PTSB is to offer 2% cashback on monthly mortgage repayments to existing mortgage customers, equalising the benefit for both new and existing customers. This follows last week’s announcement in which the Bank made significant reduction to its fixed-rate mortgage products between 0.15% and 0.95%.
The cashback amount will vary depending on the customer’s monthly repayment amount. By way of example, customers could receive €30 back every month based on a monthly mortgage repayment of €1,500.
To qualify for the cashback, PTSB mortgage customers (new or existing) need to make their monthly mortgage repayment by direct debit from a PTSB Explore Current Account. Mortgage customers who do not have an Explore Current Account can open one online through the PTSB app in minutes, or by phone or in branch.
For qualified customers the 2% monthly cashback offer is available until at least 31 December 2030, meaning that customers who opt in from March 2025, could receive €1,800 in cashback over the coming years based on a monthly mortgage repayment of €1,500.
Some customers will be included automatically, others will need to opt in
PTSB mortgage customers who already have an Explore Current Account and are making their monthly payment by direct debit from that account will be included automatically in the cashback offer from January – they will not need to take any action.
Customers who opt in by opening a new Explore Current Account, or amending their mortgage payment to come from an existing Explore account can begin earning cashback in March, with the first cashback payments to be received from 1 April.
PTSB is writing to all existing PTSB mortgage customers to inform them if they will qualify automatically for the offer or, if not, what actions they need to do to qualify.
Dermot Ryan, Head of Bank Products and Pricing Strategy of PTSB said:
“We are the only bank offering a 2% monthly cashback reward for mortgage customers.
It’s an offer that has been hugely popular with new customers and we’re extending it to existing customers to give them an even better deal and reward them for their loyalty.
There is now an even better incentive for our mortgage customers to use our Explore Current Account and we’re encouraging all our customers to check out how much cashback they can earn from this offer.”
With just one third of mortgage customers considering switching according to the latest BPFI research, PTSB encourages mortgage holders to shop around and look at their switching options, particularly if they already have a PTSB Explore current account so they can avail of this offer.
Explore Current Account cashback benefits and fees
Explore customers currently qualify for the following cashback benefits
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.
The Explore Current Account is subject to a monthly maintenance fee of €8 with no day-to-day transaction or contactless fees.
Notes to Editors