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.
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.
Savings Accounts Options
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.
Deposit Account Options
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. |
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Access to Funds |
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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. |
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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