# First Active Money Market Deposit - 6.34% AER



## DELLBOY 08 (8 Nov 2008)

[broken link removed]

Will somebody please explain to me the difference between this account and a standard fixed term account?

Is this a new offer from FA as I haven't come across it before?


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## GeneralZod (8 Nov 2008)

That's a new account. I can't see any big differences in the T&Cs listed for it with their other fixed term accounts.


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## DELLBOY 08 (8 Nov 2008)

GeneralZod said:


> That's a new account. I can't see any big differences in the T&Cs listed for it with their other fixed term accounts.



Thanks for that.

Couldn't find any difference myself when I looked at it which is why I asked.

Excellent rate. Ill be opening one for sure


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## GeneralZod (8 Nov 2008)

I might roll a few shekels over there too.


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## Darando (8 Nov 2008)

So this basically blows Halifax rate away. (although there is a minimum deposit and no withdrawals allowed).

I'm guessing you have to call into a branch to open though?


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## DELLBOY 08 (8 Nov 2008)

Darando said:


> So this basically blows Halifax rate away. (although there is a minimum deposit and no withdrawals allowed).
> 
> I'm guessing you have to call into a branch to open though?



If you're an existing FA customer I'd imagine that you can just open the account via your online account


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## GeneralZod (8 Nov 2008)

DELLBOY 08 said:


> If you're an existing FA customer I'd imagine that you can just open the account via your online account



There's no link to open it up directly from the online account unlike with Rabo Direct fixed term accounts. FA do have some accounts that can be applied for on-line where having an existing account makes it easy to do without posting in or visiting the branch but this doesn't seem to be one of them. Pity that.


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## Darando (8 Nov 2008)

GeneralZod said:


> There's no link to open it up directly from the online account unlike with Rabo Direct fixed term accounts. FA do have some accounts that can be applied for on-line where having an existing account makes it easy to do without posting in or visiting the branch but this doesn't seem to be one of them. Pity that.


 
Couldn't find a link myself, which is crap. My local FA you have to make an appointment etc. to open accounts. Hassle. whereas halifax was opened via post and just appeared in my online banking awaiting the cash.


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## trebor (10 Nov 2008)

Has anyone here opened one of these accounts yet?


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## Pope John 11 (10 Nov 2008)

Just got the form to set up an account. Unfortunately the person dealing with Money Desk Deposit was not around, no terms & conditions information either

Are the T&C's online. No withdrawals, anything else to watch out for.

If I put in the min. of €20,000... I work out a total interest of €481.25 for the 6 months assuming 6.25% & assuming DIRT at 23%....just about €80.21/month. I stand corrected on this one of course, seems good.


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## trebor (10 Nov 2008)

Yeah it seems good. The term "Money Market" makes it sound risky to me, although is does say "fixed rate guaranteed return". I enquired about setting up the account and was told I have to firstly set up an Instant Access Account with whatever funds I intend putting on deposit and the funds are then transferred to the Money Markets and back into this account on maturity, ie 6 months later. 

I can't see any specific T&C's for this account?


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## DELLBOY 08 (12 Nov 2008)

Am I correct in saying that this is not an online account?


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## Coolaboy (12 Nov 2008)

This is not an online account.


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## askU (12 Nov 2008)

Pope John 11 said:


> If I put in the min. of €20,000... I work out a total interest of €481.25 for the 6 months assuming 6.25% & assuming DIRT at 23%....just about €80.21/month. I stand corrected on this one of course, seems good.



Yeah €481.25 is correct!


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## waka (12 Nov 2008)

Inquired at 2 branches without success about opening one of these. No T&Cs available it appears. Strange. Has anyone got the T&Cs and/or managed to open one?


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## Pope John 11 (12 Nov 2008)

I set up an account this week. I was told that for the 6 months with a min. €20,000 would earn 6.25% Interest. I was also told that when the account opens the rate of 6.25% is set in stone, its a fixed rate.

Perhaps others may coment on this.


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## Sarn (12 Nov 2008)

The terms and conditions are in their general savings and deposits T & C booklet. The only problem is that it seems slightly out of date indicating that €5k is required to open an account. I'll be in with them tomorrow so I'll update then.


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## Ben Graham (13 Nov 2008)

I presume the term "Money Market" is just a catchphrase? 

If so, given the recent Market turmoil, this is an unfortunate description of their product.


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## Lightning (13 Nov 2008)

There were ads in the newspaper this morning - 3 of them were for rate decreases and one was for this rate fixed term increase 

I guess "money markets" means FA then invest the money in the interbank market but it does come with a fixed guarantee.


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## MugsGame (13 Nov 2008)

"Money Market account" means the rate is based on cost of funds in the inter-bank money markets. It doesn't mean they "invest" it in the money market!


