PTSB is offering savers a rate of 2.75 per cent on one-year fixed-term savings with the option to receive interest up front.
The European Central Bank (ECB) recently cut the main savings rate to 3.75 per cent, which will impact on variable savings rates. Recent months have seen a number of offerings for savers in the Irish market in response.
PTSB, which launched its new product on Friday, said customers can receive their interest upfront as a lump sum within the first month of opening the account.
“Customers can then earn interest on their interest by reinvesting it in another savings account, if they wish to do so,” it said.
Zuckerberg’s culture shift at Meta could make it hard to find new recruits willing to work in his macho organisation
Keeping sea lice from farmed fish will boost aquaculture health and profits
Bosch Unlimited 7 Aqua review: Saving time and effort on household cleaning
Irish space race: domestic companies pushing the frontiers of AI, space stations and acoustic technology
“They also have the option of withdrawing the money by transferring it to a current account (or a bank account that can receive inbound transfers) or receiving a cheque payment.”
PTSB head of retail distribution Eddie Kearney said the product was “the only of its kind in the Irish market”.
A minimum balance of €5,000 applies and the product is only available to personal customers.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
