2% Cashback Monthly - Frequently Asked Questions


Got a question about mortgages? Take a look at our FAQ below or give us a call on 1890 500 121 for more info.

  1. Do I need an Explore Account to get the 2% cashback monthly offer?
  2. What if I already have a different permanent tsb current account?
  3. Are there any charges associated with the Explore Account?
  4. Where is the 2% cashback monthly paid?
  5. When is the 2% cashback monthly paid?
  6. When should I open an Explore Account in order to get the cashback monthly offer?
  7. How do I open an Explore Account?
  8. Is the offer available to existing customers?
  9. When is the offer open until?
  10. How long will the 2% cashback monthly be paid for?
  11. Is the offer available for customers who have chosen a flexible repayment option?
  12. Who is the 2% cashback monthly offer available to?
  13. Who doesn’t qualify for the 2% cashback monthly offer?
  14. What payments qualify for the 2% cashback monthly offer?
  15. What payments don’t qualify for the 2% cashback monthly offer?
  16. How is the 2% repayment calculated?
  17. Is there a limit to how much cashback I can receive?
  18. Do I need to spend the cashback within a certain time?
  19. If I miss a payment, what happens?
  20. What if I change my payment date and make 2 payments in a month?
  21. I pay my mortgage and insurance together but my monthly cashback amount refers to mortgage payment only, why is that?
  22. What happens if I close my Explore Account at a later date and start repaying my mortgage from another account?
1. Do I need an Explore Account to get the 2% cashback monthly offer?

Yes. You need to have a permanent tsb Explore Account to get the 2% cashback monthly offer and your permanent tsb mortgage must be paid from this account. Payments from current accounts other than an Explore Account are ineligible for the offer. 

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2. What if I already have a different permanent tsb current account?

If you already have a different type of current account with us you can either open up a new Explore Account in addition to that account, or switch your existing account to an Explore Account.

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3. Are there any charges associated with the Explore Account?

A €4 monthly maintenance fee applies. However there are no day-to-day transaction fees. There may be other charges for things like Government Stamp Duty on your debit card, unpaid items, or if you use an ATM outside the Eurozone. See our Personal & Business Banking Charges booklet for more details. 

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4. Where is the 2% cashback monthly paid?

To get our cashback monthly offer you’ll need to open or switch to an Explore Account and have your monthly mortgage repayment paid from this account. Your 2% cashback will then be credited directly into your Explore Account, or another permitted permanent tsb account of your choice, at the start of the month following your mortgage repayment.

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5. When is the 2% cashback monthly paid?

Cashback will be paid directly into your Explore Account, or other permitted permanent tsb account of your choice, at the start of each month. You can easily keep track of your cashback total on Open24.ie.

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6. When should I open an Explore Account in order to get the cashback monthly offer?

Once you receive your full mortgage Letter of Approval from us between 26 August 2017 and 31 December 2018, your mortgage qualifies for the cashback monthly offer.

You can open or switch to an Explore Account when you apply for your mortgage, after approval, or after you draw down your mortgage. However the 2% cashback monthly will only start being paid after you’ve opened or switched to an Explore Account and no cashback will be paid retrospectively.

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7. How do I open an Explore Account?

Your mortgage advisor will assist you with opening or switching to an Explore Account. See here for more information on the Explore Account.  

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8. Is the offer available to existing customers?

At the moment the offer is only available to new customers.

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9. When is the offer open until?

The offer is available to customers who receive their full mortgage Letter of Approval between 26 August 2017 and 31 December 2018.

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10. How long will the 2% cashback monthly be paid for?

The cashback will be paid each month until 31 December 2027. If you finish paying off your mortgage before 31 December 2027 the cashback offer will cease. If you close your Explore Account, or start paying your mortgage from another account, the 2% cashback will also cease.

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11. Is the offer available for customers who have chosen a flexible repayment option?

Lump sum payments do not qualify for the 2% cashback monthly offer. Other flexible payment options e.g. over payments or under payments do qualify but must be agreed by both parties in advance to be eligible for the offer. See our Flexible Mortgage Repayment Options Brochure (pdf, 998KB) for more information.

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12. Who is the 2% cashback monthly offer available to?
  • First time buyers
  • Movers
  • Self-build customers
  • Customer switching their mortgage to permanent tsb

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13. Who doesn’t qualify for the 2% cashback monthly offer?
  • Buy-to-let customers

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14. What payments qualify for the 2% cashback monthly offer?

Only regular scheduled mortgage payments made by either Direct Debit or Internal Standing Order from a permanent tsb Explore Account will qualify.

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15. What payments don’t qualify for the 2% cashback monthly offer?
  • Missed payments
  • Lump sum payments
  • Arrears payments
  • Returned payments
  • Payments from accounts other than a permanent tsb Explore Account
  • Payments by cash, cheque, bank draft, electronic funds transfer, debit/credit card
  • Payments that aren’t by Direct Debit or Internal Standing Order

Please refer to your full Mortgage Letter of Approval for more information.

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16. How is the 2% repayment calculated?

The 2% is calculated on your monthly mortgage repayment amount, inclusive of capital and interest. So if your monthly mortgage repayment is €1,000, you’ll receive €20 cashback a month. If your monthly mortgage repayment is €2,000, you’ll receive €40 a month etc.

If insurance is included as part of your monthly mortgage payment i.e. you have a block insurance policy, you won’t receive cashback on this portion of your payment.

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17. Is there a limit to how much cashback I can receive?

There’s no limit to the 2% cashback monthly offer. Permanent tsb will pay 2% of your entire monthly mortgage repayment (capital and interest) once you meet the terms and conditions of the offer, such as paying your mortgage by Direct Debit or Internal Standing Order from an Explore Account.

If insurance is included as part of your monthly mortgage payment i.e. you have a block insurance policy, you won’t receive cashback on this portion of your payment.

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18. Do I need to spend the cashback within a certain time?

Cashback will be paid directly into your Explore Account, or other permitted account of your choice, at the start of each month. Whether you choose to spend it straight away or let it build up over the course of a year or longer it’s up to you.

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19. If I miss a payment, what happens?

If you miss a regular mortgage repayment then no cashback will be paid for that month.

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20. What if I change my payment date and make 2 payments in a month?

Where the payment date is changed it’s only the successful payment that gets the 2% cashback. If there is no payment in a given month no cashback will apply. If there are 2 successful payments in a given month then both amounts will qualify and will be paid as one cashback amount.

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21. I pay my mortgage and insurance together but my monthly cashback amount refers to mortgage payment only, why is that?

For block payments i.e. where you pay your mortgage, insurance and life assurance as one payment, only the mortgage portion of your payment qualifies for cashback.

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22. What happens if I close my Explore Account at a later date and start repaying my mortgage from another account?

Your 2% monthly cashback will cease.

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