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## tallpaul (13 Nov 2008)

Opened one of these today with a laborious 40 minute meeting. If you don't already have an account with them, they ask all sorts of personal financial questions such as your monthly income and expenditure, how much other money you have etc. Needless to say I refused to answer such questions.​ 
Interestingly the person I was dealing with said that this is a limited offer. When FA receive sufficient deposits, they will summarily cease taking further deposits at the current fixed rate.​


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## DELLBOY 08 (13 Nov 2008)

tallpaul said:


> Opened one of these today with a laborious 40 minute meeting.



Thats madness - 40 mins to open a bloody account.

I'ts a real shame this is not an online account as I wont be in Ireland in 6 months time to withdraw the funds. Is it possible to open a money market account and have the account balance transfered into an E-Savings account after the 6 month period?


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## Pope John 11 (13 Nov 2008)

Can someone please confirm that the rate is at 6.25%, and above all that it is fixed.


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## extopia (13 Nov 2008)

Well that's what it says on their [broken link removed]. Isn't that confirmation enough?


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## tallpaul (14 Nov 2008)

DELLBOY 08 said:


> Thats madness - 40 mins to open a bloody account.
> 
> I'ts a real shame this is not an online account as I wont be in Ireland in 6 months time to withdraw the funds. Is it possible to open a money market account and have the account balance transfered into an E-Savings account after the 6 month period?


 

Agreed about the 40 minutes. The advisor said it usually takes an hour but insisted we cut through the crap!! It would put me off dealing with them again.

According to the advisor, your money transfers at the end of the six months to a services account which I also had to sign for yesterday. Therefore I think it would be very possible to transfer your money into an eSavings account at that time.


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## ClubMan (14 Nov 2008)

tallpaul said:


> Opened one of these today with a laborious 40 minute meeting. If you don't already have an account with them, they ask all sorts of personal financial questions such as your monthly income and expenditure, how much other money you have etc. Needless to say I refused to answer such questions.​


_EBS _are engaging in this sort of stupidity too. Even for existing customers/members. Ridiculous.


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## Bobby1 (14 Nov 2008)

ClubMan said:


> _EBS _are engaging in this sort of stupidity too. Even for existing customers/members. Ridiculous.


 
I know!- but was in a branch the other day- Liffey Street (existing customer of EBS) and they offered me a choice of waiving the review part of having one done, only took about 5 or 6 mins to open a 1 year fixed so for once I was impressed with them, maybe they are starting to listen to their customers!


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## Bobby1 (14 Nov 2008)

Has any non First Active customers tried to open one of these accounts?

I enquired about it with the Baggot St branch and they told me I first have to open an Instant Access account before I open the 6 month fixed at 6.25%.

I know this is outlawed by the Consumer Protection Code- insitutions making you take one product if you want another

Also cant access their T&C on line and they wont post them to me, said they are available after I open the account!

Might be making a call to the FR...


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## tallpaul (14 Nov 2008)

Bobby1 said:


> Has any non First Active customers tried to open one of these accounts?
> 
> I enquired about it with the Baggot St branch and they told me I first have to open an Instant Access account before I open the 6 month fixed at 6.25%.
> 
> ...


 
Yes. See my post at the top of the page...


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## waka (14 Nov 2008)

Already a customer. Took 10min. Hasslefree. Transfers from, and ultimately to, Instant Access account only it appears. It appears to take 24hrs before the actual transfer occurs.


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## DELLBOY 08 (14 Nov 2008)

waka said:


> Already a customer. Took 10min. Hasslefree. Transfers from, and ultimately to, Instant Access account only it appears. It appears to take 24hrs before the actual transfer occurs.



Is the Instant Access account an online account


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## trebor (15 Nov 2008)

DELLBOY 08 said:


> Is the Instant Access account an online account



Yes is it


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## Ben Graham (15 Nov 2008)

Thanks for the clarification re "Money Market account"!


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## DELLBOY 08 (15 Nov 2008)

trebor said:


> Yes is it



I'll take it that you meant "yes it is"

Thats great - cheers for clearing that up


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## trebor (16 Nov 2008)

DELLBOY 08 said:


> I'll take it that you meant "yes it is"
> 
> Thats great - cheers for clearing that up



Oops   - no prob


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## zod (16 Nov 2008)

what happens after 6 months ? do they assume you want to do another 6 months so that you always have to give six months notice to get your money ?


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## trebor (20 Nov 2008)

zod said:


> what happens after 6 months ? do they assume you want to do another 6 months so that you always have to give six months notice to get your money ?



No, you can request it automatically be transferred into the Instant Access account which has to be opened initially. Alternatively you can request that the funds be put into whatever Money Market account is available at the time and at the current interest rates at that time.


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## jaykayphd (2 Dec 2008)

Just to let you know.....this product is being pulled from the market tomorrow.  

Just got a call from First active wondering if I still wanted to open account....which I do....Im waiting for BOI to transfer my funds!

Why can Halifax have my funds moved into a BOI account within the day yet BOI to move funds to another institution's account take up to 4 days?? They could end up having me miss the deadline for this fixed term account.


