First Active E-Savings vs. E-Savings plus

[abbey]

Hi all,

Looking to open a fairly flexible savings a/c. I was looking at these and wondering does have anyone have opinions on them. At present I have an e-savings a/c but the rate seems to be lower than the e-s plus a/c.

Is the onlt difference (apart from the rate) that I need to put a minimum of 15,000 in the e-savings plus a/c?

I presume that is the only difference?!

Thanks,
A

 

[GeneralZod]

There's a big gotcha

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.

 

[abbey]

Hi,

Thanks for the reply.
Well, as I won't be taking the money out for at least 6 months, I kinda ignored that condition.
Thanks,

 

[GeneralZod]

Hi,
as I won't be taking the money out for at least 6 months, I kinda ignored that condition.

I parse that T&C as meaning no interest will be paid out in any month a withdrawal is made except for the bonus 0.5% rate which is paid during the first sixth months irrespective of whether a withdrawal is made.

So if you have €15k in the account and you don't close it completely at the start of the month just after the previous month's interest payment you'll lose about €60.

You can't drop your guard with this account after the first 6 months are up.

 

[Lightning]

Also keep in mind that rates are likely to drop in the next 6 months but you are locked (if you want a interest return) for 6 months.

Ulster are one of the worst for small T&C's that catch out customers.

 

[sue_flaherty]

I open the esaver account with them as, at the time, they were offering a good rate (but can't remember what it was). then 2 months later notice that rate is gone down significantly and they have a higher rate on the esaving plus again. So set up the e-saver plus moving all the money from the original one to this one +extra from other source to bring it up to the limit allowed on the plus one. Just hope that this isn't like a game and that in another couple of months they will reduce the interest and advertise a new esaver plus plus account!!!!