PTSB deposit rate rises to 2.5% for new savers

The bank makes major change to 18-month savings account

The higher rate is available from Wednesday, November 11, and applies to new accounts with deposits exceeding €5,000.

Existing accounts are not mentioned as being affected by the change.

PTSB said the decision was made in response to recent increases in European Central Bank deposit rates, as banks continue to review the returns they offer customers.

Dermot Ryan, the bank's Head of Bank Products & Pricing Strategy, said the latest move follows those earlier changes.

"It follows a range of enhancements made to our personal deposit products in May, including the launch of a new 32 day notice account and boosts to our regular saver offering," he added.

The latest adjustment is part of a broader series of changes to the bank's savings range this year. In May, PTSB introduced a 32-day notice account and improved its regular saver products.

PTSB is not the only Irish bank to have revised its fixed-term savings rates recently. 

Bank of Ireland increased returns on several Advantage Fixed Term Deposit accounts last month, with its six, 12 and 18-month products receiving rises of between 0.25 and 0.5 percentage points.