permanent tsb has confirmed that the bank is to give away over 50,000 free copies of an independent, user friendly Savings & Investment guide as part of a drive to bring in almost €2 billion in new retail deposits this year.
David Guinane, Chief Executive, permanent tsb said that there was a huge demand for consumer education about Irish financial products and the book was designed to give readers a clear understanding of the reasons behind the recession and the economic crisis…the different types of savings accounts and investment products available and the different appetites for risk which different savers have.
Market Research by the bank published today reveals that 2.25 million adults in Ireland have savings accounts. 49% of adults have regular savings accounts, 35% have lump sum accounts and 19% have both.
Mr. Guinane also confirmed that permanent tsb bank has recently passed the €10 billion mark for retail deposits for the first time – making it the third largest retail bank in the deposits market.
The bank also published a detailed analysis of the €1.8 billion in deposits which the bank secured in 2009. That analysis shows that the bank grew its Fixed Term / Lump Sum Deposit book by 63% and its Regular Savings Deposit Book by 56% during 2009
The figures show that the bank has more than doubled the number of regular savings accounts held by customers from 20,198 in January 2008 to 52,945 in January 2010. In January 2010 alone 3,102 new regular saving accounts were opened.
Also – there was a significant increase in the amount saved in regular savings accounts each month. In January 2009 account holders were saving an average of €200 per month. In January 2010 that had increased to an average of €360 per month.
The analysis shows that permanent tsb bank grew the scale of its fixed term deposit accounts by 70% in 2009. The fixed term deposit book now stands at over €4 billion. In respect of lump sum savers, the permanent tsb book reveals that people are typically investing larger lump sums (average in 2009 - €60,000 versus average of lump sums invested before 2009 - €40,000).
Finally, the analysis shows that in 2009 people preferred short term investments, even for lump sums with 75% of customers opting for periods of 12 months or less.
