First Active e-savings account

Jethro Tull said:
Hi

I haven't read all this thread so sorry if its been answered before but has the issue of transferring money electronically been addressed? i.e. can I use online banking to transfer money from my PTSB current account to the esaver. the sort code Ive been given is 98 88 16

Thanks

EDIT: sent a €1 transfer this morning, will wait and see!
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Transfer showing up, only took one working day.
 
Can you use electronic banking to make the initial deposit?
I'm waiting on my new cheque book and AIB dont do bank drafts for less than €50
 
Hi,

Hope someone can help with my query - I'm in the process of opening one of these accounts - have a problem though - no current (within last 6 months) bank account statement (I have my statements online but these aren't considered good enough) and no cheque book in my name so I don't think I fulfill the criteria for documentation required by them.

I'll will be getting a statement for my BOSI savings account soon enough - will this do or does it have to be the account where my initial deposit/lump sum comes out of??

Thanks,
Jacobean
 
Can you use electronic banking to make the initial deposit?
I'm waiting on my new cheque book and AIB dont do bank drafts for less than €50
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Mmmm this depends on how you would open the account. If your not an existing FA customer with online banking then no(as far as I know).
If your an existing FA customer with online banking then if you login to FA online banking and apply for the account there, then wait ~day the eSavings account will appear on your profile with a balance of 0 and will accept EFTs.

I'll will be getting a statement for my BOSI savings account soon enough - will this do or does it have to be the account where my initial deposit/lump sum comes out of??
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Mmmm any bank statement(in theory) should do they're primarily interested in just the name and address been on an original bank statement, the account type shouldn't matter.
 
MysticX said:
Mmmm this depends on how you would open the account. If your not an existing FA customer with online banking then no(as far as I know).
If your an existing FA customer with online banking then if you login to FA online banking and apply for the account there, then wait ~day the eSavings account will appear on your profile with a balance of 0 and will accept EFTs.
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I was able to open a first active account with a zero balance. I called them and explained that I didn't have a cheque book or a First Active current account. They said this was fine and I was able to electronically transfer money in when my account was opened.

DC.
 
dcGT said:
I was able to open a first active account with a zero balance. I called them and explained that I didn't have a cheque book or a First Active current account. They said this was fine and I was able to electronically transfer money in when my account was opened.

DC.
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Mmmm looks like their webpage is incorrect....
[broken link removed]
Can my initial lodgement be taken from an account which is not a First Active account?

No, your initial lodgement can either be taken from a First Active account or you can send us a personal cheque. Once your account is opened it is possible to transfer funds by standing order or electronic transfer into your eSavings account from any account which has the facility to set up standing orders or electronic transfers.
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I sent first active back my application pack on the evening of the 24th Jan including a cheque (crossed) for 10,000 which was cashed today. how long approx does it take for a/c number etc to arrive?

thanks

neonitrix
 
Today's Independent tells me that Anglo Irish, EBS, First Active, Halifax, and BOI are all paying 7pc on regular saver accounts.

I know that EBS only guarantee this until 01.04.08 and restrict deposits to €1000 per month. I cannot find similar info on the other quoted banks. Has anybody any further info/recommendations - preferably for on line easy transfers and access.
Thanks Salmoy
 
I have some money in my esavings account, but how do i get it back out agan!? I need the moeny and it says my account doesnt have the needed privaliges?
 
If you have a current account for day to day banking then ring FA and get them to add it as an external payment to your FA eSavings account. You can then transfer online. It will take a few days for money to appear in the destination account.
 
dcGT said:
I was able to open a first active account with a zero balance. I called them and explained that I didn't have a cheque book or a First Active current account. They said this was fine and I was able to electronically transfer money in when my account was opened.

DC.
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Just opened a FA Esavings account with a zero balance, took less than three weeks and was painless.

I found this hard to believe as its the same back office as Ulster, and my experience of opening one with Ulster was a nightmare.

So just have to wait for the 15K to transfer from AngloIrish 30day notice into FA at end of month.
 
Don't transfer 15k into the account - you will quickly fall into the lower interest rate. Put 14.5k to be safe and watch the interest. By the way Angloirish 30day notice account is going from 4.50% to 4.75%. Over a year you will make around €50 transferring from Anglo to First Active.
 
Maximum Deposit @ 5.22%

Hi Guys,
Got my FA account organised. Trying to maximise the interest. By my rough calculations €14,945 on deposit would earn €64 gross per month, which can then be transferred elsewhere, and keep the whole deposit from going to the lower rate.
Does anyone know if the interest is added in gross and then dirt taken off, or is dirt taken before the interest is added. If dirt is taken before interest is added, the capital deposit could rise slightly to allow for this?
Am I correct? as I would like to take everylast cent poossible from the bank in interest.
 
The interest appears on the account statement as a net lodgement - i.e. not gross and then DIRT deducted. But I don't know what happens behind the scenes. If it was me then I would leave a bit of margin at the cost of a few cents worth of interest. And this is in fact what I do.

Note also that €14,945 @ 5.22% = €780.13 p.a. / 366 days (it's a leap year this year!) = €2.1315 per day x 31 = €66.08 in the longest months of the year not €64 as you mention above.
 
5.10% should be used in calculations over a single month. This interest is then applied to the account earning interest the next month and so on getting us back to 5.22% AER

=> .425% (gross) over a month. (1.00425)^12 = 1.0522
 
I make the figure 14948.18

multiply this by 1.00425 = 15011.71 => 63.53 interest (gross)

Deduct 20% DIRT => 50.82 interest (net)

Add to initial deposit => balance of 14999 and hey presto still getting 5.22% AER

Disclaimer: the above is subject to rounding to 2 decimal places in excel!!!!!
 
Actually just thinking about it, there is practically no difference in investing 10k in Halifax or FA for a term of 1 yr

Take Halifax's 5.15%. This is 4.12% net (=5.15%*0.8)

Take FA. This is 5.10% payable monthly (=.425% per month)
Deduct DIRT => .0034%
Annualising => (1.0034^12-1) = 4.1572% net

i.e stick 10k into Halifax you get 10412 back at year end after tax

Stick 10k into FA you get 10415.72 back after tax
 
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