PTSB is today announcing changes to certain deposit and mortgage rates.
For deposit customers, the Bank is today announcing a 0.99% increase in its 40-Day Notice Account (available through branches or online), bringing the applicable rate up from 0.01% to 1.00%.
The Bank has increased deposit rates six times since November 2022 with customers being offered rates of up to 3.0% AER on certain deposit products. The Bank will continue to keep deposit rates under review.
The Bank is also announcing reductions of 0.4% in its fixed rate for new business on 4-year fixed term mortgages. This reduction will take effect from 6th December 2023 and will reduce the 4-year fixed rate to 4.0% for LTVs below 60%, 4.1% for LTVs from 60% to 80%, and 4.35% for LTVs above 80%.
The Bank’s home loan fixed rates for new business range from 3.95% to 5.2%, depending on the fixed rate term, the customer’s LTV and the energy rating of the property.
The Bank’s Standard Variable Rate (SVR) for home loans will increase by 0.4% to 4.7% with effect from 17th January 2024.
Home loan Managed Variable Rates (MVRs), which are linked to each customer’s Loan-To-Value (LTV), will increase by 0.4% for LTVs of more than 80% and by 0.6% for LTVs of 80% or less. These changes will also take effect from 17th January 2024.
Following these increases, the MVRs on home loans will range from 4.4% to 4.7%.
There are no increases in the Bank’s home loan fixed rates for new or existing customers, which account for approximately 95% of the Bank’s new business (with approximately 5% seeking a variable rate).
The changes being announced today follow ECB rate increases totaling 4.5% over the past 15 months. Including the rate changes announced today, the SVR has increased by a cumulative total of 0.75% over that time and the MVR rates have increased by between 0.65% and 0.80%.
Note to Editors:
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