# First Active Regular Saver - 7.15% on up to €1K p.m.



## caoimhe

Can't post this in the Best Buys - Regular Saver thread as it's locked but looks like there's now even more competition for our money.

First Active are offering 7.15% on amounts up to €1000 a month - yipee?
[broken link removed]

Unfortunately i already have the max amount i can afford to save going into regular saver accounts and the difference in rate probably doesn't make it worth my while to open a new account but hopefully this will encourage AIB, BOI etc to raise their rates.

First Active seem to be getting very competitive as they now offer the highest rate for both lump sums up to €15,000 and now regular saver accounts.


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## irishpancake

*Re: First Active - Regular Saver*

This seems to be a good rate, but if the mess with the eSavings lump sum product introduction is anything to go by, make sure to read all the small print.

On the up side, the amount per month is very good at €1000.

I can't find if there is any promise for how long this rate will last?


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## dublinhead

*Re: First Active - Regular Saver*

Sounds like a good offer. Nothing on website about how to open account. Has anyone opened one yet?


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## GeneralZod

*Re: First Active - Regular Saver*

I like that it allows funding by standing order instead of direct debit.


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## Godfather

*Great news from FA*

Hi guys,

http://www.independent.ie/business/...-7pc-club-in-fight-for-customers-1207545.html

7.15%!


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## Godfather

*Re: Great news from FA*

It's also advertised here:
[broken link removed]


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## Godfather

*Re: Great news from FA*

Ehi! 74 viewings and not even a "thank you"? Are you too busy calling your local branch of FA?


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## IrlJidel

*Re: Great news from FA*



Godfather said:


> Ehi! 74 viewings and not even a "thank you"? Are you too busy calling your local branch of FA?



Thanks for the heads up. 

You were beaten to the scoop by  yesterday here

Wonder what the T&Cs are?   I see it's by standing order so wonder can I set up a SO of E100 but do an additional e-lodgement of a variable amount every month as well?


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## OnLooker

*Re: Great news from FA*

How do you sign up?


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## SS expert

*Re: Great news from FA*

a few questions:

what if you miss a payment?
penalty for closing account?
can you save with 50 euro then top up 950E?


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## Godfather

*Re: Great news from FA*

You're right! Didn't know caoimhe got there 1st...  I'm trying to contact my subsidiary to set the new account up.


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## SS expert

*Re: Great news from FA*



OnLooker said:


> How do you sign up?



You have to go into the brach with 2 forms of ID


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## PMU

*Re: Great news from FA*

Is this not a nominal rate of 5.77% compounded monthly that gives an effective rate of 7.15%? 

  And is it not actually less than this, as it applies to regular savings (i.e. only your first month’s deposit gets the full annual interest rate – the next gets 11/12s, the next 10/12s etc., i.e. a nominal annual rate of 4.5%?


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## ClubMan

*Re: First Active - Regular Saver*

Duplicate threads merged.


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## diarmuidc

I was curious so I did a quick spreadsheet see if it was worth setting up for a lumps sum investment. I compared two scenarios. 1. Setup AngloIrish Easy Access for the lumps sum and drip feed 1k into the FA account each month or 2. Setup AngloIrish 30 Day notice and leave the money there. H[broken link removed]. Bottom line is after a year of drip feeding you ahve about 100E extra. What do you think


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## ClubMan

Why _Anglo Easy Access _when you can get a better rate on lump sums elsewhere (e.g. _FA eSaver, Rabo, NR _etc.)?


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## Godfather

ClubMan said:


> Why _Anglo Easy Access _when you can get a better rate on lump sums elsewhere (e.g. _FA eSaver, Rabo, NR _etc.)?


 
Yes, we have got quite a few good choices I agree.


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## ClubMan

How are you getting €20,000 earning €997.24 in interest with _Anglo Irish _30 day notice at 4.5%? Surely that should be €900 gross and €720 net of _DIRT_?

Also - if interest is paid, say, monthly on and account then _DIRT _will be deducted at that time so you cannot compound on the gross amount.


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## diarmuidc

ClubMan said:


> Why _Anglo Easy Access _when you can get a better rate on lump sums elsewhere (e.g. _FA eSaver, Rabo, NR _etc.)?


I already have an account there. 


> How are you getting €20,000 earning €997.24 in interest with _Anglo Irish _30 day notice at 4.5%? Surely that should be €900 gross and €720 net of _DIRT_?


 Compounded monthly. However that's incorrect if the interest rates quoted are AER. (which they may be?)
Granted I have one bug where the values total to the 13th month and not the 12th month. 

I didn't include DIRT but you can get that easily as it's approx 20% of the difference


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## Godfather

Hi guys, just opened the account. Took 10 mins. They accepted a standing order with my "normal bank" for c/a.

I really like the RBS group!


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## IrlJidel

Godfather said:


> Hi guys, just opened the account. Took 10 mins. They accepted a standing order with my "normal bank" for c/a.
> 
> I really like the RBS group!



Did you get a copy of T&Cs? 

Is it possible to set up a SO for minimum of E100 but also make additional transfers up to E1000 like with Anglo?


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## shanegl

Godfather said:


> Hi guys, just opened the account. Took 10 mins. They accepted a standing order with my "normal bank" for c/a.
> 
> I really like the RBS group!


 
That's encouraging. 

Can I ask do you know:

Can you amend the amount paid by standing order yourself, or do FA have to be notified beforehand?

Is there a limit or interest penalty for withdrawals?

Do you have access to online banking to make withdrawals?

How long do they guarantee the rate for?


I've emailed them with these questions, but no reply yet. Would be great to get away from BOI altogether.


