PermanentTSB offers 10% rate on balances up to €1,500, to mark launch of credit interest on current accounts

Irish
PermanentTSB offers 10% rate on balances up to €1,500, to mark launch of credit interest on current accounts
By Finfacts Team
Mar 13, 2007, 11:23

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Denis Casey CEO-designate Irish Life & Permanent

Permanent tsb bank has announced that it will pay interest of 10% on account balances for new current accounts opened at the bank before the 4^th of May. The interest rate will apply to credit balances of up to €1,500 for the remainder of this year once certain minimum conditions are met.

The introductory offer is being unveiled to mark the introduction by the bank of credit interest for all current accounts from today.

Credit interest – which is available to all new and existing customers will apply to credit balances of up to €1,500 held in current accounts to which a salary lodgement of €1,500 or more is made each month. Existing customers are only required to “opt in” through Open 24 and to undertake one Open 24 transaction each quarter (eg: pay a bill). The normal rate of credit interest to be applied (not including introductory offer) will be 4%.

Speaking today Niall O’Grady, Head of Marketing at permanent tsb bank said that the move would ensure that permanent tsb bank remained the most attractive bank for people with current accounts; “permanent tsb bank has spearheaded the revolution in current account banking. Since we launched the country’s first account with no charges for normal transactions, we’ve opened almost 200,000 new current accounts. This move will ensure that we remain the market leader in the current account market.”