Permanent TSB Explore Account Reviews: Cashback and Perks
Did you know 59% of Permanent TSB Explore Account reviews are just 1 star? This shows a mixed view on one of Ireland’s most discussed banking products. The Permanent TSB Explore Account offers cashback rewards and benefits, causing a wide range of reactions.
Even with many low ratings, 27% of reviews give it 5 stars. This shows that some users really like the Explore Account’s features. The account has an €8 monthly fee but no charges for everyday transactions.
In Ireland, switching banks is rare. But Permanent TSB’s Explore Account stands out. It offers contactless payments and overdrafts, making it a strong choice. Reviews from August 2022 to August 2024 show the account is always improving to meet customer needs.
Key Takeaways
- 59% of Permanent TSB Explore Account reviews are 1-star rated
- 27% of users give the account a 5-star rating
- The account charges an €8 monthly maintenance fee
- No day-to-day transaction fees are applied
- Features include cashback rewards and contactless payments
- Customer reviews span from August 2022 to August 2024
- The account offers overdraft availability
Introduction to Permanent TSB Explore Account
Permanent TSB is a top bank in Ireland, offering the Explore Account. It meets the needs of today’s finance with old and new features.
Account Features
The Explore Account is special in Irish banking. It has contactless payments, overdrafts, and a cashback program. You get 5 cents back on each card use, up to €5 a month.
Permanent TSB’s Legacy
Permanent TSB has a long history in Ireland’s finance. It has over 100 branches across the country. The bank has grown with digital trends while keeping a strong local presence.
Cashback and Perks in Modern Banking
Cashback and perks are key in today’s banking. The Explore Account’s cashback is a good example. Although the amount was cut from 10 to 5 cents, it’s still a benefit for regular users.
Permanent TSB also offers a 2% mortgage repayment discount for Explore Account holders. This links different financial products to keep customers loyal.
However, the €8 monthly fee is something to consider. This fee makes Permanent TSB mid-range compared to others. The Explore Account’s value depends on your banking habits and needs in Ireland.
Understanding the Permanent TSB Explore Account Structure
The Permanent TSB Explore Account is made for today’s banking needs. It has cool features and a simple fee system. This makes it a great choice for many people.
The account comes with a contactless debit card for easy payments. You get debit card rewards for your daily buys. Plus, there’s an optional overdraft for extra financial help.
The account’s fee system is easy to understand. There’s a €8 monthly fee, but no charges for daily transactions. This can save a lot of money for those who use their accounts a lot.
| Feature | Description |
|---|---|
| Contactless Payments | Quick and secure transactions |
| Debit Card Rewards | Earn points on purchases |
| Overdraft Facility | Available upon approval |
| Monthly Fee | €8 account maintenance |
| Transaction Charges | No day-to-day fees |
The Permanent TSB Explore Account is all about modern banking and saving money. It aims to make banking easy and affordable, with no hidden fees.
Permanent TSB Explore Account Reviews: Cashback and Perks
The Permanent TSB Explore Account has cashback and perks to draw in customers. Let’s look at these banking rewards and compare them to others.
Cashback Offers
Permanent TSB gives great cashback to Explore Account users:
- 2% cashback on mortgage drawdowns for approved loans until March 31, 2025
- 2% monthly cashback for mortgage payments made by direct debit
- This monthly cashback benefit extends to December 31, 2030
Account Perks
The Explore Account also has extra perks:
- Discounted 5-Year fixed rates for energy-efficient homes (BER A1 to B3)
- 72-hour mortgage credit approval promise
- Mobile Mortgage Manager Service for flexible consultations
Competitor Comparison
These perks look good, but customer reviews are mixed. Let’s compare Permanent TSB’s offers with what customers say:
| Product | Average Rating | Number of Reviews |
|---|---|---|
| Explore Account | 1.84/5 | 15 |
| Mortgages | 4.00/5 | 1 |
| Savings | 5.00/5 | 1 |
Despite the cashback, the Explore Account’s low rating shows possible issues. It shows why looking at more than just perks is key when picking a bank account.
