PTSB customers can now earn 2.75 per cent Annual Equivalent Rate (AER) on one-year fixed-term savings with the option to receive interest up front.
The bank stated that customers can receive their interest upfront as a lump sum within the first month of opening the account.
It further said that customers also have the option to earn interest on their interest by reinvesting it in another savings account. They also have the option of withdrawing the money by transferring it to a current account or by getting a cheque payment, it added.
The fixed-rate product, which is only available to PTSB’s personal customers, requires a minimum balance of €5,000.
“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, was quoted as saying by RTE.
The move comes three weeks after the European Central Bank slashed the main savings rate to 3.75 per cent.