PTSB raises business deposit rates by up to 0.5% to compete for corporate cash

Permanent TSB has increased interest rates on a range of its business deposit products by up to 0.5 percentage points, effective immediately.

The adjustment applies across seven distinct business banking accounts, marking a targeted effort to attract and retain corporate cash balances.

The rate hike reflects a broader shift in the Irish banking sector as lenders compete more aggressively for deposit funding.

With corporate clients increasingly sensitive to yield differentials, banks are adjusting their pricing strategies to prevent outflows to higher-yielding alternatives or money market instruments.

This move by PTSB aligns with a wider trend of banks recalibrating deposit rates to manage funding costs and liquidity positions.

While retail savings rates have seen significant volatility, business deposit pricing has often lagged, creating opportunities for lenders to capture market share by offering more competitive terms to SMEs and larger corporates.