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## Pope John 11 (2 Dec 2008)

jaykayphd said:


> Just to let you know.....this product is being pulled from the market tomorrow.
> 
> Just got a call from First active wondering if I still wanted to open account....which I do....Im waiting for BOI to transfer my funds!
> 
> Why can Halifax have my funds moved into a BOI account within the day yet BOI to move funds to another institution's account take up to 4 days?? They could end up having me miss the deadline for this fixed term account.


 
I set one up...early Nov...

But my question is why would First Active unplug this Deposit type account...I have read in another thread that they have recouped approx. €120 million....is it not money the banks are looking for at the present....or am i missing something here....is it to do with the interest rates been so low & with perhaps another cut this week....Please someone explain....


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## Prudence (2 Dec 2008)

I went in to First Active today to enquire about this account. They told me that it will be closing on Friday, but that they had just received instructions that from today it is only open to new customers.  As we have regular saver accounts there, we are ineligible to open one.


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## Jethro Tull (2 Dec 2008)

waka said:


> Inquired at 2 branches without success about opening one of these. No T&Cs available it appears. Strange. Has anyone got the T&Cs and/or managed to open one?


 
I sent a query to 2 seperate e-mail addresses about their e-saver when it came on the market. Am still waiting for a response!! Got a reply back from a query about the regular saver saying they'd post a form to me and am still waiting. Opened the e-saver online and the regular saver by getting a form in a branch in the meantime 




tallpaul said:


> Opened one of these today with a laborious 40 minute meeting. If you don't already have an account with them, they ask all sorts of personal financial questions such as your monthly income and expenditure, how much other money you have etc. Needless to say I refused to answer such questions.​


​

As stated above my experience of dealing with First Active is not the best. ALtho when both accounts were opened I never had a problem with online functionality or anything like that. 

A lot of banks could learn some customer service lessons from Anglo (no connection to Anglo btw apart from being a satisfied customer)


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## cake (3 Dec 2008)

I was just up at the First Active Grafton St. branch this morning - this offer is now closed to all new and existing customers (this is of course having spent some time running around withdrawing money from other institutions to get the lump sum together - a total waste of time!)


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## Lightning (3 Dec 2008)

cake said:


> I was just up at the First Active Grafton St. branch this morning - this offer is now closed to all new and existing customers (this is of course having spent some time running around withdrawing money from other institutions to get the lump sum together - a total waste of time!)



So where are you putting the cash? The Financial Regulator ( http://www.itsyourmoney.ie/cs_group.jsp ) still displays the Investec offer rate as open at 6.5% better than the FA offer.


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## 10amwalker (4 Dec 2008)

Cake- I called into FA in Swords on Tuesday and they accepted my money and told me the offer was closing on this Friday. Now that you have assembled the money perhaps you should give the Swords branch a call.


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## Stevo2006 (4 Dec 2008)

Just ried to open an account to be told it was pulled last night. This was after speaking to a person in the branch yesterday that told me that the offer finished on Friday but to get in today as they were expecting a rush!!

Best they could offer was 5.2%.


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## vipera1 (4 Dec 2008)

Called into First Active with draft yesterday, but was told that the Money Market account was closed since the previous evening. My draft is now sitting in Anglo's 1 year fixed !!!


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## Pope John 11 (4 Dec 2008)

Does anyone know the best monthly rate...I was thinking about €20,000 in for a month on a high interest rate....is Investec at 4.89% A.E.R. the best around


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## Lightning (4 Dec 2008)

Pope John 11 said:


> Does anyone know the best monthly rate...I was thinking about €20,000 in for a month on a high interest rate....is Investec at 4.89% A.E.R. the best around



Yes, The investec offer of 5.00% is the best for one month fixed. 

You might be better just leaving it on demand with Anglo at 5.5%


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## Pope John 11 (5 Dec 2008)

fungus said:


> You might be better just leaving it on demand with Anglo at 5.5%


 
I don't get this.... is this set at 5.5% A.E.R. presently but may drop at any stage....with the min. set at ECB+0.5%.


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## Lightning (6 Dec 2008)

Pope John 11 said:


> I don't get this.... is this set at 5.5% A.E.R. presently but may drop at any stage....with the min. set at ECB+0.5%.



Yes - it might drop. 

But .. . Anglo are still today heavily advertising this rate. They also said when they announced their results that they want to increase their deposits significantly. They can only do this by offering some market leading products.


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## Pope John 11 (6 Dec 2008)

Yes, This was my thinking too...however as I posted on nother thread...is this not the case for all banks...First Active, from the knowledge picked up on the other threads, have already closed off their Fixed market deposit account with 6.25% Int. A.E.R. 

Is this not going against the grain....I would of thought that all banks would be looking for additonal cash at this stage.


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## Lightning (6 Dec 2008)

First Active may have just reached the target amount of money that they need to raise. Anglo have openly said they need more deposits and are a good bit off their deposit to loans ratio target.


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## ardmacha (30 Apr 2009)

This 6 month deposit was a good deal last November or so. If anyone is rolling over it would be interesting to see what rate is on offer as First Active probably took in quite a bit then.


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