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## Godfather

Hi guys,

I'll be quick as I've to go back to work sorry... My answers have an arrow beside:

Did you get a copy of T&Cs? ==> Yes, they are for view at every subsidiary
Is it possible to set up a SO for minimum of E100 but also make additional transfers up to E1000 like with Anglo? ==> They weren't sure about a Rabo standing order (I've also got a rabo account) and they preferred to set it on my normal c/a with PTSB
Can you amend the amount paid by standing order yourself, or do FA have to be notified beforehand? ==> As far as I've understood yes... Sorry I didn't ask as my plans are clear on this account
Is there a limit or interest penalty for withdrawals? ==> As I understood no penalty
Do you have access to online banking to make withdrawals? ==> Yes, I already had my esavings and it should be visible soon
How long do they guarantee the rate for? ==> Great question... No guarantee as I could understand, they reserve the right to change it anytime


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## GeneralZod

Godfather said:


> I really like the RBS group!



Hey that's my job. Only room for one RBS groupie around here.  [no actual affiliation with RBS group]


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## SS expert

Is it possible to set up a SO for minimum of E100 but also make additional transfers up to E1000 like with Anglo? ==>  No, but you can change the amount of the SO any time you want

Can you amend the amount paid by standing order yourself, ==> Yes

do FA have to be notified beforehand? ==> No


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## gribr

do they only accept lodgements through a SO or can you do an electronic transfer via online banking instead?


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## SS expert

gribr said:


> do they only accept lodgements through a SO or can you do an electronic transfer via online banking instead?



only through SO


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## shanegl

Halifax let you amend a SO online. I think I'll definitely sign up to this. Its a pain having to write to BOI every time I want to change the DD amount.


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## SS expert

shanegl said:


> Halifax let you amend a SO online. I think I'll definitely sign up to this. Its a pain having to write to BOI every time I want to change the DD amount.



Do you not change your SO from the bank the money is coming from?


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## shanegl

Sorry, I meant the Halifax Current account, not their regular saver.


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## queenlex

diarmuidc said:


> I already have an account there.
> Compounded monthly. However that's incorrect if the interest rates quoted are AER. (which they may be?)
> Granted I have one bug where the values total to the 13th month and not the 12th month.
> 
> I didn't include DIRT but you can get that easily as it's approx 20% of the difference


 
Sorry for this but is AER the same as CAR lads (male/female)?


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## ClubMan

Yes.


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## shanegl

Just confirmed with them that the only way to make withdrawals is a cheque from a branch or through an ATM, which would mean government tax every year. Its a balance now between easier withdrawals from BOI or easier amendments to monthly deposits with FA. Think I'll go with FA, but it would have been so much easier if I didn't have to go to a branch to make a withdrawal.


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## Duke of Marmalade

Why are FA offering such a good rate? It's not for the funds, otherwise why the max limits. It's not to get you on current account fees, like many of the other headline rates.

That leaves getting you as a customer _per se_ and/or waiting to reduce the rate and hope you don't notice, not very convincing.


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## Godfather

shanegl said:


> Think I'll go with FA, but it would have been so much easier if I didn't have to go to a branch to make a withdrawal.


 
...But can't you apply for internet banking with the regular saver of FA so that you can nominate a "payee" account where to move money? So within 1 max 2 working days you get your money in your normal c/a and do the withdrawal...

I think you can... Ask FA... I can see also in their leaflet that you can apply for it...


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## queenlex

thanks to clubman for his answer above, 'shanegl' or anyone else who knows - is having a card mandatory or can you just withdraw by cheque to avoid stamp duty every year?


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## shanegl

They told me that I can only register the account with online banking to view the balance, and that payments from it would not be available. I guess they could be wrong, I'm not a big fan of their call centre.

queenlex, it seems from their leaflet that you have to apply to get an ATM, so I wouldn't say its mandatory.


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## MysticX

Hey,
I've two questions if someone could answer them please ?

Is there any penalties and limits for changing the SO amount? Very handy to be able to change the SO according to your cash flow.

shangel says:


> They told me that I can only register the account with online banking to view the balance, and that payments from it would not be available. I guess they could be wrong, I'm not a big fan of their call centre.


but says in thread http://www.askaboutmoney.com/showthread.php?t=67111


> I'm going to open a FA account based on convenience. Amounts paid in can be changed by amending the standing order, which I can do online. Withdrawals can be done via online banking. No rate guarantee AFAIK, but I'm still going to go ahead with it.


So can withdrawls be done via online banking or not?


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## shanegl

I was misinformed the first time. Staff confirmed that you can only withdraw by cheque or ATM.


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## GeneralZod

Interesting that they seem to be forcing account set-up through the branch network. I wonder if that's because of the eSavings account debacle where they were obviously overwhelmed by the demand. I don't get why they won't allow online electronic transfer withdrawals, it would be so much more convenient for both sides than having to go into a branch.
Although perhaps they don't want all the extra calls to their on-line banking to set-up the payees...


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## MugsGame

Presumably if you have both e-Savings and Regular Saver accounts, you can transfer money from the Regular Saver to the e-Savings account, and do an external withdrawal from there?


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## shanegl

MugsGame said:


> Presumably if you have both e-Savings and Regular Saver accounts, you can transfer money from the Regular Saver to the e-Savings account, and do an external withdrawal from there?



Yes, the brochure states you can make a transfer into another First Active account.


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## GeneralZod

shanegl said:


> Yes, the brochure states you can make a transfer into another First Active account.



Ah right good.


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## lob020

Re terms and conditions are you allowed to set up individual & joint accounts
so that husband & wife could set up 3  accounts &  save 3000 a month.Also can you  transfer money from  FA  ECB Account


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## MysticX

Alright finally managed to get time to pop into the closest first active store.

Sort of confused though in that I was told that you _can't _change the standing order? 

Means either:
(A) They were wrong?
(B) There's penalties for doing so?
(C) They're not setup to handle variable lodgements?

Could anyone clear this up, or has anyone actually changed it without getting any surprises?


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## MysticX

Update.
Got a hold of the brochure and it explicitly states that you can change the savings as long as you remain within the amount (1 - 1000), which is the whole point of setting up a standing order instead of a direct debit aye?  
That, plus the feedback from others here means I'll go with the "can change" ability.

