Permanent TSB to increase deposit interest rate

Third rate rise since November 2022 brings bank’s main deposit account rates to 1%

Permanent TSB will raise interest rates paid on deposit account by a quarter of a per cent. Photograph: iStock
Permanent TSB will raise interest rates paid on deposit account by a quarter of a per cent. Photograph: iStock

Permanent TSB is to increase the interest rate it pays to customers using its deposit accounts, adding a quarter of a per cent to the current rates from June.

This will bring to 1 per cent the rate paid on demand, notice and children’s deposit accounts. The bank’s fixed term deposit rates will also increase by 0.25 per cent for terms covering six, 12 and 18 months.

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The increase will come into effect from June 20th.

The rate rise follows the European Central Bank’s decision to raise interest rates again earlier this month, in a bid to combat inflation. The main refinancing rate now stands at 3.75 per cent, while the ECB’s deposit interest rate is 3.25 per cent.

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist