FA & UB eSavings Plus Account

M

MysticX

Registered User
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Hi,
While checking to see how hot the competition has become for deposits I've noticed that both First Active and Ulster Bank now have eSavings Plus Accounts.

From first glance there doesn't appear to be any differences:
FA: [broken link removed]
UB: [broken link removed]

From FA:

  • eSavings Plus – 5.50% AER* variable (includes a 6 month introductory bonus of 0.50%).
  • Interest Paid monthly.
  • Instant access – No notice required, however no interest will be paid in any month where a withdrawal is made. If a withdrawal is made in any of the first 6months after account opening, the Bonus rate of 0.50% only will be paid on that month.
  • Minimum opening balance of €15,000 (maximum €1m).
  • Please see below for our great rates of interest.
Click to expand...

From UB:

  • eSavings Plus - 5.50% AER* variable (includes a 6 month introductory bonus of 0.50%)
  • Interest paid monthly
  • Instant access - No notice required, however no interest will be paid in any month where a withdrawal is made.
  • Minimum opening balance of €15,000 (maximum €1m)
Click to expand...

Any thoughts? 5.50% does look nice though the 6 months only bonus, interest withheld if a withdrawl is made and the min of 15K means that after the bonus period another account like a Northern Rock one could be better.
 
Thanks for posting this news :)

I have an eSavings with UB. The "interest withheld if a withdrawal is made" is the killer for me. There's only 1.1% difference between it and the regular eSavings (0.6% after six months).

Maybe they'll reduce the 4.4% of the regular eSavings account to try and tempt more people? I'd certainly like to hear the thoughts of more expert minds on this new account.
 
I don't like the variable interest rate and the T&Cs applying to qualify for the 0.5% bonus is annoying gimmickry.

The €15k minimum is too high also.

There are better fixed rates over 1 year currently available e.g. from Anglo-Irish & INBS.

With interest rates starting to fall they are a much better deal. Get them while it lasts.
 
Something just occured to me....if making a withdrawal means interest is withheld how the hell do you get at the interest? How do you ever get at the money without penalty? If you keep it in for six months and then withdraw you'll lose that month's interest and end up back where you started if you already have the regular eSavings account!!!! Now that I think of it they're rubbish!!
 
New First Active e-savings Plus Account

First Active have a new lump sum savings offering called eSavings Plus


  • eSavings Plus – 5.50% AER* variable (includes a 6 month introductory bonus of 0.50%).
  • Interest Paid monthly.
  • Instant access – No notice required, however no interest will be paid in any month where a withdrawal is made. If a withdrawal is made in any of the first 6months after account opening, the Bonus rate of 0.50% only will be paid on that month.
  • Minimum opening balance of €15,000 (maximum €1m).
 
Re: First Active e-savings account

Peeete said:
If a withdrawal is made in any of the first 6months after account opening, the Bonus rate of 0.50% only will be paid on that month.
Click to expand...
That's quite a gotcha. It arguably robs the expression "instant access" of any normal meaning.

From the [broken link removed]:
Standard rate after 6 months: 4.89% Gross variable and 5.0% AER variable.
Click to expand...
That's less attractive than their normal eSaver rates on sums under €15K. Maybe they should call this new product eSavings Minus?
 
Re: New First Active e-savings Plus Account

Thanks Peete - I've split this from the existing eSavings thread as it's a new product.

This is interesting for existing FA customers, and I've just opened one online. But I don't think we'll list it as a Best Buy. Partly because the bonus rate only lasts for first 6 months, but also because any withdrawals significantly reduce / eliminate the interest for that month.
 
I have an esavings account....have opened a plus account and transferred funds to that account...as the interest is applied to the account 1st monthly if you wish to withdraw the money do so on the 2nd..so no interest has really accumulted fot that month on the account and you have received the interest for the six months..I'll take it anyway and have access immediately which is what I want in todays climate.
 
TonyD said:
I have an esavings account....have opened a plus account and transferred funds to that account...as the interest is applied to the account 1st monthly if you wish to withdraw the money do so on the 2nd..so no interest has really accumulted fot that month on the account and you have received the interest for the six months..I'll take it anyway and have access immediately which is what I want in todays climate.
Click to expand...

Can I ask how long it took them to open the account for you? In order to open an eSavings account I'd have to transfer my €15000 out of my eSavings account into my current account. Therefore I'll be losing interest while it takes them to open the plus account.

What I mean is when I was going through the online form to open the plus account the only account that showed up in the drop down box to transfer funds from was my current account. My regular eSavings account did not show up.
 
Immediately - they give you sort code and account number at end of process. However it will take a day or two to show up in online banking. At that point you can transfer from your eSavings into your eSavings Plus.
 
MugsGame said:
Immediately - they give you sort code and account number at end of process. However it will take a day or two to show up in online banking. At that point you can transfer from your eSavings into your eSavings Plus.
Click to expand...


Yep spot on - internet banking is very handy for opening accounts.
 
Do they not send you out a form or anything to sign to authorise the €15000 (or more) transfer?
 
When you set up the account, the following day it should appear in your list of accounts.
You can then use the transfer option to move funds from one account to the other.
 
I'm really getting the run around with the application for the esavers plus account, they asked me to sign a document and send it back to them before they will open the plus account even though they have all my details from the original account- full disclosure:there was an error on my side from the plus application, (don't know why they need me to fill out all my previous address details, since once i'm logged in they should have them all anyway) so now the time for the application has elapsed I'm back at square one. Their telephone support are not much help, glad to point out my mistake and leave me hanging.
 
For balances in excess of 15,000 are you in fact getting a paltry rate for the first 15,000,as in are the bank effectively getting the use of it for free?

Or do you get the higher rate on the total balance if its maintained in excess of 15,000?
 
falcon7xs said:
For balances in excess of 15,000 are you in fact getting a paltry rate for the first 15,000,as in are the bank effectively getting the use of it for free?

Or do you get the higher rate on the total balance if its maintained in excess of 15,000?
Click to expand...

This thread may answer your question.
 
I have an eSavings Plus ac with UB and I can confirm the higher rate is paid on the total balance.

I found it very simple to set up this account, however you do have to have UB anytime banking set up before you can open this account.
 
Yesterday, 04:25 PM
fungus
Moderator
Posts: 761​


Re: Lump Sum Variable Rate Deposits (Euro)
Top post updated.​

Ulster Bank have dropped the rate on their eSavings Plus account.​

​
 
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