Issue #2 Setting up online banking:
As soon as I got the account number and sort code through the post I went to the First Active Website to get online banking setup. I used the regular account details for the account info page and everything looked good... then I noticed among other brochures the First Active Rep sent me, was a pre-filled out Online Banking form(this also says "This service is only available to Current Account Mortgage Customers".... ) with a Customer No. that's different from the one the online registration gave me???  

Online it says "This is your date of birth (ddmmyy) followed by your unique number which identifies you to the Bank"
The website indeed does hold true to this, but the one i got from the Rep doesn't....

Alright to try to avoid any possible future headaches:
(1) Is FA suppose to send confirmation e-mail of online registration? (didn't get that)
(2) Could someone shed some light on this whole online registration versus post registration inconsistencies?
(3) The standing order is just as valid if you set it up online yourself? (don't want to have to queue at my bank)


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## trigger

MysticX said:


> Alright to try to avoid any possible future headaches:
> (1) Is FA suppose to send confirmation e-mail of online registration? (didn't get that)
> (2) Could someone shed some light on this whole online registration versus post registration inconsistencies?
> (3) The standing order is just as valid if you set it up online yourself? (don't want to have to queue at my bank)



I opened a regular savings account with FA a few weeks ago. To apply for online banking I just filled in this form [broken link removed]. They then posted out an activation code. I then went to this page [broken link removed], ticked the "If you have an Activation Code please select this box" and continued on from there. (did anyone else notice that to get into the FA online banking there's only one very small link at the bottom of one page? talk about obscure)

I have to say I'm still a bit confused about the whole SO vs. variable amounts question. I'm going to call again to tomorrow to verify. They said I had to setup an SO but I didn't bother. Instead I just transfer in €1000 a month using electronic transfer from my current account (not a FA c/a). How are they to know it's not a SO? I suppose if the date the money hits they're systems each month is different then they might guess but are they really going to look at it that closely?


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## ihatemyjob

What forms of ID are required to open this account?  Currently I do not have any utitly bills in my name, only credit card, bank statement and phone bill - is this enough?

Thanks


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## MysticX

> I have to say I'm still a bit confused about the whole SO vs. variable amounts question. I'm going to call again to tomorrow to verify. They said I had to setup an SO but I didn't bother. Instead I just transfer in €1000 a month using electronic transfer from my current account (not a FA c/a). How are they to know it's not a SO? I suppose if the date the money hits they're systems each month is different then they might guess but are they really going to look at it that closely?


 
No expert on this, but maybe there's some communication between the two banks? Bank A may say... okay Bank B your account xyz will be getting transfers at interval i? Certainly beats direct debit as you have more direct control over the SO... but nevermind hopefully someone who works ina bank can clear this up for us.



> What forms of ID are required to open this account? Currently I do not have any utitly bills in my name, only credit card, bank statement and phone bill - is this enough?


Your passport and a current account statement should suffice for that.


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## MysticX

I got a question regarding the Standing Order myself.
Can you set it up such that the first payment occurs within the same calendar month that the account was opened? I.e. you don't have to target the SO at the following month.

E.g. open account on the 4'th of Month X with 1 euro, setup a standing order online aimed at the 18'th of each Month... come the 18'th of Month X the cash should transfer without a hitch?


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## blorg

*Re: First Active Regular Saver - 7.15% on up to €1K p.m.*



MysticX said:


> I got a question regarding the Standing Order myself.
> Can you set it up such that the first payment occurs within the same calendar month that the account was opened? I.e. you don't have to target the SO at the following month.
> 
> E.g. open account on the 4'th of Month X with 1 euro, setup a standing order online aimed at the 18'th of each Month... come the 18'th of Month X the cash should transfer without a hitch?


They told me the standing order has to be a different month than the initial deposit, but it does not have to be a month on, e.g. if you set one up today (19th December) with an initial deposit of €1,000, you can have a standing order going from 1st January and every month thereafter.

I have one set up and my initial deposit is in, just need to set up the SO now. Planning on setting up the 5.22% eSaver also to take funds in Rabo below 10k.


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## blorg

*Re: First Active Regular Saver - 7.15% on up to €1K p.m.*

To really throw a spanner in the works here the eSaver people tell me I can electronically transfer money out of this account into the Regular Saver using the FA online banking. Would have to do it manually each month though, no Standing Order. They don't seem to know anything about the Regular Saver product though and so were not sure if this might contravene any T&Cs. FA don't seem terribly together on the communication front.


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## bfield

lob020 said:


> Re terms and conditions are you allowed to set up individual & joint accounts
> so that husband & wife could set up 3 accounts & save 3000 a month.


 
regarding the above question by lob020? Has anybody found out if you could set up the 3 accounts? I assume this is possible


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## MysticX

> They told me the standing order has to be a different month than the initial deposit, but it does not have to be a month on, e.g. if you set one up today (19th December) with an initial deposit of €1,000, you can have a standing order going from 1st January and every month thereafter.
> 
> I have one set up and my initial deposit is in, just need to set up the SO now. Planning on setting up the 5.22% eSaver also to take funds in Rabo below 10k.


 
Ah... I happened to read your reply just as my SO kicked off and was going "Doh!". However good news is that it didn't bounce so contrary to what we might have been told, the SO can kick off in the _same_ month of the initial deposit... i.e. in my case initial deposit and first SO lodgement were both accepted in the month of December.


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## damson

Does anyone know how often the interest is _calculated_? Presumably monthly to match the fact that deposits are made monthly by SO?
Also, can anyone confirm how often interest is _credited_? It says in the Best Buys list on AAM 





> Interest paid on first working day of each quarter.


 but I can't find this on the website.


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## GON10

As per bfield's question does anyone know if a married couple can open 3 of these accounts - 1 joint, 2 single and save the maximum amount in each per month?


