PTSB Online Regular Saver Account

kelzer

Question about the maximum amount that I can hold in this account. From what I see the maximum amount to get 2.5% interest is €50,000. If I have 50k deposited and my balance exceeds this after interest is applied, will this mean that this will invalidate the next years interest? As it states here:

• Once the balance in your account goes over €50,000 the interest rate on the whole balance moves to 0.01% Annual Equivalent Rate (AER) variable.

Account: https://www.ptsb.ie/saving-and-investing/savings-accounts/online-regular-saver/

Q&A

Interest is calculated daily so for every day of the year your balance is over 50k you will earn 0.01% rather than 2.5%.

To avoid losing the higher rate just manage your balance. Once you've hit 50k just remember to transfer out the same amount as you pay in via standing order. Also remember to do the same on the first working day after the 20th of November i.e., when interest gets paid.

kelzer

https://www.boards.ie/discussion/comment/121306720#Comment_121306720

I have 50k in it now and not transferring any more money in. Once the interest gets applied to the account after 20th November, this will only reduce interest for 1 day and rate will go back to 2.5% after I transfer out interest earned?

Ohmeha

My reading of the below is once your balance goes over €50,000 the entire sum will go to 0.01% interest rate, the interest rate will not return to 2.5% once your balance goes to €50,001+. It was the exact same with a KBC regular saver account I had. You might need to transfer out of your regular saver account account before 20th November a sum that will be above what you anticipate will be the interest amount you will be credited with (i.e. if you expect €300 interest maybe withdraw a bit above that at latest November 17th)

• Once the balance in your account goes over €50,000 the interest rate on the whole balance moves to 0.01% Annual Equivalent Rate (AER) variable.

https://www.ptsb.ie/saving-and-investing/savings-accounts/online-regular-saver/