permanent tsb has announced details of a major change to the bank’s product suite with the launch of the first current account in Ireland that actually pays customers as they use it. The new product turns the traditional approach to current accounts on its head and gives permanent tsb a unique position in the Irish market.
The ground breaking product is The Explore Account. It will be available through permanent tsb branches, and the bank’s call centre 1890 500 195 from Wednesday 1 June 2016.
Customers using the account will receive cashback payments and rewards for using their account in three ways:
Customers will be paid 10c by permanent tsb for each time they use their permanent tsb Visa Debit Card in-store or online (up to a maximum of €5 per month). The payment will be made each month directly to the customer’s current account and will be clearly identified to the customer. Other banks typically charge customers for each time they use their card.
Customers will receive cashback payments from participating partner companies when they pay the bills by Direct Debit through the Explore Account. The cashback amounts will be up to 5% of the value of the relevant bill paid and the cashback will be paid into the Explore Account at the start of each month. Partner companies already include brands like Sky, SSE Airtricity, and Topaz. More partners are joining the programme in the months ahead.
Each week Explore Current Account customers who register for this benefit will be offered personalised offers and financial discounts which will reflect the kind of things they have demonstrated that they like to buy. This element of the account is made possible through a partnership between permanent tsb and Visa who supply the permanent tsb Debit Cards.
With the Explore Account customers are always in control of what they pay.
“It’s a win-win product. It works for customers but it also works commercially for the bank” - Niall O’Grady, Commercial Director
Speaking today, Niall O’Grady, Commercial Director at permanent tsb, said that the Explore Account was a key part of the bank’s new business drive. He said;
This is a tremendous innovation which puts us at the forefront of customer friendly banking. A few years ago we launched the first account where customers were not charged for day-to-day transactions (subject to certain conditions). So paying customers for those same transactions is the next logical step.
O’Grady said that the new product was a win-win for customers and for the bank;
This product works for customers but it also works commercially for us. Other banks benefit from a low cost source of funds through current accounts and they then charge customers for basic services linked to those same funds. With this new account, we are simply rewarding customers for the use they are giving us of their funds and investing in long term relationships with them. It’s a win-win situation.
Lorraine Peters, Head of Current Accounts with the bank said;
We’ve created a compelling proposition which is closer to the philosophy of customer focused retailing than that of old-fashioned banking. We believe this will appeal especially to young adults in their 20s and 30s who have a totally different expectation of service providers and it signals our intent to compete strongly in this market.
Ms Peters said that the bank had received a hugely positive response from customers and from partner companies;
there has been a really strong reaction from everyone we’ve discussed the product with. In research the feedback from customers has been superb. And companies who are joining us as partners have been really excited; “this is the only current account in the market that specifically links to partner companies and allows our customers to benefit from these links. The partner companies we have approached have been hugely positive about working on this project and I want to acknowledge the tremendous response we have received from other businesses who want to want to work with us on this account.
Note to editor
As with all financial products account features, benefits and partners are subject to change. Full terms and conditions are available on request from Gordon MRM (ptsb@gordonmrm) or via permanenttsb.ie.