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## bfield

GON10 said:


> As per bfield's question does anyone know if a married couple can open 3 of these accounts - 1 joint, 2 single and save the maximum amount in each per month?


 
My wife and I opened one of these accounts, however at the time my wife didnt have the necessary ID available so the account was opened in my name only. We were also given a form for my wife to complete and submit along with the ID to change to a joint account.

Regarding your question above, I did ask this in the Branch but the lady wasnt sure (the person usually dealing with saving a/c's was on holidays). Anyway, my wife is going into the branch next week to change the a/c to a joint account. However, she is first going to find out if opeing 3 a/cs is possible. So hopefully, I'll be able to let you know the answer then.


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## ClubMan

Unless I'm mistaken _FA _don't seem to publish the terms & conditions for such accounts online. It would save a lot of hassle if they did.


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## GON10

Just back from FA was able to open 3 accounts - 2 singles and 1 joint


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## bfield

Thats good news GON10.

Can someone help me with an interest calculation on this FA account. Im trying to calculate how much interest I should receive monthly based on regular savings of €700 per month. When I asked my branch, they said they werent sure how to calculate it monthly, but said I should receive approx €600 interest annually. Does this sound about right??


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## Shepahoy

Hi,
Can everyone get this rate up to 1000E  or just BOI SSIA people, saw something about that before?

Also can you get app form online, can't seem to find?

Thx


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## camlin90

bfield said:


> Thats good news GON10.
> 
> Can someone help me with an interest calculation on this FA account. Im trying to calculate how much interest I should receive monthly based on regular savings of €700 per month. When I asked my branch, they said they werent sure how to calculate it monthly, but said I should receive approx €600 interest annually. Does this sound about right??


 
That figure is miles out... some training required in FA I think

You can expect about €350 before tax on a contribution of €700 pm assuming rates stay at 7.1% for the year

This is 7.1% of the average balance of €4900 over the year


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## ClubMan

See also this calculator. By my reckoning using it in the first year of saving €700 p.m. @ 7.1% gross _CAR _you would earn c. €320 gross or €265 net of _DIRT_ or an effective net return of c. 3% on the total amount saved over the year.


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## bfield

John J said:


> That figure is miles out... some training required in FA I think
> 
> You can expect about €350 before tax on a contribution of €700 pm assuming rates stay at 7.1% for the year
> 
> This is 7.1% of the average balance of €4900 over the year


 
i just realised how FA worked it out:700x12x7.15% = €600.60.  
Some training required indeed



ClubMan said:


> See also this calculator. By my reckoning using it in the first year of saving €700 p.m. @ 7.1% gross _CAR _you would earn c. €320 gross or €265 net of _DIRT_ or an effective net return of c. 3% on the total amount saved over the year.


 
thats some calculator clubman!!! 

thanks for the help guys


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## ClubMan

bfield said:


> thats some calculator clubman!!!


Actually I think that the results may be a bit off (too high) as it presumably compounds the *gross *monthly interest when, in fact, interest may be credited monthly then _DIRT _deducted so that only *net *monthly interest is compounded. In short the total net return may be slightly (?) less than €265.


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## GON10

Just received literature from FA confirming 3 accounts (1 joint, 2 single) opened, but upon closer scrutiny of the terms & conditions item 31.10 You may not hold more than one Regular Saver Account at any time (whether in your sole name or in joint names) - even though I enquired in branch and was told that we could open 3 accounts and have done so although when filling in the application form we had to check a box that asked us did we understand the terms and conditions.  I wonder should I sit tight or bring this to the banks attention.


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## Jethro Tull

paying 700 a month for 12 months. Assuming 7.15% EAR and ayments go in on the 1st day of each month then I make it 321.89 gross => 257.51 net of 20% DIRT


The first 700 will earn thefull 7.15% for the whole year = 50.05
the second will earn 700*(1.0715)^(11/12) = 45.75 etc


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## ClubMan

diarmuidc said:


> I already have an account there.
> Compounded monthly. However that's incorrect if the interest rates quoted are AER. (which they may be?)
> Granted I have one bug where the values total to the 13th month and not the 12th month.
> 
> I didn't include DIRT but you can get that easily as it's approx 20% of the difference


Monthly interest payments will compound net of _DIRT _and not gross.


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## Darando

Does the account being debited have to be a current account, i.e could you drip feed a FA regular savings account from a FA esavings account?  would this yield better interest margin over the year?


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## irishpancake

Darando said:


> Does the account being debited have to be a current account, i.e could you drip feed a FA regular savings account from a FA esavings account?  would this yield better interest margin over the year?



Not directly, as you need a standing order set up to fund the regular saver account.

You could transfer money from your eSaver a/c to a nominated current account   
and drip-feed from that by S/O. (You need to contact FA to nominate a Payee at present)

 i.e. Halifax Current A/C allows you to set up standing orders on-line, and to amend the amount at any time.


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## ClubMan

irishpancake said:


> i.e. Halifax Current A/C allows you to set up standing orders on-line, and to amend the amount at any time.


Do (m)any other online banking systems allow users to set up external accounts, set up and/or alter _DDs/SOs _etc.? _Halifax's _is the first one that I've used that does and it's great!


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## MysticX

ClubMan said:
			
		

> Do (m)any other online banking systems allow users to set up external accounts, set up and/or alter _DDs/SOs _etc.? _Halifax's _is the first one that I've used that does and it's great!


In comparison to BOI and AIB.
[broken link removed]


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## ClubMan

Thanks for the link.


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## Dantes

Hey, thats a great calculator, but I was wondering if you can deposit a lump sum initially with FA and then deposit 1000 a month, and if so how would I calculate the return over say 12 months? The formula would be fine I can plug in the values! My compound interest is a little rusty 


Thanks!


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## ClubMan

I think you can only lodge a maximum of €1K p.m. including the initial lodgement.


