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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:

  1. This is a press release which covers the main points of this announcement but it does not provide detail on every aspect of the changes. Customers should contact the Bank for information on how the changes will impact on their individual circumstances and should seek independent financial advice. Terms and conditions apply to PTSB products.

For media queries, please contact | 087 069 6348

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