Sunday 4 December 2016

PTSB set to abandon free banking for new customers

Published 16/07/2015 | 02:30

Permanent TSB's move to ditch free banking comes as An Post has applied for a licence to allow it to offer current accounts to customers
Permanent TSB's move to ditch free banking comes as An Post has applied for a licence to allow it to offer current accounts to customers

State-rescued Permanent TSB is to end free banking for new customers, the Irish Independent has learned.

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Existing Permanent TSB customers will retain the deal, but it will no longer be available to people who want to sign up for it from the autumn.

The account has no transaction charges as long as €1,500 is lodged to it each month, making it the best value in the market.

A spokesman for the bank said: "Our free current account offer remains, but its operation is reviewed on an ongoing basis. We have no current plans to change it."

However, this newspaper understands that the bank will say in September that the free banking offer will end for new customers a few weeks after the announcement.

Incentives

It is set to introduce a new current account offer with some incentives, but these have yet to be decided on, it is understood.

Permanent TSB's move to ditch free banking comes as An Post has applied for a licence to allow it to offer current accounts to customers. The move is at an early stage, but could provide a threat to the major banks.

The 1,000-plus post offices across the State could challenge the dominance of the main banks by offering a better value current account.

Credit unions are also planning to launch current accounts, with many already offering electronic payments and debit cards.

Irish Independent

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