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## bfield

Dantes said:


> Hey, thats a great calculator, but I was wondering if you can deposit a lump sum initially with FA and then deposit 1000 a month, and if so how would I calculate the return over say 12 months? The formula would be fine I can plug in the values! My compound interest is a little rusty
> 
> 
> Thanks!


 
Clubman is correct. They wont accept lump sum. You set up the a/c with a standing order, up to max €1,000 per mth. Use the above calculator to work out the return.


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## Dantes

Ok, Thanks guys.


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## tonster01

Has this account had its rate dropped? or is it another one I am mixing it up with?


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## ClubMan

tonster01 said:


> Has this account had its rate dropped?


No.


> or is it another one I am mixing it up with?


_Halifax _monthly saver?


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## tonster01

Thanks for clearing that up


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## cooker3

Hey. Just started on this site. Really great advice.

I have around 10k lieing around and have a certain amount per month coming in.
Would FA be the best option for both savings accounts, regular and e-savings.
As in I open a regular saving account mentioned in this thread and also open up an e savings accounts and deposit the 10k in there.

Also, can I say set it up so I can do a standing order from say an AIB account to the FA savings account each month for 1,000. Can I even do it from the e-savings account and would it make financial sense to do it?

Thanks.


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## bfield

cooker3 said:


> Would FA be the best option for both savings accounts, regular and e-savings.
> As in I open a regular saving account mentioned in this thread and also open up an e savings accounts and deposit the 10k in there.


 
check the financial best buys but yes, thats pretty much the best deal you can get. Go into the branch to set up the regular savings a/c and then when your a/c is active, set up the esavings a/c online. that's what i did and it was very easy.



cooker3 said:


> Also, can I say set it up so I can do a standing order from say an AIB account to the FA savings account each month for 1,000. Can I even do it from the e-savings account and would it make financial sense to do it?


 
again yes, i have a SO going from my NIB a/c to FA reg saver. And there have been plenty of posts on here about the benefits of using the lump sum a/c to drip feed into your reg savings a/c. do a search. and you could then use your other funds to go into another reg savings a/c from the financial best buys section. 

hope that helps.


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## el diablo

bfield said:


> check the financial best buys but yes, thats pretty much the best deal you can get. Go into the branch to set up the regular savings a/c and then when your a/c is active, set up the esavings a/c online. that's what i did and it was very easy.
> 
> 
> 
> again yes, i have a SO going from my NIB a/c to FA reg saver. And there have been plenty of posts on here about the benefits of using the lump sum a/c to drip feed into your reg savings a/c. do a search. and you could then use your other funds to go into another reg savings a/c from the financial best buys section.
> 
> hope that helps.



good advise,  that's pretty much what I'm doing too.     Can someone tell me when interest is added to the monthly saver accounts?


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## GON10

It is added quarterly ie 1st April, 1st July and so on


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## slinky

Am I missing something? Halifax offer 10% on balances on their current account. This doesnt sound like a good deal at all


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## GON10

Terms and conditions on Halifax a/c only 10% on balances up to €2000, reduces to 0.1% on rest, also you must lodge €1500 every month or the whole lot reverts to 0.1%


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## el diablo

GON10 said:


> It is added quarterly ie 1st April, 1st July and so on



ok thanks,  I just check my account online and see that interest was added on 1st April..


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## el diablo

one more question, hopefully someone can help me.    If I want to increase the amount credited to my monthly saver account each month, how can I do it?  I had a look in my account but I can't see an option to do this...


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## GON10

In writing, over the phone, or email


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## el diablo

GON10 said:


> In writing, over the phone, or email



ok thanks. I'll give them a call.


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## Darando

If you mean how do you change the amount you put into your reg savings account then, its not through First Active but through the bank you have the standing order coming from. I know you can change your standing order online for AIB ( in other words you can change the amount every month, once it doesnt exceed €1000 or be below €1)

You can amend your standing orders online for Halifax and BOI..

remember its a standing order not a direct debit (which sometimes requires to notify your bank in writing - AIB definately)


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## el diablo

Darando said:


> If you mean how do you change the amount you put into your reg savings account then, its not through First Active but through the bank you have the standing order coming from. I know you can change your standing order online for AIB ( in other words you can change the amount every month, once it doesnt exceed €1000 or be below €1)
> 
> You can amend your standing orders online for Halifax and BOI..
> 
> remember its a standing order not a direct debit (which sometimes requires to notify your bank in writing - AIB definately)



yep, that's what I mean.    I'll look into it tomorrow.


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## Pope John 11

I'm thinking of opening up an FA regular & lump sum accounts.

Can someone please summarise all of the above threads into one step by step thread, perhaps answering the following or in amore suitable format:

1. How to set up the FA lump sum saving account & regular savings account?
2. Lump savings account - interest rate at 5.22%?
3. Regular savings account - interest rate at 7.15%?
4. Is it possible to view both accounts online?
5. Is it possible to make any transactions online?
6. Are there any penalities for withdrawals made?
7. Is it advisable to get an ATM, or do without it, govenment taxes etc?
8. Whats the best way to pay into the regular savings account & can this be done from a BOI account or any other account outside of FA?
9. How long will the 5.22% & 7.15% rates last?
10. Terms & conditions?

Appreciate that a lot of the above may have been discussed before but it would be easier if an AAM poster with all the knowledge could summarise it in one thread

Thanks


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## el diablo

Pope John 11 said:


> I'm thinking of opening up an FA regular & lump sum accounts.
> 
> Can someone please summarise all of the above threads into one step by step thread, perhaps answering the following or in amore suitable format:
> 
> 1. How to set up the FA lump sum saving account & regular savings account?
> 2. Lump savings account - interest rate at 5.22%?
> 3. Regular savings account - interest rate at 7.15%?
> 4. Is it possible to view both accounts online?
> 5. Is it possible to make any transactions online?
> 6. Are there any penalities for withdrawals made?
> 7. Is it advisable to get an ATM, or do without it, govenment taxes etc?
> 8. Whats the best way to pay into the regular savings account & can this be done from a BOI account or any other account outside of FA?
> 9. How long will the 5.22% & 7.15% rates last?
> 10. Terms & conditions?
> 
> Appreciate that a lot of the above may have been discussed before but it would be easier if an AAM poster with all the knowledge could summarise it in one thread
> 
> Thanks



all this info can be found on the First Active website.  answers to 2,3 and 4 are YES.  8. yes you can deposit from any Irish bank account.

not 100% sure on the remainder of your questions.


