A guide to moving your Current Account & Overdraft

To be eligible for an Overdraft, you need to be:

• Minimum of 18 years of age
• Resident in the Republic of Ireland
• Have a minimum of six months continuous employment

Documents you will need

To keep things official, there are just a few documents we will need from you.

For both products:

• ID verification, like your passport
• Address verification, such as a utility bill
• Information about your non-Irish tax residency (where applicable), including Tax Identification Number(s)

For your Overdraft:

• Your PPSN
• Proof of Income such as your last 3 months bank statements / recent payslip. If you‘ve been in your current job less than 12 months, you will need proof of employment permanency
• Proof of Immigration status if you are not an EU citizen.

Lending Criteria, Terms and Conditions apply.

Apply in app

You can apply for PTSB’s award-winning Explore Account by downloading the PTSB app and selecting the “Current Account Application” icon and following the instructions.

To apply in app you have to be over 18, a resident in the Republic of Ireland and be a:

• New or existing PTSB customer opening a sole Current Account in your own name
• New PTSB customers opening a Joint Current Account*

*If one or both of you are already customers with PTSB, you will need to to open your account. We are working hard to bring Joint Current Account opening to the app for our existing customers soon.

Opening a Joint Current Account in-app?

Step 1: Customer 1 starts the application, provides their basic information and uploads documents to verify their identity and is asked to invite Customer 2 to join the application

Step 2: Customer 2 receives an email invite to join the application, provides their personal details and uploads their documents to verify their identity.

Step 3: Once Customer 2 completes their step, Customer 1 is notified to log back in, review and submit the full application.

Find out more about the Explore Account.

Once your Current Account is active you will need to register for Open24 Online Banking. When you open your Current Account in-app we will send you a text to complete your Open24 registration. You will need to complete this step before you apply for your Overdraft in-app. Find out more about Open24 Online Banking.

Apply in app

If you are registered for Open24 online banking, you can log into the PTSB app, select the “Overdraft Application” icon and follow the instructions. 

Your application can only be taken out in your sole name in-app and will be subject to a full credit assessment and affordability assessment.

Move funds to your new Current Account. Once your new account is open, you can lodge money, either as an Electronic Funds Transfer (EFT) or at a PTSB branch.

Next, choose a way to switch your Current Account that suits you. You can either choose to self-switch or use the help of our switching team.

If you apply in-app, and we require any documents in order to progress your application we will ask you to upload them and provide you with a link. We will update you on your application via SMS. If we need to confirm anything with you, we will contact you by phone so keep an eye out for our call.

Close your old account

When your incoming credits and outgoing payments are updated and in order, it's time to close your old account and start making the most of your new PTSB account. 

Transfer remaining balance

Don’t forget to transfer any remaining balance from your old account to your new account.

• Once your Overdraft is approved, we will contact you to let you know.
• Your Overdraft will be applied to your Current Account and you will be able to access the funds immediately.

Lending Criteria, Terms and Conditions apply.

How do I pick when to start moving my account?
When your new account is up and running, review your old bank account and look for a time on your account that has the least amount of activity i.e. a period where there is no Salary, Other Credits, Standing Orders or Direct Debits. This is normally towards the end of the month.

I don’t have a clear date available to start moving my account, what should I do?
If there are payments going out of your account throughout the month and there are no clear dates to start moving your account, there are a couple of things you can consider for both Direct Debits and Standing Orders:

Direct Debits

• Contact your Direct Debit provider to see if they can change the Direct Debit to a different date to ensure you do not miss a payment; or
• Cancel the impacted Direct Debit with the company directly and make a manual payment for when the payment is due. You will then need to set up a new DD mandate with the company for any future payments from your new PTSB account. 

Please note: This option (cancelling), will not be possible for all companies and will need to be checked with the business the Direct Debit is for e.g. cancelling a DD on your Life Assurance or Health Insurance may be considered a break in your contract and it could impact your cover.

Standing Orders

• Amend the date the SO is due to be debited from your old account.
• Cancel the SO and make a manual payment. You can then set up a new SO on your new PTSB account through Open24 online banking on desktop.

Please note: As per above, you would first need to confirm this does not impact any Terms you have agreed to e.g. you may have an SO set up as a loan repayment.

How do I set up Apple Pay?
Getting set up is simple, click here for the steps on how to add your new card to Apple Pay.

How do I set up Google Pay?
How you set up Google Pay on your new card is outlined here. 

What is Open24 and why do I have to register?
Open24 is the name of our online banking service. You can access your online banking on desktop at Open24.ie or by logging in on your mobile phone via the PTSB app.

You can view your balance, recent transactions and so much more. Our Online Banking page will provide you with more information.

When you open your account in-app, once it is active you will receive a text to prompt you to return to the app and complete your registration.

Otherwise, when you receive your Visa Debit card give us a call on 0818 50 24 24 or +353 1 212 4101 and we’ll set you up on Open24.

What is the minimum Overdraft amount?
Minimum Overdraft limit you can apply for is €500.00

What is the maximum Overdraft amount?
Maximum Overdraft limit is €30,000.00

What are the fees associated with an Overdraft?
A set-up fee of €25 applies (when the Overdraft is first used) and an annual renewal / review fee of €25 applies thereafter (will apply 12 months from the date that the set-up fee was deducted). Overdraft interest will apply. Lending criteria, terms and conditions apply. See here for information on set-up charges and interest rates.

I am switching my Current Account to PTSB, will my Overdraft move to my new account too?
An Overdraft will not move automatically to your new Current Account when you close your existing Current Account. An overdraft is a credit product, this means you have to submit an application and PTSB has to assess that you have the means to repay the Overdraft.

I am switching my Current Account to PTSB, will I have to clear my existing Overdraft balance before I close it?
If you have an Overdraft on your existing Current Account, you will need to ensure the balance that you owe, if any, is cleared before you close your account.

If you are not able to repay the balance before you close the account, you should first talk to your existing provider about the options available to you. Contact us on 0818 837 408 or 01 212 4022 to see how we can help.