Opening an EBS Family Savings Account

pudds

Registered User
Messages
1,745
Thinking of opening one since my NW regular saver ends this month. I have a few questions about this.

1. I intend saving the max 1k per month, x 12mths total 12k but it says something about
putting in an extra 1k at a/c opening time. (so can I put 2k in at opening time and save 13k
over the 12 months.)

2. Will they accept an instruction from me at a/c opening time that I want the a/c closed at the
end of year 1.

3. Standing order, will they leave this for me to set up or do they need to get involved or need proof of s/o

4. Is repayment by cheque only or EFT

thanks.
 
thanks Ciaran but at 1k pm x 12mths I can't understand where the 13k is made up from.
 
You open the account with an initial deposit. You then can deposit 12 more times. If you open the account with the maximum of 1k, then 1k initial deposit + 12 * 1k subsequent deposits = 13k
 
Note that with this a/c, that while it gets the interest rate of 1 year deposit while in year 2, you are entitled to one withdrawal of any amount during the year, so it sort of becomes a demand account.
 
Last edited:
My experience with the EBS Family Saving account is that they will write to you about a month before the end of the first year and explain that it will be continued into year 2 at a new rate. They won't commit in the letter as to what this new rate will be, and there is no point in ringing them either. You will only be told that after the second year starts, and it is usually much less than the first year rate. They say on the website that it will be the same as their top tier 12 month fixed account. The letter always seemed a bit pointless to me without a commitment to a particular rate.

At least the rate is fixed for the whole of the second year and as Ciaran points out, you can make one withdrawal at any stage during year 2. In fact, the website says you can make one withdrawal during year one as well. You can also top up the account with an additional deposits from the start of year 2 up to a total of €50,000, so it does also become a deposit account of sorts.

My experience has been that you are not committed to continuing the monthly payments from year 2. They let me cancel my standing order and I was able to leave the current balance in the account at the year 2 rate. I don't see this stated on the website but they suggested this to me when I didn't want to commit to another year and was going to withdraw the lot.
 
The only way to make the lodgements is in person or do you get online access, it is 2016 I think:D
 
You have to open the account in person. You will be given online access to the account. You then have to set up a Standing Order wherever you intend to send the money from and have it send up to 1K each month to your Family Saver. You are only allowed to lodge a maximum of 1K per calendar month with the exception of the first month when you can lodge a total of 2K. There can be only one monthly lodgement made and it must be by standing order.
 
Thanks DM. I realised after..... that you would have to have online access for the standing order anyway. They don't volunteer a lot of info on their website. I hate going back to them but I need the money:D
 
Back
Top