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## Sarn

Pope John 11 said:


> 2. Lump savings account - interest rate at 5.22%? *Can only be set up online online, send in your personal details*
> 
> 3. Regular savings account - interest rate at 7.15%? *Go into the branch, setup standing order with your bank (I did all of this online with BOI, although allow about 8 working days for this to be setup).*
> 
> 4. Is it possible to view both accounts online? *Yes, both accounts will appear under one user account.*
> 
> 5. Is it possible to make any transactions online? *Yes, ring up and setup accounts that you want to transfer funds into by electronic transfer. These will appear in your online account.*
> 
> 6. Are there any penalities for withdrawals made? *Not for the lump sum, not sure about the regular saver.*
> 
> 7. Is it advisable to get an ATM, or do without it, government taxes etc? *Depends on how quickly you need to get at your cash. I didn't bother.
> *
> 8. Whats the best way to pay into the regular savings account & can this be done from a BOI account or any other account outside of FA? *See above. Very easily done from Banking 365.*
> 
> 9. How long will the 5.22% & 7.15% rates last? *Something to keep an eye on.*


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## TheJackal

I notice that FA still don't say how long the 7.15% rate is guaranteed for. Most banks do give a min date for their rates. I have one of these accounts & hope they don't drop for a good while!

Has anyone been told a min time in any correspondance they've had? A girl in their Ranelagh branch said a few months back that it was guarnateed to at least Jan 09 but not very reliable info I thought.


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## ClubMan

_FA _are far from unique in offering no rate guarantee. See the www.itsyourmoney.ie lists of regular saver and lump sum deposit accounts for example. If/when they drop the rate just look elsewhere.


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## TheJackal

ClubMan said:


> _FA _are far from unique in offering no rate guarantee. See the www.itsyourmoney.ie lists of regular saver and lump sum deposit accounts for example. If/when they drop the rate just look elsewhere.


 
Yes, I'm keeping an eye out for any rate changes. The annoying thing though is as follows:

If I put the max 1K a month into FA, at year end I'd be getting 12K @7.15% int. After 2 years, if rate remained, it would be 24K @7.15%.

So if one knew when the rate was guaranteed for, you could work out if it was worth your while keeping savings in a bank with a higher rate until guaranteed date or to put it in a smaller rated bank that gauranteed it for longer!

I guess the banks are intentionally not saying for such a reason.


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## TomPetty

Hi Folks,
I'm new to this Site - Am I missing somthing here ? I have 4 accounts with Anglo ( Wife & 2 Children ) and I'm getting 8 % on all 4 accounts & I can lodge a max of 1000 Euro a month into each account. - Much better than First Active, Right ? 
Thanks.


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## TheJackal

TomPetty said:


> Hi Folks,
> I'm new to this Site - Am I missing somthing here ? I have 4 accounts with Anglo ( Wife & 2 Children ) and I'm getting 8 % on all 4 accounts & I can lodge a max of 1000 Euro a month into each account. - Much better than First Active, Right ?
> Thanks.


 
Anglo's offer is for 1 year only. First Active's & many others have no end period. So less than 2 months after the year is up I'd have made more interest in the FA account than yours did in 12!


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## trebor

TheJackal said:


> Anglo's offer is for 1 year only. First Active's & many others have no end period. So less than 2 months after the year is up I'd have made more interest in the FA account than yours did in 12!



I think you might want to check your facts there mate. Where does it say First Active's account has no end period? Last I checked it was a variable rate and can be changed as and when FA decide. Anglo's account on the other hand guarantees 3.25% over ECB until June 2009, no such guarantee with FA. Can you explain your calculation where you would make more interest? My understanding of what you said is that it would take you 14 months to make what the Anglo account makes in 12 months??

Anglo is also more flexible in that funds can be transferred manually at any date during the month and no SO or DD is required. Far better account IMHO.


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## TheJackal

trebor said:


> I think you might want to check your facts there mate. Where does it say First Active's account has no end period? Last I checked it was a variable rate and can be changed as and when FA decide. Anglo's account on the other hand guarantees 3.25% over ECB until June 2009, no such guarantee with FA. Can you explain your calculation where you would make more interest? My understanding of what you said is that it would take you 14 months to make what the Anglo account makes in 12 months??


 
I meant that the Anglo offer is for 12 months only then closes completely. Whereas FA might lower its rate but probably won't close it!

Calculation on CAR was roughly: 
Anglo...12K (1K for 12months) @ 8% = 960
FA...12K (1K for 12 months) @7.15% = 858 + 2 further months adding 1K. 
Thus: 14K @ 7.15% = 1001


----------



## trebor

TheJackal said:


> I meant that the Anglo offer is for 12 months only then closes completely. Whereas FA might lower its rate but probably won't close it!
> 
> Calculation on CAR was roughly:
> Anglo...12K (1K for 12months) @ 8% = 960
> FA...12K (1K for 12 months) @7.15% = 858 + 2 further months adding 1K.
> Thus: 14K @ 7.15% = 1001



Firstly, Anglo guarantee 8% for a whole year whereas FA guarantee nothing. FA "might" lower their rate but "probably" wont? Not exactly confidence inspiring terminology considering they "might" just as easily drop their rate tomorrow. You can be pretty certain they wont raise it anyway, at least not to 8%.

I don't think you understand how the interest on regular saver accounts work. You only earn interest on whatever sum is in the account at the time. So, month 1 earns x%*1,000/12; month 2 earns x%*2,000/12; etc. It is only in month 12 that you have the full 12k in there.

