PTSB current account customers have potential to earn hundreds each in cashback benefits, as switching intent doubles

• Customers who move to PTSB could receive €600 cashback rewards per year by using their Explore Account
• Only current account in Ireland to offer cashback rewards on monthly mortgage repayments, debit card usage and utility bills
• PTSB has launched new campaign to drive awareness of the value and benefits of the account, as research finds intent to switch has doubled from 10% to 21%.

PTSB has launched a major new campaign to encourage people to move their current account to PTSB and potentially earn hundreds of euro each in cashback rewards.

The Bank said today that customers could earn approximately €600 per year in cashback rewards by using their Explore current account.

PTSB’s Explore account is the only current account in Ireland currently rewarding customers with cashback on debit card usage and utility bill payments, and customers can also save on fuel discounts. Additionally, new and existing PTSB mortgage customers who pay their monthly mortgage through an Explore account can benefit from 2% cashback rewards on their monthly PTSB mortgage repayments.

The Bank is encouraging more people to move their current account to PTSB after having recently significantly expanding its nationwide branch footprint and increasing its current account base.

The Bank said, a customer could receive:

• €60 yearly for using their debit card, Apple Pay or Google Pay to pay in shops, in-app or online;
• €390 yearly for customers who use their Explore current account to make a monthly PTSB mortgage repayment of ~€1,625 based on a €300k mortgage;
• €65 yearly for customers who use their Explore current account to pay their SSE Airtricity electricity or gas bill by direct debit, based on a monthly bill of €270.75;
• €27 yearly for customers who use their Explore current account to pay their Sky TV/broadband bill by direct debit, based on a monthly bill of €45.25; and
• An additional €51 yearly savings on fuel price discounts using the Explore current account Circle K fuel card.

Recent research conducted as part of Reflecting Ireland, the bank’s quarterly consumer sentiment report, shows a significant jump in the number of people planning to switch service providers to get a better deal in the coming year. Those considering to switch their current account stands at 21% (up from 10% in 2022) and 25% considering switching savings (up from 14%).

PTSB has launched a major new campaign to drive awareness of the value and benefits the Explore current account has to offer in order to encourage consumers to move. This is live across TV, radio, digital audio, outdoor, social media and digital advertising channels.

The Explore account for both single and joint accounts can be opened in-app in minutes.

Ger Mitchell, Chief Customer & People Officer of PTSB said:

“Our Explore current account has been a huge success since its launch and is rewarding thousands of people with cashback benefits that quickly add up.

Customers could receive €600 or more for simply using their debit card, and paying their PTSB mortgage and utility bills through this account, and we want even more customers to benefit from what Explore has to offer.

Moving your current account is easier than you think – you can open an account in-app in minutes, online, in branch or by phone and we’ll be delighted to help you every step of the way.”

Cashback benefits

Explore customers qualify for the following cashback benefits

• 5c every time they use their debit card, up to a maximum of €5 per month
• 2% cashback on every monthly repayment to a PTSB 2&2 mortgage (e.g. €30 per month on a €1,500 monthly repayment)
• 5% cashback on a Sky TV/broadband direct debit (e.g. €5 on a €100 bill)
• 2% cashback on every SSE Airtricity direct debit (e.g. €2 on a €100 bill)

Explore customers also qualify for a fuel card that gives them a 4c per litre discount on the pump price at participating Circle K locations.

Notes 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 account. Terms and conditions apply to PTSB products.
2. Cashback figures quoted are calculated based on the examples as outlined in the press release.
3. The Explore account is subject to a monthly maintenance fee of €8 with no day-to-day transaction or contactless fees.
4. Explore customers can access details of their total cashback payments through PTSB’s Open24 online banking portal.