PTSB claims 60% increase in current accounts following fee-free offer

Permanent TSB has reported a huge increase in new account openings since it launched its no-fee current account.

A spokesperson for the bank said that they had seen a 60% increase in new accounts being opened since they began offering free banking.

“Since the beginning of April, when we launched the account, there has been an increase of approximately 60% in the number of accounts opened. This is very encouraging and shows how well customers are responding to our no-fee offer,” said Niall O’Grady, head of transactional banking at Permanent TSB.

It is unclear where the customers are migrating from, with the other three main banks either stating that the number of accounts they have are increasing or refusing to comment.

A spokesperson for Bank of Ireland said that they had not seen any significant demand for switching banks. “We have seen no significant changes in switching. We continue to experience a net gain in new accounts weekly.”

Ulster Bank, who will introduce fees from the start of July of €4 a month, said that they continue to see an increase in the number of account holders. “Ulster Bank has seen increased levels of current account openings to date in 2013,” a spokesperson said.

AIB refused to comment.