account customers are always in control of what they pay.
•There will be a flat €4 monthly maintenance fee for the account.
•Customers are not required to have any minimum amount in the account or to make any minimum lodgement to the account to avail of its benefits.
•There are no day-to-day transaction fees for using the Visa Debit Card or for other things like Direct Debits or Standing Orders. Some other transaction charges may apply e.g. unpaid items or ATM usage outside the Eurozone.
•Customers must be over 18 years of age when opening the account.

https://www.permanenttsb.ie/about-us/news/may2016/new-current-account-pays-customers-who-use-it/

Rothmans

I had been thinking of switching to ptsb for the last few months for the free banking, but I was putting it on the long finger as I wouldn't quite have 1500 coming into my account after tax and pensions and other deductions. But the old account is still on the table until Wednesday so I'll have to look into switching to the old account asap! The new explore account doesn't appeal to me one bit. The obligation to use your debit card 50 times a month turns me off tbh. I'm a fan of cash myself, and I would generally use my debit card no more than 5 or 6 times per month.

Rothmans

http://www.irishtimes.com/business/personal-finance/what-s-the-point-of-permanent-tsb-s-new-current-account-1.2665867

This was the article that cottoned me on to the new account. Doesn't make it sound too appealing

The pertinent section from IT article

"Free banking? Yes but PTSB’s new product appears to have made the process more difficult, and customers of the product may face fees of €2.30 a month. This charge may be offset by reductions on bills such as those with Sky Ireland."

Delta2113

If you sign up for this your paying €48 per year and then it's up to you to work hard using your card and being with the partners PTSB choose to get up to 5% cashback.

It's certainly not for me this account. I would try and get the existing account before Wednesday otherwise EBS Money Manager could be on the horizon.

Once again everybody can have FREE banking if they try - this new account is making it even harder so don't be fooled with the marketing spin.

Rothmans

Delta2113 wrote: »

If you sign up for this your paying €48 per year and then it's up to you to work hard using your card and being with the partners PTSB choose to get up to 5% cashback.

It's certainly not for me this account. I would try and get the existing account before Wednesday otherwise EBS Money Manager could be on the horizon.

Once again everybody can have FREE banking if they try - this new account is making it even harder so don't be fooled with the marketing spin.

Yeah I think I agree. I will update tomorrow but I think I'm gonna go ahead and avail of the old scheme

Yggr of Asgard

The old scheme is only cheaper if you get the 1500€ monthly into the account, otherwise you have to pay 12€ per quarter on fees.

So if you don't get the 1500€ in than the new account is actually cheaper, as soon as you use your debit card once or earn cashback from a direct debit (if you are with one of their partners).

I'm lucky, my account is "exempt" from any fee's for some reason, so they won't get me into this new trap of explore account.

Rothmans

Booked an appointment and went in earlier on today. Unfortunately the system for registering new accounts was down for most of the day so I was unable to set it up oh well. I'd say i may head over to EBS . Seems to be similar enough deal.

Delta2113

EBS has no mobile app and online banking I think is fairly basic but if you can operate it FREE then yes I would go for it.

Also EBS do not issue cheque book's if you needed one.

http://compare.consumerhelp.ie/CurrentAccountDetail.aspx?i=239

Rothmans

Can you top up your mobile phone online with EBS, does anyone know?

Delta2113

Rothmans wrote: »

Can you top up your mobile phone online with EBS, does anyone know?

- I doubt it but you would have a Mastercard Debit you could use on operators website.

Elessar

Interesting but PTSBs mobile app is absolutely dire. I'd happily pay a bit more to use a bank that has a decent mobile app.

CollyFlower

I enquired about this Explorer account last week, I was told that you can't opt-out of it but the companies that sign up to it can. Don't think it's worth it, really.

tomdublin

An example of how companies can worsen their offering and then spin it as an improvement. Their calculation would appear to be that most people won't be able to use their debit card twice every working day just to break even, esp. since most convenience stores still don't accept cards or make their use subject to minimum spending. Moreover, charges on non-Euro cash withdrawals are horrendous.

dobsdave

We have two accounts with them, even if you only have 750, you can transfer that around a couple of times.
Job done, takes about 2 minutes.

Yggr of Asgard wrote: »

The old scheme is only cheaper if you get the 1500€ monthly into the account, otherwise you have to pay 12€ per quarter on fees.

