Permanent TSB

What Permanent TSB does

Permanent TSB plc (PTSB) is a publicly listed retail and SME bank headquartered at 56-59 St. Stephen's Green, Dublin 2, serving the Republic of Ireland through 98 branches and digital channels including Open24 online banking, the PTSB mobile app, and telephone banking. Founded as a building society in 1816, PTSB is Ireland's third-largest lender with a mortgage book expanded roughly 40% by the 2022 acquisition of Ulster Bank's non-tracker residential mortgage portfolio (€6.2 billion in loans, 56,000 customers, 25 branches). The bank offers current accounts (Explore, Student, Teen MyCash, Basic Payment), credit cards (ICE Visa), savings and deposit products, residential and buy-to-let mortgages, personal and business loans, and insurance and pensions delivered in partnership with Irish Life. Headcount is in the 1,001-5,000 range, reduced by approximately 10% in 2025.

The bank's technology stack centers on the proprietary PTSB Mobile App (iOS/Android, biometric login, PTSB Protect fraud protection) and Open24 / Business24 web banking, with Visa network-backed debit and credit cards, Apple Pay/Google Pay/Samsung Pay wallet support, SWIFT and SEPA Instant rails, and a new inter-bank instant payment service called Zippay launched in March 2026 with Nexi and the Banking and Payments Federation Ireland. The Zippay launch covers more than 5 million eligible accounts across PTSB, AIB, and Bank of Ireland.

PTSB generates revenue principally through net interest income (mortgage book yielding 40% larger post-Ulster), recurring monthly account maintenance fees (€8/month Explore Account), transaction and overdraft fees, credit card interest and interchange, and royalties/commissions from insurance/investment distribution via Irish Life. Reported total operating income was €590 million for 2025, with customer deposits surpassing €30 billion, the first dividend since 2008 (€10 million), and a 111% stock return over the trailing twelve months. An agreed €1.62 billion all-cash takeover by Austrian bank BAWAG Group AG at €2.97 per share (April 2026) has cleared the Irish CCPC unconditionally and awaits further regulatory and shareholder approvals expected to complete late 2026 or early 2027, ending the Irish government's long-running ownership exit.

Name

Permanent TSB

Legal name

Permanent TSB plc

Website

https://permanenttsb.ie

Company type

Public

Founded year

1816

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Permanent TSB is an Irish retail and SME bank offering current accounts, mortgages, savings, credit cards, loans, and insurance across 98 branches and digital channels, serving individual consumers and small businesses throughout the Republic of Ireland.

Ownership category

akta.pro rank

Headquarters

HQ city

Dublin

HQ country

Ireland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Net Interest Income: Interest income from mortgage portfolio (increased 40% following Ulster Bank acquisition) and other lending products offset by deposit costs
2. Fee-based Income: Account maintenance fees (€8 monthly for Explore Account), transaction fees, overdraft fees, and credit card fees
3. Credit Card Revenue: Interest income from credit card balances (16.50% variable purchase rate), balance transfer fees, and interchange fees
4. Investment and Insurance Products: Revenue from partnership with Irish Life for investments, pensions, and insurance products

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Permanent TSB operates a retail and SME bank in the Republic of Ireland, providing current accounts, credit cards, savings and deposit accounts, residential mortgages, personal and business loans, overdrafts, home and life insurance, and pensions and investments through branches, mobile app, online, and telephone banking. Revenue is generated primarily through net interest income on mortgage and lending products, account maintenance and transaction fees, card interchange, and commission income from the Irish Life investment and insurance partnership.

Product overview

Permanent TSB (PTSB) is a retail and business bank operating in the Republic of Ireland, offering a comprehensive suite of banking products through multiple channels including branches, mobile app, online banking, and telephone banking. The bank's product portfolio centers on personal current accounts (Explore Account, Student Account, Teen MyCash Account, Basic Payment Account), credit cards (ICE Visa Credit Card), savings and deposit products (Regular Saver, Fixed Term Deposits, Demand Deposits), mortgages (First Time Buyer, Green, Switcher, Buy to Let, Self Build, Moving House), personal and business loans, insurance (Home, Life, Mortgage Protection), and investment/pension products offered in partnership with Irish Life. Digital banking is delivered through the proprietary PTSB Mobile App, Open24 Online Banking, Business24 Online, and Open24 Telephone Banking platforms. The bank also offers Zippay peer-to-peer payments developed with Nexi, and PTSB Protect fraud protection. PTSB operates a network of 98 branches and acquired Ulster Bank's non-tracker mortgage business in 2022. The bank is currently subject to a recommended acquisition by Austrian bank BAWAG Group AG for €1.62 billion.

