First Active limiting the number of regular savings accounts

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canthinkname

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I got a letter from First Active this morning saying that we need to cancel one of our savings accounts as that according to their terms and conditions we are only allowed one regular savings account each.

I have an account in my name, my husband has an account in his name and we have a joint account in both of our names.

The joint account is savings for our child and the other two accounts is our own savings.

Does anyone know if this is correct? What happens to the money in the joint account if this is the one we cancel? Can we get it transferred into another account.

What account would people recommend for regular savings that would allow you to have more than one account.

Thanks
 
I don't think any bank allows multiple regular savings accounts. Just open an account in a different bank. AngloIrish Bank or the EBS family saver might suit.
 
try the AIB parent saver account-you are allowed 4 accounts each and it pays a higher rate of interest than FA or AI
 
Up Tipp said:
try the AIB parent saver account-you are allowed 4 accounts each and it pays a higher rate of interest than FA or AI
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If you opened up 4 accounts and deposited the max each month you would be depositing 800 EUR per month. With Anglo you can deposit up to 1,000 EUR or 2,000 EUR in a joint account per month. If you going with the max amount then the total interest earned would be higher with Anglo.
 
I tried to open a new account on thursday and was asked to contact ulster bank to open the account tpo prevent having to fill out the same paperwork when ulster take over in 3/5 months.. thought it strange but left it..
 
fungus said:
If you opened up 4 accounts and deposited the max each month you would be depositing 800 EUR per month. With Anglo you can deposit up to 1,000 EUR or 2,000 EUR in a joint account per month. If you going with the max amount then the total interest earned would be higher with Anglo.
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you are allowed to withdraw funds at anytime with the AIB product with no loss of interest and there is no fixed term. The anglo irish bank product punishes you if you have to make a withdrawal in the first 6 months, infact your account is actually closed if you do this, it is an inferior product.
 
ginvestor, thats interesting, I had heard FA were going to start referring business to Ulster but had no idea it had started to happen. I presume it was a member of staff in a branch that said that.
 
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