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Review: permanent tsb current account

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Get rewarded in three diffferent ways when you switch to the Explore current account from permanent tsb.

There was once a time when a current account was simply there for money to go in and out. Now banks like permanent tsb provide accounts that have some great features and benefits that make spending and saving that little bit easier. If you’re thinking about switching and want to be rewarded in brand new ways, find out if a permanent tsb current account could be the right fit for you.

€6

Maintenance fee

€0

ATM transaction fee

1.75%

Foreign transaction fee

Details

Product Namepermanent tsb Explore Account
Fee periodMonthly
Maintenance fee€6
Account TypeStandard
Online account onlyNo
More Info

A bit about permanent tsb

permanent tsb is a financial institution that has both personal and business banking services. As well as everyday accounts, savings and investments, this provider offers credit cards, mortgages, personal loans and insurance policies for life, home and contents. permanent tsb has 77 branches nationwide, plus phone banking, internet banking and mobile apps for you to manage your accounts.

The permanent tsb current account

There are various benefits to opening permanent tsb’s Explore current account:

  • 10c back as you pay. Each time you use your Visa debit card online or in-store, you’ll receive 10c back, capped at €5 each month. You can track how much you’ve earnt in your online banking.
  • Cash back on bills. When you pay your bills by direct debit with permanent tsb’s partners you can earn up to 5% cash back. This includes Circle K, Sky and SSE Airtricity.
  • GoRewards. After registering on the GoRewards website, you’ll receive personalised offers each week based on your shopping preferences. You’ll just need to use your card to take advantage of these offers and comply with any terms. Brands associated with GoRewards include Boots, Currys, Dunnes and Smyths.
  • Visa debit card. Explore account holders receive a Visa debit card that is accepted globally for in-store or online purchases.
  • Mortgage cashback. Explore current account holders that get a full mortgage letter of approval before 31 December 2020 will enjoy a monthly 2% cashback on their mortgage payments until the end of 31 December 2027.
    Data indicated here is updated regularly
    Name Product Maintenance fee Fee period ATM fee
    permanent tsb Explore Account
    €6
    Monthly
    €0
    A current account with some great features and benefits. Use your Visa debit card to shop and earn cash back on each transaction, take advantage of personalised offers from GoRewards and earn cashback for paying your bills by direct debit.
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    What fees will I be charged?

    permanent tsb charges a monthly maintenance fee of €6, which is deducted on the first working day of the month. However, there are no day-to-day transaction fees which includes all Visa debit card transaction fees, direct debits, standing orders and bill payments, direct credits, deposits and withdrawals at a permanent tsb branch, phone and internet transactions.

    However, you’ll be charged for any of the following:

    Paper statement€2.50
    Chequebook€20 (government stamp duty)
    Using an ATM outside the Eurozone3.5% of the euro value of the transaction, up to a maximum of €11.43
    Paying with your card outside the Eurozone1.75% of the euro value of the transaction, up to a maximum of €11.43

    How do I switch to a permanent tsb current account?

    If you’ve decided that an Explore account is the one for you, you can switch over from your existing account without too much hassle.

    You’ll need the following documents:

    • Identification such as a passport or driving licence
    • Proof of address, eg a utility bill or bank statement
    • The last three months’ statements from your current account
    • Non-Irish tax residency information if applicable

    You can start the switch either online, by phone or by visiting a branch. You just need to pick a switch date and then permanent tsb will take care of the following

    • Opening your new account
    • Contacting your existing bank to inform them of the switch
    • Setting up direct debits and standing orders that you have on your old account
    • Ordering a Visa debit card
    • Ensuring your new account is ready within 10 days of your switch date

    All you need to do is to fill in a Credit Transfer form to redirect your salary, wages or benefits, check any direct debits or standing orders that will be transferred over, and change any other payments that are debited from your card on a regular basis such as subscriptions.

    Looking for more options? Compare a range of current bank accounts in Ireland

    Data indicated here is updated regularly
    Name Product Maintenance fee Fee period ATM fee
    VIALET Current Account
    €0
    Monthly
    2%
    An IBAN account you can use to manage your money and spend in over 200 countries worldwide, fee-free.
    An Post Current Account
    €5
    Monthly
    €0.60
    A current account that lets you take control of your spending and savings with two wallets that you can use to set aside money. Plus, you can earn money back each month for transactions with An Post’s selected partners.
    AIB Basic Bank Account
    €0
    Monthly
    €0
    A standard current account available to anyone 16 years and over with international transfer functionality and no maintenance or transaction fees for the first year.
    Bank of Ireland Personal Current Account
    €5
    Quarterly
    €0.25
    A current account with a Visa debit card that allows you to make fast, contactless payments for purchases at home and abroad.
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    Verdict

    The Explore current account from permanent tsb is definitely worth considering. Earning cash back each month can grow your savings, and you could even make your account completely fee-free by offsetting the monthly €6 account fee with the money you get back. There’s a super useful ‘How much can you earn’ calculator on its website to help you work out how much cash back you could get.

    But before settling on this permanent tsb current account, use our table above to compare all the current accounts available in Ireland.

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