PTSB extends cashback on mortgage payments for existing customers

PTSB has announced it will offer existing customers 2% cashback on monthly mortgage payments, extending a benefit already offered to new customers.

To qualify for the cashback, PTSB mortgage customers need to make their monthly mortgage repayment by direct debit from a PTSB Explore Current Account.

The move follows last week’s announcement that the lender was reducing to its fixed-rate mortgage products between 0.15% and 0.95%.

The cashback amount will vary depending on the customer’s monthly repayment amount, PTSB, adding that customers could receive €30 back every month based on a monthly mortgage repayment of €1,500.

The Explore Current Account is subject to a monthly maintenance fee of €8 with no day-to-day transaction or contactless fees.

However, customers can earn cashback of up to €5 per month to offset the cost by using their card for contactless payments, or by paying certain direct debits for electricity and broadband from the account.

For qualified customers, the 2% monthly cashback offer is available until at least December 31, 2030.

PTSB mortgage customers who already have an Explore Current Account and are making their monthly payment by direct debit from that account will be included automatically in the cashback offer from January and will not need to take any action.

Customers who opt in by opening a new Explore Current Account, or amending their mortgage payment to come from an existing Explore account can begin earning cashback in March, the bank said, with the first cashback payments to be received from April 1.

PTSB is writing to all existing PTSB mortgage customers to inform them if they will qualify automatically for the offer or, if not, what actions they need to do to qualify.

“We are the only bank offering a 2% monthly cashback reward for mortgage customers," said Dermot Ryan, Head of Bank Products and Pricing Strategy of PTSB.

"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."