PTSB said today it will offer 2% cashback on monthly mortgage repayments to existing mortgage customers, which it said will equal the benefit for both its new and existing customers.
The bank said the cashback amount will vary depending on the customer's monthly repayment amount - customers could receive €30 back every month based on a monthly mortgage repayment of €1,500.
To qualify for the cashback, PTSB mortgage customers need to make their monthly mortgage repayment by direct debit from a PTSB Explore Current Account.
For qualified customers the 2% monthly cashback offer is available until at least the end of 2030.
This means that customers who opt in from March 2025 could receive €1,800 in total in cashback over the coming years - based on a monthly mortgage repayment of €1,500.
The bank said that mortgage customers who already have an Explore Current Account and are making their monthly payment by direct debit from that account will be included automatically in the offer from January and so they will not need to take any action.
Customers who opt in by opening a new Explore Current Account, or amending their mortgage payment to come from an existing Explore account can begin earning cashback in March, with the first cashback payments to be received from April 1.
PTSB said it is writing to all of its mortgage customers to inform them if they will qualify automatically for the offer or, if not, what actions they need to do to qualify.
Dermot Ryan, Head of Bank Products and Pricing Strategy of PTSB, said PTSB are the only bank offering a 2% monthly cashback reward for mortgage customers.
"There is now an even better incentive for our mortgage customers to use our Explore Current Account and we’re encouraging all our customers to check out how much cashback they can earn from this offer," Mr Ryan said.
"With just one third of mortgage customers considering switching according to the latest BPFI research, PTSB encourages mortgage holders to shop around and look at their switching options, particularly if they already have a PTSB Explore current account so they can avail of this offer," he added.
The Explore Current Account is subject to a monthly maintenance fee of €8 with no day-to-day transaction or contactless fees.
Last week the lender announced reductions to its fixed-rate mortgage products of between 0.15% and 0.95%.
