# First active esaver to first active 7.15% account...



## JamesGG (12 Aug 2008)

I am not spamming I have read other posts. 

I opened the FActive account which gives you 7.15% interest, and have a standing order from another bank lodging €1000 per month into it.

I was wondering if I set up an esaver is it possible to put a sum of say 15000 into it and have the €1000 transfering from the esaver regularly? Or must one do it manually online??? Thanks.


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## trebor (12 Aug 2008)

I don't think the e-saver has a Standing Order or Direct Debit facility and you'd also have to check with FA if they allow the regular saver account to be funded directly from the e-saver account.


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## ClubMan (12 Aug 2008)

I just looked at my _eSavings _a/c and the options to create _SOs/DDs _or other scheduled transfers don't seem to be available - e.g.: I get this when I attempt to create an _SO _or _DD_. 


> *First Active Online*
> 
> Unfortunately - this option is not available to you.
> 
> ...


So if you want to drip feed €15K from the _eSavings _a/c to the regular saver account then you might need to do it manually or else via a third party current account. 

By the way be careful of putting exactly €15K (or more) into the _eSavings _a/c in case you end up on the lower rate once interest has been credited. There is at least one existing long thread on this.


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## GeneralZod (12 Aug 2008)

ClubMan said:


> By the way be careful of putting exactly €15K (or more) into the _eSavings _a/c in case you end up on the lower rate once interest has been credited. There is at least one existing long thread on this.



FA cleared up their confusion on that. 

The higher interest rate applies on balances up to €15,000.99. 

They issued refund cheques to people that had balances of exactly €15,000 who were given interest at the lower rate.

I've been running my eSavings at exactly €15k for several months without being knocked down to the lower interest rate.


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## ClubMan (12 Aug 2008)

GeneralZod said:


> FA cleared up their confusion on that.
> 
> The higher interest rate applies on balances up to €15,000.99.


Yes - but if you lodge €15K then for at least a day or more after the monthly payment of interest you will drop to the lower rate so it may be more prudent to lodge, say, c. €14,900 or whatever and always transfer interest out at the end of the month so you never breach the €15,001 limit.





> I've been running my eSavings at exactly €15k for several months without being knocked down to the lower interest rate.


What do you do at the end of the month when interest is paid?


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## GeneralZod (12 Aug 2008)

ClubMan said:


> What do you do at the end of the month when interest is paid?



Once a month I schedule a payment out for the day before the interest is applied. The next day the interest goes in and then I deposit a couple of euros to top it back up to €15k.

Extreme yes but since I log in once a month to check the money hasn't been stolen it's easy enough to do.


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## ClubMan (12 Aug 2008)

GeneralZod said:


> Once a month I schedule a payment out for the day before the interest is applied. The next day the interest goes in and then I deposit a couple of euros to top it back up to €15k.


Ah - I see. So this was not completely accurate then?


GeneralZod said:


> I've been running my eSavings at exactly €15k for several months


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## GeneralZod (12 Aug 2008)

ClubMan said:


> Ah - I see. So this was not completely accurate then?



I give it a day or two's interest payment in leeway. It could probably be optimised a tiny amount more but the interest payments vary slightly according to the number of days in the month. For about 26-29 days of the month the balance is at exactly €15k.


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## JamesGG (12 Aug 2008)

trebor said:


> I don't think the e-saver has a Standing Order or Direct Debit facility and you'd also have to check with FA if they allow the regular saver account to be funded directly from the e-saver account.



anyone confirm this?? Even if it can be done manually that wouldn't be too bad.


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## GeneralZod (12 Aug 2008)

JamesGG said:


> anyone confirm this?? Even if it can be done manually that wouldn't be too bad.



The [broken link removed]



> **You are required to set up a Standing Order upon account opening to credit your account monthly



Since, as mentioned above, you can't do SOs or DDs ([broken link removed]) from the eSavings account it looks like you can't easily fund the regular saver from the e-saver. 

As long as FA can't tell the difference between a SO and a manual deposit you could try stopping the SO and putting it in manually every month thereafter.

FA don't appear to have a T&Cs doc on their website for the regular saver account to help answer it definitively.


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## Up Tipp (26 Aug 2008)

Phone telephone banking and add the sort code and account number of your regular saver as a payee on your Esavings account-as long as you have the card reader enabled you can manually make the transaction online yourself each month-if not telephone banking will do it for you.


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