PTSB has today launched a new personal interest first deposit product that pays 2.75% Annual Equivalent Rate (AER) for one-year fixed term savings.
Customers can receive their interest upfront as a lump sum within the first month of opening the account, instead of waiting until the end of the one-year fixed term.
PTSB said that customers can then earn interest on their interest by reinvesting it in another savings account, if they wish to do so.
They also have the option of withdrawing the money by transferring it to a current account or by getting a cheque payment.
The bank said that interest first products, which were last available from PTSB in 2021, are being re-introduced in response to customer demand.
It added that a minimum balance of €5,000 applies for the new deposit account and the product is only available to the bank's personal customers.
PTSB said this is a fixed-rate product and the interest rate that customers earn will not change over their fixed rate term.
"Our interest first deposit product is the only of its kind in the Irish market and provides our customers with an innovative way to get access to their interest, without having to wait until the end of their fixed rate term," Eddie Kearney, PTSB's Head of Retail Distribution, said.
"We're delighted that we're able to expand on our already competitive suite of savings and deposit options and bring additional choice to both existing and new customers," he added.