Differentiator

Problem solved

Functional benefit

Brands

• Explore Account: Award-winning current account that rewards customers with cashback on card payments and bills
• ICE Visa Credit Card

Products and services

• Explore Current Account Flagship digital-first PTSB current account with a flat €8 monthly fee, 5c cashback per card payment up to €5/month, up to 5% cashback on partner bills via direct debit (Sky, SSE Airtricity), and 2% mortgage repayment cashback; no day-to-day transaction fees. Targeted at Irish retail banking customers.
• Student Account Current account for full-time education students aged 18+ in Ireland with no monthly maintenance fee and no day-to-day transaction fees.
• Teen MyCash Account Current account for young people aged 12–17, featuring a debit card addable to Apple Pay or Google Pay and interest earned on balances, designed to introduce teenagers to managing money.
• Basic Payment Account Essential current account available to EU residents in Ireland who do not hold another payment account, including refugees and asylum seekers.
• ICE Visa Credit Card Visa credit card for Irish consumers with 0% interest on balance transfers for 6 months and 0% on purchases for 3 months; 16.50% variable purchase rate (22.53% APR) thereafter, up to 56 days interest-free credit, credit limits €1,000–€10,000, and Apple Pay/Google Pay support.
• Visa Debit Card Contactless Visa debit card linked to PTSB current accounts enabling ATM withdrawals up to €700 daily, point-of-sale purchases and online transactions globally, with Apple Pay, Google Pay and Samsung Pay support.
• 21 Day Notice Regular Saver Account Regular savings account allowing monthly deposits up to €2,500 with a variable interest rate, requiring 21 days' notice for withdrawals to avoid charges.
• Online Regular Saver Account Online regular saver allowing monthly deposits from €0 to €2,500 with a variable interest rate, fully managed online.
• Online Instant Access Account Instant access online savings account with no minimum or maximum balance and a variable interest rate, available to Republic of Ireland tax residents.
• Demand Deposit Account Variable-rate savings account with full withdrawal flexibility at any PTSB ATM, accompanied by a PTSB ATM card for immediate access to funds.
• Children's Safari Saver Account Savings account designed for children, offering competitive interest rates and a fun, accessible way for kids to save.
• Fixed Term Deposit Account Lump-sum deposit account with terms ranging from 6 months to 5 years, minimum deposit €5,000, fixed interest rate, and early-withdrawal charges.
• Online Fixed Term Deposit Account Online-managed fixed term deposit account with terms of 6 months to 1 year, fixed interest rates, and minimum €5,000 deposit.
• Interest First Fixed Term Deposit Account 1-year fixed term deposit where interest is paid upfront within 30 days of account opening, with a minimum €5,000 deposit and a fixed interest rate.
• 32 Day Notice Savings Account Notice savings account requiring 32 days' notice for withdrawals to avoid charges, with no minimum or maximum lodgement.
• Online 32 Day Notice Savings Account Online-managed notice savings account requiring 32 days' notice for withdrawals, available to Republic of Ireland tax residents aged 16+.
• Personal Loan Unsecured personal loan for home improvements, debt consolidation and general expenses, available through the PTSB app with quick approval.
• Car Loan Vehicle financing product available through the PTSB app at competitive rates for car purchases.
• Home Improvement Loan Loan product for financing home renovation and improvement projects, accessible via the PTSB app.
• Overdraft Flexible revolving credit facility attached to PTSB current accounts providing extra funds when needed, with in-app approval.
• First Time Buyer Mortgage Residential mortgage product for first-time buyers purchasing property in Ireland, offering competitive rates and cashback offers.
• Green Mortgage Residential mortgage offering favourable rates for properties with BER A-rating energy efficiency or new builds meeting high energy-efficiency standards.
• Switcher Mortgage Residential mortgage for customers switching their existing mortgage from another Irish lender to PTSB, with competitive rates and cash incentives.
• Buy to Let Mortgage Residential mortgage for investors purchasing property in Ireland for rental purposes.
• Self Build Mortgage Residential mortgage financing the construction of a new home, with staged drawdowns aligned to construction milestones.
• Moving House Mortgage Residential mortgage for customers purchasing a new home while transitioning from their current property.
• Home Insurance Insurance products covering home and contents, landlords' property, and renters' belongings, distributed by PTSB.
• Life Insurance Whole life and term life insurance plans offered in partnership with Irish Life.
• Mortgage Protection Life insurance designed to pay off the policyholder's outstanding mortgage balance in the event of death.
• Pensions Personal pensions and retirement planning services offered in partnership with Irish Life.
• Investments Smart Invest portfolio management and financial planning advisory services offered in partnership with Irish Life.
• Business Current Account Current account for business customers with features including merchant solutions and business deposit accounts.
• Business Loans Business term loans, overdrafts and commercial mortgages for SME financing needs.
• Merchant Solutions Card payment processing services for business customers enabling card transactions at point of sale.
• PTSB Mobile App Primary mobile banking application for iOS and Android providing account management, payments, card controls, credit card applications, and customer support chat, with Face ID/Touch ID login, PTSB Protect fraud protection, and Zippay instant payment integration.
• Open24 Online Banking Web-based online banking platform providing account access, transfers, bill payments, eStatements and product applications.
• Business24 Online Online banking platform for PTSB business customers providing account management, payments, and business-specific banking services.
• Open24 Telephone Banking Automated telephone banking available 24/7 on 0818 50 24 24 with agent support weekdays 9am–5pm and weekends 10am–2pm, supporting account access, transfers and most banking functions.

