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Dublin: 19 °C Wednesday 27 May, 2020

Bank offer brings sizeable bonus

Permanent TSB’s scheme for tracker mortgage customers netted both parties a generous amount of money.

Image: Sasko Lazarov/Photocall Ireland

AN IRISH BANK that started a bonus scheme as an act of goodwill towards it customers found that the move netted them both a tidy bonus.

The Irish Daily Mail reports today on Permanent TSB’s offer to pay its tracker borrowers a bonus if they overpaid their monthly installments.

It turns out that quite a few people did just that, and the bank netted a bonus of almost €53 million.

Tracker borrowers who made additional contributions of €5,000 received a ten per cent bonus.  This gained the customers an average of €35,000 each.

The bank in turn received €52.5 million, which will go towards reducing the amount of loans PTSB has to take out to fund its mortgages.

PTSB introduced the scheme because it is losing money on its tracker mortgages.

Read more in today’s Irish Daily Mail on page two>

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