The Financial Services Union (FSU) said it and PTSB, in addition to the Mandate trade union, have reached a set of pay proposals following talks at the Workplace Relations Commission (WRC).
The proposal includes a 4.7% pay pot divided into a pay matrix with increases ranging from 1.95% to 5% and with a majority increase of 4.7%.
The proposals are for 12 months backdated to January 2024 and contain a commitment to jointly review pay ranges this year.
FSU members will now be balloted on the pay deal.
"We've been in talks for some time with the Bank and are glad we have now reached a set of proposals through the WRC which we can positively put to members to vote and have their say on," said Gareth Murphy, Head of Industrial Relations and Campaigns.
"We believe, relative to other pay deals in the sector and cognisant of the position of this bank, that this is really good proposal which our negotiating team supports."
"Staff have played a particularly important role in PTSB in its recovery and so, as a union, we will continue to endeavour to improve their working conditions so that they can have decent and meaningful careers in this bank," Mr Murphy said
"In this regard we will be engaging with the bank on pay ranges later this year if these proposals is accepted by members," he added.
