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Helping you choose the right savings account

Knowing the difference can help you pick the right path to achieving your savings goals.

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At PTSB, we are committed to helping you find the right savings solution. Providing you with information that’s clear and uncomplicated is the first step to meeting your savings goals.

Our goal is to break down this information, simplifying the world of Savings and Deposits and help guide and support you towards the best decision for your savings.

Understanding Savings Accounts

Savings are a good way to manage your money outside of a Current Account and can act as your financial safety net, a place where your money is secure while also giving it the chance to grow over time. It can form an important part of managing your finances, offering security, growth opportunities, and peace of mind as you work towards your financial goals.   

Many people will have both a Current Account and Savings Account, using their Current Account for managing income and day-to-day spending, while putting money away into their Savings Account to build up savings according to their savings goals.

Features and benefits:

  • Security: Your money is safe and easily accessible whenever you need it with Demand Deposit Accounts and Notice Savings Accounts
  • Growth: Your money earns interest over time, helping it grow.
  • Flexibility: You can lodge and withdraw money whenever you want, making a Savings Account ideal for both short-term and long-term goals. Notice may be required for withdrawals. Some Savings Accounts may have a limit to how much you can lodge into your account each month.


Savings Accounts Options

Understanding Deposit Accounts (Lump Sum Accounts)

Deposit Accounts, also known as Lump Sum Accounts, include Fixed Term Deposit Accounts as well as some Notice Accounts. With a Fixed Term Deposit Account you lodge a sum of money for a set period at a fixed interest rate. With a Notice Account you can lodge a sum of money and add additional savings over time allowing funds to grow steadily over time.

Features and benefits:

  • Higher interest rates: Fixed Term Deposit Accounts usually offer higher rates, rewarding you for committing your money for a fixed period. Typically a minimum balance is required to open a Fixed Term Account. Notice Accounts have a variable interest rate and allow you to lodge money anytime, just remember to provide notice before withdrawing funds.
  • Stability: With a fixed term commitment, Fixed Term Deposit Accounts provide stability and predictability, making them ideal for long-term saving goals. A Notice Account allows you to put funds away and to save regularly should you wish, you can access your funds by providing notice, these accounts are ideal for short and medium term savings.
  • Growth: With a Fixed Term Account your money earns a fixed rate of interest over the term of the account. A Notice Account provides a variable rate of interest which is calculated on the daily balance in the account.


Deposit Account Options

Key differences between Savings and Deposits

Feature Savings Accounts (regular savings) Deposit Accounts (lump sum savings)

Interest Rates

Provide variable interest rates with more flexibility, which are ideal for short-term savings goals. 

  • Fixed Term Deposit Accounts reward you with higher interest rates the longer you fix your funds for, providing savers with a reliable way to grow your money over time. Charges apply for early withdrawals.
  • Notice Accounts allow you to lodge a lump sum and save regularly to the account, you can access to your funds by providing notice of the withdrawal.

Access to Funds

  • Demand Deposit Accounts and Notice Account options are available. These allow you to deposit funds when you wish.
  • Withdrawals from Notice Accounts require notice of withdrawal if you are to avoid penalty fees.
  • Fixed Term Deposit Accounts require you to leave your funds untouched for a specified term to earn the agreed interest rate. Withdrawals from Fixed Term Deposit Accounts will be subject to an early withdrawal fee.
  • Withdrawals from Notice Accounts require notice of withdrawal if you are to avoid penalty fees.

Minimum Deposit Requirements

Typically have lower or no minimum deposit requirements. Regular Saver Accounts may be limited to maximum monthly lodgements and a maximum balance may apply.

Often have minimum deposit requirements to open an account. The minimum balance may differ depending on the financial institution.

Interest Payment Frequency

Interest accrues continuously and may be paid out monthly, quarterly, or annually, depending on the account terms and conditions.

  • Interest is usually paid on Fixed Term Deposit Accounts either at maturity or at regular intervals throughout the term of the deposit, providing you with predictable returns on your savings.
  • On a Notice Account interest is usually paid annually on the on the first working day after 20 November.

Unsure which type of account suits you best? Compare our accounts to see what type of saver you are.

If you have any further questions or would like assistance in selecting the right account for you, reach out to one of our branch advisors for guidance and support.

Find your local branch Call 0818 50 24 24

The content on this webpage, provided and prepared by PTSB, is for informational purposes only and does not constitute as financial advice. 

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Savings and Deposit Interest Rates

Our interest rates that currently apply to our range of Savings Accounts, Deposit Accounts and Foreign Currency Deposit Accounts.

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