The expansion of the offer means tens of thousands of PTSB's mortgage customers can now get 2% cashback on their repayments every month.
Some PTSB customers could see themselves in line for a €1,800 financial boost over the coming few years.
That's because PTSB is expanding its popular 2% mortgage cashback offer to more customers.
Here's what you need to know...
What is PTSB’s 2% cashback offer?
Since 2017, PTSB has offered mortgage customers 2% cashback on their repayments as long as they pay their mortgage by direct debit from the bank’s Explore current account.
So if you have a mortgage of €1,500 a month, you get back €30 a month or €360 a year tax-free. Which isn’t bad!
But the bank, which recently cut some of its fixed rates by up to 0.95 percentage points, is now extending this offer to some of its mortgage customers who until now couldn't avail of the offer.
So who’ll benefit?
PTSB customers who took out a mortgage prior to the launch of the 2% cashback offer in 2017 will now be able to get the monthly cashback.
Also benefitting will be the tens of thousands of former Ulster Bank customers whose mortgages were sold to PTSB following Ulster Bank’s exit from the Republic of Ireland.
However in all cases customers must still repay their mortgage from an Explore account in order to get the cashback.
PTSB mortgage customers who already have an Explore account and are making their repayments by direct debit from the account won't need to take any action - they'll automatically get the cashback each month starting from the end of January. Customers who opt in by opening a new Explore account, or amend their mortgage payment to come from an existing Explore account, will begin earning cashback in March, with the first payment to be received from 1st April.
If you don’t have an Explore account you can open one online through the PTSB app in minutes, by phone, or by making an appointment in a local PTSB branch.
The 2% offer is currently available until at least 31st December 2030, meaning customers could receive over €1,800 in cashback over the coming years (based on a monthly mortgage repayment of €1,500).
What is the Explore account?
The Explore account is PTSB’s main current account.
While there’s a fairly hefty €8 monthly fee, the account comes with a range of perks that can help you recoup some or all of the fee.
All of your day-to-day banking is free. And you'll get 5 cent every time you use your debit card to pay for something in store or online. And you can earn up to €5 per month through this feature alone.
Plus, if you're a customer of SSE Airtricity or Sky you can get up to 5% cashback on your bills when you pay them by direct debit from the account, meaning you can earn even more!
Explore customers also get a fuel card that gives them a 4c per litre discount on the price of fuel at participating Circle K garages.
And of course if you have a mortgage with PTSB you'll get 2% cashback on your monthly mortgage repayments until 2030.
We are the only bank offering a 2% monthly cashback reward for mortgage customers. It’s an offer that has been hugely popular with new customers and we’re extending it to existing customers to give them an even better deal and reward them for their loyalty. There is now an even better incentive for our mortgage customers to use our Explore Current Account and we’re encouraging all our customers to check out how much cashback they can earn from this offer.
Dermot Ryan, Head of Bank Products and Pricing Strategy, PTSB
Should I avail of the offer?
In most cases it's a no-brainer to avail of the offer. Who wouldn't want to earn an extra €1,800 over the coming years!?
And it's great that PTSB is rewarding its existing customers. At a time when the cost of living is still a concern for many, the expansion of the offer means that thousands of homeowners can now benefit from a nice little monthly financial boost.
But just be mindful that the Explore account does come with an €8 monthly fee as outlined above. So if you currently pay your PTSB mortgage from a separate current account that charges no fees, you need to consider this. However in pretty much all case the monthly cashback that you get on your mortgage will far outweigh the €8 fee.
