Which Bank between PermanentTSB and AIB

spupazza

Hi guys,

I have an account with PermanentTSB while my boyfriend has an account with AIB.
Our idea is to shut one of the 2 account (registering the survivor account even to the other of the 2 remained without account ) and keep just one to reduce the the costs.
So we have to choose one of the 2 banks.
Which one do you suggest based on the cost that these banks have?
We also want invest 10000 euro in some kind on deposit.
As I could see I found two interesting option:
1) With PermanentTSB:21 DAY NOTICE INVESTMENT DEPOSIT which gives 4.5% per annum.But as I'm concerned I would pay 20% of tax on the interest.
http://www.permanenttsb.ie/saving-and-investing/inv_detail.asp?pcode=1062
2)With AIB: Special Term Account ,unfortunately they don't specify which rate of interest they give for this kind of deposit.The interesting fact is that they claim that to be "TAX free" up to 480euro of interest gained x annum if you keep the money for 3years and up to 635 per annum if you keep the money for 5years.

Unfortunately neither PermanentTSB or AIB specify eventual administration costs, and AIB don't mention the interest rate given for this account.
Does anyone has experience with this kind of account?
Can we (me and my boyfriend ) receive the wage on the same account ?

broker2008

Do you really need a joint account ? If you are worried about cost of extra account, look at previous threads and you will see that it is easy enough to get free banking. If you have separate accounts there are advantages , each have access to their own money etc If an account froze while you were on holidays you could at least have access to other account. etc And of course if you were ever to split up.

Just because you are banking with a particular bank doesn't mean you are tied to investing with them . Again there are a couple of recent threads outline savings rates with other institutions.

dotsman

Both offer free banking, so it's pretty much whichever you think has the best service/ nearest branch etc. You might also want to take into account which bank you are likely to approach for a loan/mortgage in the coming years.

As regards the saving, see this post discussing the best deposits at the moment. You can also invest in shares but that would be a more long term investment (couple years).

Sangre

administrative costs? what exactly does that mean? I don't thin ptsb have anything like that. THe only thing you'll have to pay for is breaking the T&C.

The Rooster

spupazza wrote: »

Hi guys,

I have an account with PermanentTSB while my boyfriend has an account with AIB.
Our idea is to shut one of the 2 account (registering the survivor account even to the other of the 2 remained without account ) and keep just one to reduce the the costs.
So we have to choose one of the 2 banks.
Which one do you suggest based on the cost that these banks have?
We also want invest 10000 euro in some kind on deposit.
As I could see I found two interesting option:
1) With PermanentTSB:21 DAY NOTICE INVESTMENT DEPOSIT which gives 4.5% per annum.But as I'm concerned I would pay 20% of tax on the interest.
http://www.permanenttsb.ie/saving-and-investing/inv_detail.asp?pcode=1062
2)With AIB: Special Term Account ,unfortunately they don't specify which rate of interest they give for this kind of deposit.The interesting fact is that they claim that to be "TAX free" up to 480euro of interest gained x annum if you keep the money for 3years and up to 635 per annum if you keep the money for 5years.

Unfortunately neither PermanentTSB or AIB specify eventual administration costs, and AIB don't mention the interest rate given for this account.
Does anyone has experience with this kind of account?
Can we (me and my boyfriend ) receive the wage on the same account ?

1. In my experience of having current accounts with both AIB and Permanent TSB, I can categorically state that AIB's service was far better. A lot of that might have been down to the individual branch I was in, but also I found the internet banking much better.

2. No need to keep your savings restricted to where your current account is. Also check out savings options at First Active, Ulster, Anglo, EBS ...... You should be able to get a demand deposit account with a rate equal to or better than 4.5%, with zero charges.

3. Unless you're an OAP an Irish bank cannot pay interest to an Irish resident without imposing DIRT. So I'm surprised that you say AIB offer a tax-free option. Have you got a link?

4. Yes, you can have two people have their salary paid to one account if that's what you want.

LouOB

I worked in a branch for 3 years
Best advice one of the auld dears gave me -NEVER get a joint account with your husband/boyfriend/partner

brettmirl

I think a lot of it comes down to how friendly/competent the staff are in your local branch.

I have accounts in both AIB and PTSB and would reccomend PTSB.

stepbar

Coming from my experience with PTSB (in a professional capacity as a banker), I would recommend AIB without question. The amount of people I have heard switching back to AIB / BOI from PTSB due to poor customer service is shocking. My professional dealings with PTSB have been painful to say the least. Never had the same problems with AIB.

Ciarrai76

I am with PTSB for about 2 years after moving from AIB, but I would gladly go back to Aib as I find PTSB to be pretty crappy to deal with! I can't move at mo as I am pretty overdrawn (story of my life!), so until the tooth fairy comes and leaves a few grand under my pillow, I'm stuck with them! lol

Colonel Sanders

I found PTSB grand once my account was open, however that was the hard part. Never contacted my employer's payroll to change the paypath details (the girl who opened my account assured me she would by close of business the day I opned in branch) and getting a credit card off them was an ordeal to say the least (not asking me for enough documentation and not contacting me, I contacted them when I noticed no correspondance about the CC application). Now that I have the card in my hand I am very happy with it, good rate, great exchange rates when I buy in foreign currency online etc but dealing with them can be a pain.

Ciarrai76

I switched to them when they first started with that Switcher current account and had no bother. I have also taken out their Ice Credit card and in fairness it is one of the lowest rates around, I do find though that their minimum payment isn't as easy as AIB where you can pay like a tiny amount if you can't afford to pay off much, not with PTSB c.cards, so that's a pain. I wanted to increase my overdraft with them recently and they were just a pain to deal with. No one ever got back to me, I had to keep ringing to find out if it was in place, took ages to get sorted out, wasn't impressed.