Also, you can't compare what one account earns in 12 months to what another account earns in 14 months. It is not a true comparison.

**Would just like to acknowledge my mistake in my previous post where I referred to the EBS regular saver account terms of 3.25% over ECB until June 2009, please ignore***


----------



## ClubMan

TheJackal said:


> If I put the max 1K a month into FA, at year end I'd be getting 12K @7.15% int.


Wrong. Only the first €1K earns 7.15% the next earns 11/12ths of the annual rate, the next 10/12ths etc. 12 monthly lodgements of €1K into a 7.15% does not equate to €12K @ 7.15%! This has been covered many times already.


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## TheJackal

ClubMan said:


> Wrong. Only the first €1K earns 7.15% the next earns 11/12ths of the annual rate, the next 10/12ths etc. 12 monthly lodgements of €1K into a 7.15% does not equate to €12K @ 7.15%! This has been covered many times already.


 
Yep, my mistake Clubman & Trebor! Must have been hungover!


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## TheJackal

trebor said:


> Also, you can't compare what one account earns in 12 months to what another account earns in 14 months. It is not a true comparison.


 
I only compared 12 to 14 months because Anglo a/c closes after 12 months; FA has no end date.

I know it might be too presumptive that FA will keep its rate at 7.15% for 2 months after Anglo's a/c closes but I think it will. Just my hunch really, so went with it instead of Anglo. (Edit: emailed FA there to see how long rate is guaranteed for; will let you know what I find out)

Plus even if FA's rate falls to say 4%, 15 months after I opened it. I'd have put 15K in at this stage, so 15K@ 4% would be better staarting again with the new market leading rate of 7-8% because that a/c would only have my 1st 1K!


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## TheJackal

Got a reply from FA headquarters about how long the rate is guaranteed for. The girl I spoke to just fobbed me off saying it was variable, could change at any time. 

She didn't say if there was a timeframe for any change to the rate, though I doubt she'd tell me if there was!


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## ClubMan

TheJackal said:


> Got a reply from FA headquarters about how long the rate is guaranteed for. The girl I spoke to just fobbed me off saying it was variable, could change at any time.


That's not fobbing you off. That's calling a spade a spade!


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## Jethro Tull

TheJackal said:


> Got a reply from FA headquarters about how long the rate is guaranteed for. The girl I spoke to just fobbed me off saying it was variable, could change at any time.


 
You actually got a reply from FA? I mailed them several times (to various contact e-mail addresses on their website) when the esaver was launched and am still waiting for a single reply!


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## rh-keith

i hope Ulster Bank keep this running when they "absorb" FA


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## noshark

What now seeing that it is closing. Will Ulster Bank take this up I wonder?


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## askU

What is closing?


----------



## desperatedan

I see FA Regular Saver Rate has changed(dropped) again, as of today.

The rate shown now is now 5.40% AER on amounts €1 - €100,000.

Monthly amounts from €1 - €1000.

Perhaps they are going to align their rates with UB??


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## Lightning

Yeah, First Active have slashed their rate. See http://www.askaboutmoney.com/showthread.php?t=20747 and [broken link removed]

Most of the FA products are in line with the UB products so it is very likely that the regular saver product will also move in line shortly.


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## olewy

Folks, I realise this is a bit of a silly question but for someone who has been saving 1K per month into a regular saver at say 7.15% for 8 months for example, with the new rate now changing to 5.4%, can anyone show how it's possible to calculate the interest on this going forward, given the change in rates?  I'm a little confused as to how to calculate it and wondering if its worth taking the balance plus what interest has been accumulated up to now and moving it all elsewhere (e.g. to a fixed rate account such as Investec's 5.58% for 6 months) or continuing on at 5.4% to accumulate more interest, given that i've already spent 8 months saving into it. Would i be losing out by stopping the regular saver now? Any info appreciated.


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## GeneralZod

Here's a worked example for your case where I'm assuming 4 months at the new rate.

Gross Interest = (Average Principal) * AER * (Number of months AER applied for) / 12

8 months at 7.15%, Average principal = 4,000 = (0 + 8 * 1,000)/2

€190.66 = €4,000 * 0.0715 * 8/12

4 months at 5.40%, Average principal = 10,000 = 8,000 + (4 * 1,000) / 2

€180 = €10,000 * 0.054 * 4/12

Total Interest = €370.66

To work it you just break it into simpler calculations of the amount of interest that accumulated during each period the principal or AER were constant. Where the principal is changing in a predictable way averaging can be used to further reduce the number of sums.


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## olewy

Thanks GeneralZod, helps a lot.


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## olewy

GeneralZod said:


> Here's a worked example for your case where I'm assuming 4 months at the new rate.
> 
> Gross Interest = (Average Principal) * AER * (Number of months AER applied for) / 12
> 
> 8 months at 7.15%, Average principal = 4,000 = (0 + 8 * 1,000)/2
> 
> €190.66 = €4,000 * 0.0715 * 8/12
> 
> 4 months at 5.40%, Average principal = 10,000 = 8,000 + (4 * 1,000) / 2
> 
> €180 = €10,000 * 0.054 * 4/12
> 
> Total Interest = €370.66
> 
> To work it you just break it into simpler calculations of the amount of interest that accumulated during each period the principal or AER were constant. Where the principal is changing in a predictable way averaging can be used to further reduce the number of sums.



To follow up on that, how would you adjust those calculations for a scenario as follows:
12 months of €1,000 at 7.15%, 
13th month at 5.4%
and then 14th month at 4.9% for the forseeable future, say a further 12 months. 

Pls excuse my ignorance. Tks again.


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## GeneralZod

You want me to do all your homework for you? 

Here's a further example of what I illustrated above for each period a different rate applied.

Assuming that interest is paid at the end of months 12 and 24. 