Monthly Fees and Transaction Charges
The Permanent TSB Explore Account offers a mix of features and costs. We’ll look at the fees, transaction charges, and do a cost analysis. This will help you decide if it’s right for you.
Monthly Account Maintenance Fee
PTSB has raised the monthly fee for its Explore Account to €8. This means an extra €24 a year for customers. But, students, teenagers, and those over 66 won’t see this fee increase.
Day-to-Day Transaction Fees
The Explore Account is great because it doesn’t charge for everyday transactions. This includes cash withdrawals, direct debits, and more in Ireland. Remember, there’s a 12c government stamp duty on ATM withdrawals, capped at €5 a year.
Cost-Benefit Analysis
Even with the fee hike, the Explore Account still offers good value. You get 5 cents cashback per transaction. Plus, up to 5% cashback on some bill payments and 2% on mortgage repayments for PTSB customers until 2027. These perks can help balance out the monthly fee.
| Feature | Benefit |
|---|---|
| Transaction Cashback | 5 cents per transaction |
| Bill Payment Cashback | Up to 5% (SSE Airtricity, Sky) |
| Mortgage Cashback | 2% until 2027 (PTSB mortgages) |
When looking at bank charges in Ireland, PTSB’s €55 fee is average. It’s pricier than Revolut or N26 but cheaper than Bank of Ireland, An Post, or AIB. Think about your banking habits to see if the Explore Account fits your needs.
Digital Banking Experience with Permanent TSB
Permanent TSB offers digital services for today’s banking needs. Their online banking and mobile app aim to make banking easy. But, customer experiences with these tools vary a lot.
The bank’s mobile app has gotten some bad feedback. Users often say it’s hard to navigate and see their transactions. This makes some people unhappy with Permanent TSB’s digital services.
Recent reviews show mixed feelings about Permanent TSB’s digital banking:
- Average rating of 1.84 out of 5 stars for the Explore Account
- 27% of users give a 5-star rating
- 59% rate the account with just 1 star
- No new 5-star or 1-star reviews in the past 90 days
These numbers show Permanent TSB needs to work on its online and mobile banking. Some customers like the digital services, but others find them hard to use.
| Digital Service | Key Features | User Satisfaction |
|---|---|---|
| Online Banking | Account management, transfers, bill pay | Mixed reviews |
| Mobile App | On-the-go access, transaction viewing | Navigation concerns |
| Open24 Service | 24/7 phone and online support | Varied experiences |
As digital services grow in banking, Permanent TSB must improve its online and mobile platforms. They need to meet customer expectations and boost satisfaction.
Customer Service and Support
Permanent TSB’s customer support is key to a good banking experience. We’ll look at their support system and how it meets customer needs.
Open24 Online Service
The Open24 online service is Permanent TSB’s digital banking platform. It gets mixed reviews. Some find it convenient, but others face long wait times. For example, one customer waited 35 minutes before giving up.
This shows there’s room to improve online support. It’s important for a better banking experience.
In-Branch Support
On the other hand, in-branch support at Permanent TSB gets good feedback. Customers like the helpful and patient staff, especially with older clients. This personal touch greatly improves service quality and customer happiness.
Customer Experiences
Customer opinions on Permanent TSB’s support vary. Some praise the in-branch service, while others are unhappy with online support. These mixed views stress the need for consistent support across all platforms.
This ensures a positive banking experience for everyone.
Source Links
- permanent tsb Current Account Reviews
- Which bank has the best value current account?
- 8 things to consider when choosing a new current account provider
- PTSB to hike the fee on its main current account
- Permanent TSB Mortgage Ireland 2024 Ultimate Review – moneysherpa
- Best PTSB Mortgages | 2% Cashback | Compare Rates
- permanent tsb Reviews
- Charges on Current Bank Accounts in Ireland – Money Guide Ireland
- Compare Best Business Account Providers October 2024 – NerdWallet UK
