# First Active Savings Account Taken over by Ulster Bank



## horusd (7 Jan 2011)

I had taken out a First Active regular savings account a few years ago @ 4% interest which transferred to Ulster Bank following it's takeover by them. I noticed on a statement last yr that interest reduced to 3.46% and found out yesterday over the phone that it is now around 2.9%. I rec.d no notifications at all from them about reductions ( though I understand they may only have to put these changes in national newspapers etc ) I have only ever recieved one statement from them. Ulster Bank Customer Service said they would have the local branch ring me to discuss it, but I am really cheesed off. I mentioned that their website offered 4% on their "Special interest deposit account", but the representative said he didn't believe this was still available to new customers - despite it still being up on the website today! I also couldn't find any reference to interest rate reductions on their web page( tho it may be there somewhere). Just wanted to warn any ex First Active Customers in the same boat to check interest rates applicable - it seems that transfers for regular savers don't automatically go onto the best rate available from Ulster.


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## dec1892 (7 Jan 2011)

I only signed up yesterday with UB for their "Special interest deposit account" - and as far as I'm aware I'm getting 4% interest as advertised


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## Kai123 (7 Jan 2011)

Im going up in the next hour to open a UB savings account. 

Even if the interest rate was lower, I would rather my money be in UB then AIB at the moment.

Kai.


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## skrooge (7 Jan 2011)

The First Active regular savings account is a legacy account and should not be confused with the Special interest deposit account. Both are regular savers accoutns but rates clearly differ.

Legacy rates are mentioned here:
[broken link removed]

it appears the site hasn't been updated since the mid 2010. The special interest deposit account is still listed in the overivew (and on the best buys section of AAM!) so should still be up and running


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## horusd (7 Jan 2011)

Thanks all. Still waitin to hear from Ulster and whilst this might be a legacy account, I would have hoped they would transfer to the best rates.  I  would also have expected them to highlight/demonstrate the applicable interest rate when I login to Anytime banking - makes me  wonder if this is deliberate or not.  As a bye the bye I rang Permenant TSB about their online regular savers and instant access accounts ( I am an Open24 customer).  They tell me that whilst I can open the account online, the maximum I can save is €1000 a month, higher amounts will be rejected, and you cannot transfer in an existing balance.


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## wbbs (7 Jan 2011)

It did transfer from FA at the higher rate but as is common practice with the banks they start to reduce the interest on existing accounts and promote new ones.   Cynically we could say it is in the hope that existing customers dont notice it, they do publish it in the paper which is all they are obliged to do.      FA used to do it too.


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## Lightning (8 Jan 2011)

Spot on. Ulster regularly ditch savings products, reduce their rates, and launch new ones. A minority of customers notice so Ulster benefit by paying customers lower rates on legacy products. 

Always keep an eye on whatever rate you have. Ulster will not tell you about rate changes.


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## skrooge (8 Jan 2011)

Its a game of cat and mouse...Banks attract you in with high rates and when you get comfortable they hope they can reduce the rates without noticing.  In the defence of banks they wouldn't last long if they switched everyone to the higher rates.   

I agree I too would like UB to list the interest rate beside my account online but while they don't do that they do include interest rate changes in their written statements.   

Now you know how the game is played its pays to keep an eye on your accounts and UB's website


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## Lightning (8 Jan 2011)

skrooge said:


> Now you know how the game is played its pays to keep an eye on your accounts and UB's website



or subscribe to the best buy threads on AAM and get instant email notification when rates change.


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## horusd (8 Jan 2011)

Thanks CiaranT, Skrooge and all.  I will subscribe to the rate change notification. Didn't know you could do that!  You live and learn.... Thanks again.


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## horusd (10 Jan 2011)

Update on this post. Called into Ulster today and they transferred my money into their "new" regular savings account @ 4% with zilch paperwork and minimum fuss. I've learnt my lesson - you got to keep an eye on the interest rates.  I'm sure so many never bother to check them out or miss the notices in the papers about reductions and the banks are laughing...literally all the way to the bank !


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## Lightning (11 Jan 2011)

The Central Bank really should force all banks to write a letter to customers every time they change deposit rates.


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## bleary (17 Jan 2011)

There is an upper limit of 15,000 on the special interest account from Ulster bank
(according to best buys) 1.5% on anything over


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## old westie (17 Jan 2011)

horusd said:


> Update on this post. Called into Ulster today and they transferred my money into their "new" regular savings account @ 4% with zilch paperwork and minimum fuss. I've learnt my lesson - you got to keep an eye on the interest rates. I'm sure so many never bother to check them out or miss the notices in the papers about reductions and the banks are laughing...literally all the way to the bank !


 
Yes you did but the problem is the limit, which is 15k anything over this is interest of 1,5% where as first active a/c's had no limit. Bottom line is UB is making conditions wores so shop around.


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## horusd (17 Jan 2011)

Oldwestie the amt I had in the account was less than €15K. As a bye the bye,the branch withdrew money from my "old " UB A/C by cheque for some stupid reason, and it still hasn't appeared in my "new" A/C. I assume this is because they have to "clear" their own bloody cheque! So effectively I will lose a week's interest. I rang Ulster and they tell me they don't know why the branch did this, and will get them to call me. Nothing from them yet, I think my branch is operating under radio silence. Returning calls seems to be a problem. I will be insisting that they apply interest from day one - this has really cheesed me off.


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