Quantifiable outcome

• Customer deposits exceeded €30 billion threshold with 6% growth
• +3 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Nexi (European Payments Technology Provider)coreTechnology or Integration · 10 March 2026European payments technology provider collaborated with Irish banks (AIB, Bank of Ireland, PTSB) to launch Zippay instant account-to-account payment service covering over 5 million eligible customer accounts.
• Banking and Payments Federation IrelandcoreStrategic or Co-development Partner · 10 March 2026Coordinated Zippay instant peer-to-peer mobile payment service launch across major Irish retail banks.
• SkyminorGTM or Marketing PartnerCashback partner for Explore Account offering up to 5% cashback when paying bills by direct debit.
• SSE AirtricityminorGTM or Marketing PartnerCashback partner for Explore Account offering up to 2% cashback when paying bills by direct debit.
• Circle KminorGTM or Marketing PartnerFuel partner for Explore Account offering 4c per litre savings on fuel when paying by direct debit with Circle K Fuel Card.
• Irish LifecoreStrategic or Co-development PartnerPTSB partnered with Irish Life to offer range of investment options and personalized guidance on planning for future including pensions and financial planning meetings.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Allied Irish Banks (AIB): One of Ireland's two pillar banks providing retail current accounts, mortgages, savings and SME lending. AIB co-launches Zippay with PTSB and competes head-to-head across current accounts, mortgages, and digital banking.
• Bank of Ireland: The other pillar Irish retail and commercial bank offering current accounts, mortgages, savings, consumer lending, and SME banking. Co-launches Zippay with PTSB and AIB and competes in the same switching/mortgage markets.

Emerging players

• Revolut: Digital-first multi-currency neobank with a large Irish user base; explicitly named in PTSB's own materials as the competitive target for Zippay. Threatens primary banking relationships, deposits and card spend.
• Bunq: European mobile-first neobank active in Ireland and across the EEA providing current accounts, P2P payments and savings - a digital-native comparable to PTSB's mobile-first positioning and Zippay-driven payments roadmap.
• N26: Pan-European mobile-first retail bank with an Irish customer base; competes in current accounts, instant payments and consumer credit categories where PTSB is investing via Zippay and the PTSB app.
• Wise (formerly TransferWise): Cross-border payments and multi-currency account provider; competes with PTSB/Zippay on low-cost instant payments and FX, particularly for Irish consumers with international transfer needs.

Regional players

• An Post (Postal Financial Services): State-backed Irish provider of basic current accounts, savings and money remittance services through the post office network, competing for low-fee and underbanked retail segments that overlap with PTSB's Basic Payment Account.
• EBS (part of AIB Group): Irish building society focused on mortgages and savings, now part of AIB Group; competes with PTSB in the Irish mortgage and savings market across similar first-time-buyer and switcher customer profiles.

Broad incumbents

• BAWAG Group AG: Austrian-headquartered retail and commercial bank that has agreed to acquire PTSB for €1.62B. Operates a pan-European retail, SME and corporate banking franchise and, post-close, will own PTSB directly.
• Citibank Europe (Ireland): Large international bank with a regulated Irish-licensed entity that holds retail deposits, payment services and corporate banking presence in Ireland, offering a comparable mix of regulated depository and payments services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/askpermanenttsb
• LinkedInlinkedin.com/company/permanent-tsb

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Permanent TSB