PTSB has announced it is extending its offer of 2% cashback on monthly mortgage repayments to existing mortgage customers.

The amount of cashback available will vary depending on the value of the customer's monthly repayment. For instance, based on a monthly mortgage repayment of €1,500, a customer would receive €30 back every month.

To qualify for the offer, PTSB mortgage customers must make their monthly mortgage repayments by direct debit from a PTSB Explore Current Account.

The offer is available to eligible customers until at least the end of 2030, earning customers with a €1,500 monthly mortgage repayment opting in from March €1,800 in cashback in the coming years.

Customers who are already making their mortgage repayments from an Explore Current Account will be included automatically in the offer from this month while customers who open an account to avail of the offer will receive their first payment on 1 April.

PTSB is writing to all its mortgage customers to inform them if they will qualify automatically for the offer or, if not, what actions they need to take to qualify.

Dermot Ryan, head of bank products and pricing strategy at PTSB, said PTSB is 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," 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."

Explore Current Account users are subject to monthly maintenance fee of €8 but can receive up to €5 back each month if they make a sufficient number of transactions with their debit card.

PTSB last week announced it will reduce its fixed-rate mortgage products by 0.15 to 0.95 percentage points.

(Pic: Andres Poveda)