So if you don't get the 1500€ in than the new account is actually cheaper, as soon as you use your debit card once or earn cashback from a direct debit (if you are with one of their partners).

I'm lucky, my account is "exempt" from any fee's for some reason, so they won't get me into this new trap of explore account.

Gael23

Do existing customers get switched to this?

Delta2113

Gael23 wrote: »

Do existing customers get switched to this?

- No unless you request to switch which for most PTSB customers would be a very foolish move.

GreatDefector

Ground breaking? ha!

More like deal breaking for me. All the fin-tech banking apps offer push notifications and FULL card control as standard. Not one bank here does

The banking apps in ireland (and ergo, the banks themselves) are pure dire in comparison

The J Stands for Jay

I looked into thus account, and it works out more expensive for me.

I don't use cash at all any more, and I'd still find it impossible to use the debit card enough to get the full €5 a month. There's only three suppliers giving a discount: sky (I have freesat and saorview), airtricity (only 2%) and topaz give 2c off per litre (that's how much more expensive they usually are). As for the other offers, they don't tell you what they are unless you sign up. I suspect they'll just be encouragements to buy stuff you don't need.

A much better deal I don't hear anyone talking about is the KBC credit card giving 1% cashbavk on groceries and online purchases.

The J Stands for Jay

Delta2113 wrote: »

EBS has no mobile app and online banking I think is fairly basic

They couldn't justify charging for an account without the basics.

Delta2113

"Please note that from 7 February 2017 we are removing the individual transaction limit of €1,500 that applies to Visa debit card purchases. From this date onwards, any individual purchase transaction can be made up to the value of €2,500, in line with the daily transaction limit."

I'm happy with the above news.

Delta2113

Anyone check the ATM charge on e-statement i.e. 12 cent per ATM cash withdrawal is correct? Mine seems incorrect by one transaction - yes 12 cent.

Nervous Wreck

Delta2113 wrote: »

Anyone check the ATM charge on e-statement i.e. 12 cent per ATM cash withdrawal is correct? Mine seems incorrect by one transaction - yes 12 cent.

What did the guards say?

Delta2113

Glad to report it's correct.

Delta2113

Anybody know does Walkinstown Branch have a QuickBank (lodge cash,cheques in machine in branch)?

beggars_bush

Delta2113 wrote: »

- No unless you request to switch which for most PTSB customers would be a very foolish move.

I know that they have tricked some customers in branch into switching over to try this new account and would not let them switch back

beggars_bush

I went in and closed all my PTSB accounts today

delighted

Eggs For Dinner

I switched to an Explore Account last year. I (now) get charged €6 a month in fees but can earn up to €5 a month in cashback. For the last 12 months, I have paid €13.60 in fees. I can live with that for what I get in return

The J Stands for Jay

Eggs For Dinner wrote: »

I switched to an Explore Account last year. I (now) get charged €6 a month in fees but can earn up to €5 a month in cashback. For the last 12 months, I have paid €13.60 in fees. I can live with that for what I get in return

What do you get in return?

Eggs For Dinner

McGaggs wrote: »

What do you get in return?

The ability to monitor my funds, make payment for my financial commitments, purchase items in shops, transfer money to other people as I see fit and keep my money secure.

I suppose I could keep it all under my bed and scurry around town paying my bills. That way I could have a takeaway once a year with my savings

The J Stands for Jay

Eggs For Dinner wrote: »

The ability to monitor my funds, make payment for my financial commitments, purchase items in shops, transfer money to other people as I see fit and keep my money secure.

I suppose I could keep it all under my bed and scurry around town paying my bills. That way I could have a takeaway once a year with my savings

There are other options that give all of that for free. I was just wondering if I was missing something

Eggs For Dinner

McGaggs wrote: »

There are other options that give all of that for free. I was just wondering if I was missing something

€1 a month is as good as free and I like PTSB

beggars_bush

Eggs For Dinner wrote: »

€1 a month is as good as free and I like PTSB

I wouldn't use contactless payments enough to justify the charges.

Delta2113

If I top up Revolut with my card using Google Pay I'm not getting my 10 cent. Anybody else experiencing this? Nothing in terms & conditions to say it's not a valid transaction.

Delta2113

I have just got my September cash earned credited and I can confirm that none off my top up's to Revolut have been given the 10 cent credit. Anyone else notice this?