Interest for months 1 - 12,     €429 = €12,000/2 * 0.0715 * 12/12

Interest for month 13,         €60 = (12,429 + €1000) * 0.054 * 1/12

Interest for months 14 - 24,    €850   =  (13,429 + (0 + 11 * 1000)/2) * 0.049 * 11/12

Total interest over 24 months is €1339


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## olewy

GeneralZod said:


> You want me to do all your homework for you?
> 
> Here's a further example of what I illustrated above for each period a different rate applied.
> 
> Assuming that interest is paid at the end of months 12 and 24.
> 
> Interest for months 1 - 12, €429 = €12,000/2 * 0.0715 * 12/12
> 
> Interest for month 13, €60 = (12,429 + €1000) * 0.054 * 1/12
> 
> Interest for months 14 - 24, €850 = (13,429 + (0 + 11 * 1000)/2) * 0.049 * 11/12
> 
> Total interest over 24 months is €1339


 
Tks GeneralZod, I thought that was how it should be done but I just wanted to be sure (a likely story he says, but true). Cheers.


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## askU

GON10 said:


> It is added quarterly ie 1st April, 1st July and so on



I dont see interest added today.....


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## MONAGHANSG

I had the same issue, but when I look in the transaction history the interest does show up here. It must just take an extra day to load to the account fully. Strange...


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## Potter on

Hi,

I am wondering if anyone can answer my question.

If i reached 15,000 in my a/c, do i still have to keep saving in order to get max interests on 15,000?  what would happen if I stop standing order?  would my a/c still be open or would it be closed automatically?


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## Darando

Potter on said:


> Hi,
> 
> I am wondering if anyone can answer my question.
> 
> If i reached 15,000 in my a/c, do i still have to keep saving in order to get max interests on 15,000?  what would happen if I stop standing order?  would my a/c still be open or would it be closed automatically?



If you are thinking of using this as a holding account for the 15K, then are you aware that the interst rate on this account has dropped to 4.90%. If are aware of this and want to keep your money there then I think you are required to keep the SO in place for the account to remain open [however you can change the SO to the minimum which is only €1  which I am guessing you could afford.]


----------



## Potter on

thanks Darando.  I'm sure I can afford €1 at the moment, but at the same time, you make me think that maybe I should put 15000 somewhere which gives higher interest.


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## Darando

Potter on said:


> thanks Darando.  I'm sure I can afford €1 at the moment, but at the same time, you make me think that maybe I should put 15000 somewhere which gives higher interest.



well if I am not correct, technically you have a lump sum of 15K and want to get the best rate. So you have a few options:

withdraw and cancel the FA account and lodge to a fixed term account (best rate is 4.9% for 1 year)

withdraw and lodge in a lump sum account (currently best rate is 4.75 with Anglo)

however you can leave it where it is and keep feeding in €1 per month and use the account as a home for the lump sum and get 4.9%(i.e. just don't withdraw, its there already)..this is what I would do if I didn't want a fixed term account. 

Just keep an eye out for rate changes.


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## François

Will I need to physically lodge cash in a First Active branch to open a regular saver account or can I transfer the initial deposit online from my BOI current account?

One more question, the way things are I would prefer not to commit to set amount of money each month, is it possible to set the regular savings to the minimum then transfer money each week from my current account to the FA regular saver account, i.e, one week I may have €50 to spare, the next it may be €200.


----------



## MysticX

François said:
			
		

> Will I need to physically lodge cash in a First Active branch to open a regular saver account or can I transfer the initial deposit online from my BOI current account?


 
When I did it, it had to be a personal cheque / bank draft. The particular branch I used doesn't handle cash lodgements.

Btw you are aware that this thread is fairly old? A lot has happened since it was originally started so I advise you to review the best buy threads to ensure you know what the current offerings are.

I did hear talk way back that due to FA been winded down (whereby FA accounts are been transferred to nearby UB branches) that certain FA branches are just redirecting customer to UB for opening new accounts.  



			
				François said:
			
		

> One more question, the way things are I would prefer not to commit to set amount of money each month, is it possible to set the regular savings to the minimum then transfer money each week from my current account to the FA regular saver account, i.e, one week I may have €50 to spare, the next it may be €200.


 
Mmmm I don't know of anyone that has actually tried this. I don't think it will work. Amongst other things it's a monthly saver not a weekly saver.

The standing order that the account requires is easy to use especially since most online banking allows you to change the amount easily and conveniently.


----------



## TheJackal

I note that the FA regular saver account has now changed to UB. A/c operates as normal, so you can still lodge up to 1K a month with 4% interest currently offered.

However, this is only for FA customers whose a/c has been to UB. If you want to open a new UB regular saver a/c, the 4% int is still offered but max lodgement is 500 a month.

I think the best buy thread should be updated to point this out.


----------



## MugsGame

TheJackal said:


> However, this is only for FA customers whose a/c has been to UB. If you want to open a new UB regular saver a/c, the 4% int is still offered but max lodgement is 500 a month.
> 
> I think the best buy thread should be updated to point this out.



As far as I know UB now allow €1,000 a month on all reg saver accounts.


----------



## camlin90

SPC100 said:


> I was told this week, that the limit is still 500, but will go to 1000 in oct or nov.



Got a letter from UB during the week, saying that the max contribution is increased to €1,000 effective 1 November 2009


----------



## bogle

TheJackal said:


> I note that the FA regular saver account has now changed to UB. A/c operates as normal, so you can still lodge up to 1K a month with 4% interest currently offered.
> 
> However, this is only for FA customers whose a/c has been to UB. If you want to open a new UB regular saver a/c, the 4% int is still offered but max lodgement is 500 a month.
> 
> I think the best buy thread should be updated to point this out.



Myself and Mrs Bogle have each got an FA Reg saver. Decent rate, money accessible without penalty, very good web site - all courtesy of the UK tax payer who now own 70%?? of RBS.


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## ardmacha

The rate is now 3.46% (AER  3.50%), not all that good any more. I liked it better when it wa 7.15%!


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