PTSB Maintenance Fees increase from 1st April 2024

TheBigEvil

Just got an letter from PTSB, to say they are increasing their monthly fees from €6 to €8 and halving the Spend and Save rewards from 10c to 5c from the 1st April. They are still keeping the monthly cashback maximum reward at €5 for now, but I'm sure that will probably be targeted next year.

So you have to use your DR card more to get to the €5 cashback reward.

TheDriver

The fees increase is something I could stomach but not impressed with the 5c lark. Tho they're prob still the cheapest of the regular banks

sonyvision

Got my letter today, I don't use the account at all apart from using it for my salary.

I'll take actions to close the account and swap my salary to the EBS free daily banking account. I use Revolut or my credit card for all day to say uses.

bladespin

Very much considering abandoning the traditional Irish banks completely now, their charging system seems to be completely out of line with the likes of Revolut etc.

Qrt

No idea why PTSB thought this was a good move. They’re the underdog of Irish banking, they should have done their best to attract business post-UB.

That said, they still have major deficiencies in their product offering, one sole credit card on offer and they don’t even do commercial cards.

Here’s hoping the rest will hold off.

Kaisr Sose

https://www.boards.ie/discussion/comment/121703612#Comment_121703612

PTSB is a basket case. They have the opportunity to be a real alternative to the big two, yet all they do is follow their lead. It was the same with deposits, they only increased their rates because they had to. Even then, it was window dressing.

All their fancy marketing is outdone by how poor their customer service is. I have been with them over 30yrs. I am selling investment properties. As soon as that's completed, I will be switching from PTSB.

Jim2007

https://www.boards.ie/discussion/comment/121703612#Comment_121703612

Because freeloaders cost you money and the sooner you discourage them from availing of your services the less you loose. The idea of free accounts was sold to banking management as a way of getting new customers in the door and once you did you'd be able to sell them additional services to make up for the loss on the free accounts. But two things happened: the customers took the free services and did not buy any additional services and even worse the banks turned the very profitable asset management divisions which was supposed to bring in these additional fees into a commodity business peddling ETFs. So we have have had a race to the bottom in two areas and as a result we are seeing a major consolidation in banking across Europe. When the dust settles we'll all be paying fees, it is just a matter of how much and what services are on offer.

Eggs For Dinner

I've been with PTSB for over 30 years. It does everything I want from a bank online. I reckon I've been in one of their branches maybe 10 times during that period and certainly not once in the last 5 years. I estimate the changes might set me back approx €60 per year for the service, which doesn't bother me much

Jim2007

https://www.boards.ie/discussion/comment/121707438#Comment_121707438

I don't bank with any Irish bank, but my attitude is the same, it's about the price of one cup of coffee a month and so long as I'm getting the services I need I'm happy with that. But some people take great exception to having to pay for bank services and are willing to jump through all kinds of hoops to avoid them, while they blow 10 - 20 Euros on other stuff each month, each to their own.

Doodah7

Yes I find it bizarre that people complain about PTSB charges. They provide a service and need to get paid for it.

Now in saying that, BoI and AIB charges are ridiculous.

Qrt

https://www.boards.ie/discussion/comment/121714926#Comment_121714926

Are they? For regular users BOI have been the cheapest of the three for a few years, no unpaid fees etc. we’ll see what happens over the next few months

Jim2007

Mod warning: Can the editorials and the opinion pieces.

This is a factual discussion on actual financial products.

beachhead

https://www.boards.ie/discussion/comment/121707438#Comment_121707438

30 yrs? Did you miss out on their free banking services or just not interested

Eggs For Dinner

https://www.boards.ie/discussion/comment/121805864#Comment_121805864

Had it but wasn't prepared to maintain the minimum credit balance to keep it

KildareP

Closed two current accounts and a credit card, wife in the process of closing her own current account and credit card and when our fixed rate mortgage is up we'll review our joint account with them.

To be honest, the increase was just the straw that broke the camel's back:

• The only branches nearest to us that open outside of business hours are in Dublin (we're Kildare/Offaly border)
• All of the branch staff seem to expect you to make advance appointments rather than just rock up
• Their Open24 phone support has nosedived since Covid - granted I rarely needed to phone but my most recent experience was awful
• The new app and online layout is more clunky than the one before
• No push alerts through the app when a card transaction hits (very handy feature on Revolut)
• The seem to be doing extensive systems maintenance at least once a month meaning online/app access is extremely uncertain between 10pm-6am and all weekend.

Had a savings account with the local credit union so moved the current account there, €4 a month in fees, they open late one evening and a Saturday morning, Apple Pay on the debit card, online banking equals that of PTSB and their app does push notifications for card transactions similar to Revolut.

Credit card is now with An Post Money for similar reasons - local branch and opens Saturdays.

CuriousCucumber

Moved everything out of PTSB this month. I have one more DD that I need to confirm has moved to another bank, and then I'm shutting down my PTSB account.

We really got shafted by KBC leaving the market. They really were fantastic :(

ongarite

No, BOI is €6/month flat fee no matter usage.

PTSB will be minimum of €3/month if you max out contactless payments.

beachhead

Posters need list details not just open statements

Rock Steady Edy

I've had a ptsb account since UB imposed current account fees 8-10 years ago. Have pretty much paid nothing since it was converted to an explore account due to rebates, but the changes deliberately make it impossible to avoid some level of fees now, so switching to EBS. It may be only €60 in year 1, but it's also the same saving next year, and in future years. I'd rather do something else with it than give it to ptsb.

Ptsb are doing this to increase their income, increase the attractiveness of the shares and reduce and eventually eliminate the governments holding. They will have factored in closures of say 10-20%, but everyone left pays more.

It's up to individual customers to determine if they're motivated enough to move or not.

beachhead

PTSB trying to recover their maintenance costs.I find it very difficult to understand that no other banks in Ireland do the same.Must be PTSB only

Rock Steady Edy

Current account switch to EBS now complete, including about 10 direct debits. About half could be updated on-line, half over the phone and one by post, all pretty straightforward. At the end of the day it does the same as the ptsb account, with zero fees. Nice that you get quarterly statements, as with ptsb you had to print them off yourself, and a nice shiny new debit card.

Ptsb did not levy a monthly fee or add credits for March following closure, which is fair.

Eggs For Dinner

Why would you want paper statements?

Inviere

https://www.boards.ie/discussion/comment/121930781#Comment_121930781

I'd consider EBS but their archaic online banking is a major disincentive.

Rock Steady Edy

https://www.boards.ie/discussion/comment/121933025#Comment_121933025

Just personal preference for a hard copy. E-statements disappear and computers become inoperable. And it keeps the postman in a job.

Rock Steady Edy

https://www.boards.ie/discussion/comment/121933034#Comment_121933034

Personally, I think it's fine and not worth paying fees for the others.