PTSB is targeting business customers, increasing rates for deposit accounts in a bid to attract more small and medium-sized businesses to the bank and diversify its income.
The bank said it would increase deposit rates on seven business banking and SME products by between 0.25 per cent and 0.5 per cent, with the change kicking in immediately.
The biggest rise will be seen in the rate applied to its six-month fixed-term account, which increases by 0.5 per cent. PTSB will also lift rates on its demand deposit account, 32-day notice account and a range of fixed-term products by 0.25 per cent.
“PTSB is committed to enhancing competition in the business banking and SME sectors,” said Dermot Ryan, head of bank products and pricing strategy at PTSB.
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“While the Irish economy continues to perform strongly, it remains important to support SMEs, which are the backbone of local communities across Ireland.”
The move follows the bank’s recent announcement that it would offer retail customers better options, including a 32-day notice account and increased savings thresholds on its regular saver accounts.
PTSB is targeting growth in its business banking and SME accounts. In the first quarter of the year, its business banking book grew 10 per cent, with new lending up 18 per cent.
