PTSB Account

miss choc

I have two PTSB savings accounts a fixed term access and a booster bonus at the moment the booster bonus is 0.20% as on from January 2021 it will be reduced to 0.01% quite a reduction. There is a considerable amount in the latter account so I am looking to transfer some of it. Can anyone recommend a good account I only have BOI for my current account but the rates are bad there also.

JTMan

Deposit rates are rubbish almost everywhere right now.

A few exceptions:
-Raisin.ie offer okay term deposit rates via European banks.
- State Savings have some okay long term deposit rates.
- Ulster Bank pay 0.85% on 2 of their regular saver products but they might be about to leave Ireland.

miss choc

Yes rates aren't great but 0.01% is awful there has to be better than that I have a good bit to transfer and don't mind keeping it in for a few years.

Delta2113

If you can lock away for 5 years go with State Savings.

Yyhhuuu

Delta2113 wrote: »

If you can lock away for 5 years go with State Savings.

PTSB are reducing rates on regular saver from 0.90% to .20% from Dec 2020.

I started the PTSB regular saver in Jan 2020. I wonder will I get the 0.90% from Jan-Dec.? It's a variable rate product obviously but one would assume in my case the rate dropped for the Dec to Jan period only?

Yyhhuuu

JTMan wrote: »

Deposit rates are rubbish almost everywhere right now.

A few exceptions:
-Raisin.ie offer okay term deposit rates via European banks.
- State Savings have some okay long term deposit rates.
- Ulster Bank pay 0.85% on 2 of their regular saver products but they might be about to leave Ireland.

Ulster Bank appear to be one of the best for Regular Saver at the moment. Max amount saved per month €2,500. KBC MAY be slightly better

Have a look at best buys under "Deposits" at askaboutmoney.com

JTMan

Yyhhuuu wrote: »

PTSB are reducing rates on regular saver from 0.90% to .20% from Dec 2020.

I started the PTSB regular saver in Jan 2020. I wonder will I get the 0.90% from Jan-Dec.? It's a variable rate product obviously but one would assume in my case the rate dropped for the Dec to Jan period only?

Interest accrues daily. You will be paid 0.20% AER from 8 December 2020 onwards.

JTMan

Yyhhuuu wrote: »

Ulster Bank appear to be one of the best for Regular Saver at the moment. Max amount saved per month €2,500. KBC MAY be slightly better

Have a look at best buys under "Deposits" at askaboutmoney.com

Yeah, Ulster Bank have the best regular saver rate with their 2 regular saver products but one takes a risk opening these accounts that they will have to close the accounts soon if Ulster Bank exit the market.

KBC Extra Regular Saver rate is 0.75% AER variable but this requires opening a KBC Extra Current Account and depositing at least 2k per month into this account.

Stewball

JTMan wrote: »

- Ulster Bank pay 0.85% on 2 of their regular saver products but they might be about to leave Ireland.

What happens if you open an account with them now - and in the new year they decide to leave Ireland?

Do you just have to transfer the money elsewhere?

JTMan

Stewball wrote: »

What happens if you open an account with them now - and in the new year they decide to leave Ireland?

Do you just have to transfer the money elsewhere?

Yeah, if Ulster Bank announce this month that they are exiting the market (they are supposed to be making the decision this month) then each customer will have X months to move their deposits elsewhere. Ulster Bank will probably reduce the rates to zero in the interim too.

miss choc

Decided to do a 10 year An Post I know it's a long time but I am able to keep it in have savings elsewhere it seems the safest place and ok interest. I just have the current account ticking over for direct debits/bills

Yyhhuuu

miss choc wrote: »

Decided to do a 10 year An Post I know it's a long time but I am able to keep it in have savings elsewhere it seems the safest place and ok interest. I just have the current account ticking over for direct debits/bills

I would not hold cash on deposit long term. Any interest will be eroded by inflation.

miss choc

Yeah it's hard to know in these times, I dont mind locking it away for a bit I have investment plans and more savings. I dont spend loads unless for essential stuff so prefer it inthere