PTSB is to cut its interest rates for a host of savings products, the latest such cut by one of the big banks.
The lender will reduce rates by 0.5 per cent “on new personal and business fixed-term and variable deposit products,” it said in a statement.
The change will apply to six-month, one-year, 18-month, three-year and five-year fixed-rate deposits, the bank added. That includes its Interest First and Online fixed-term deposit accounts. The current rates on these products range from 2 per cent to 2.75 per cent.
Those, along with a string of notice accounts will be hit from April 2nd. Regular Saver and Business Demand accounts will see the reductions from June 4th.
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PTSB is the last of the three big banks to reduce rates even as the European Central Bank has cut interest rates repeatedly in recent months.
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This is the first of deposit rate cut by PTSB since May, while the ECB has cut its main refinancing rate six times since that time.
AIB cut deposit rates in January, as did Bank of Ireland. Online banks Revolut and N26 have also cut rates in recent months.
