# FA & UB eSavings Plus Account



## MysticX (10 Oct 2008)

Hi,
While checking to see how hot the competition has become for deposits I've noticed that both First Active and Ulster Bank now have eSavings Plus Accounts.

From first glance there doesn't appear to be any differences:
FA: [broken link removed]
UB: [broken link removed]

From FA:



> eSavings Plus – 5.50% AER* variable (includes a 6 month introductory bonus of 0.50%).
> Interest Paid monthly.
> Instant access – No notice required, however no interest will be paid in any month where a withdrawal is made. If a withdrawal is made in any of the first 6months after account opening, the Bonus rate of 0.50% only will be paid on that month.
> Minimum opening balance of €15,000 (maximum €1m).
> Please see below for our great rates of interest.


 
From UB:



> eSavings Plus - 5.50% AER* variable (includes a 6 month introductory bonus of 0.50%)
> Interest paid monthly
> Instant access - No notice required, however no interest will be paid in any month where a withdrawal is made.
> Minimum opening balance of €15,000 (maximum €1m)


 
Any thoughts? 5.50% does look nice though the 6 months only bonus, interest withheld if a withdrawl is made and the min of 15K means that after the bonus period another account like a Northern Rock one could be better.


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## VanZan (10 Oct 2008)

Thanks for posting this news 

I have an eSavings with UB. The "interest withheld if a withdrawal is made" is the killer for me. There's only 1.1% difference between it and the regular eSavings (0.6% after six months).

Maybe they'll reduce the 4.4% of the regular eSavings account to try and tempt more people? I'd certainly like to hear the thoughts of more expert minds on this new account.


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## GeneralZod (10 Oct 2008)

I don't like the variable interest rate and the T&Cs applying to qualify for the 0.5% bonus is annoying gimmickry. 

The €15k minimum is too high also.

There are better fixed rates over 1 year currently available e.g. from Anglo-Irish & INBS. 

With interest rates starting to fall they are a much better deal. Get them while it lasts.


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## VanZan (10 Oct 2008)

Something just occured to me....if making a withdrawal means interest is withheld how the hell do you get at the interest? How do you ever get at the money without penalty? If you keep it in for six months and then withdraw you'll lose that month's interest and end up back where you started if you already have the regular eSavings account!!!! Now that I think of it they're rubbish!!


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## Peeete (13 Oct 2008)

*New First Active e-savings Plus Account*

First Active have a new lump sum savings offering called eSavings Plus



eSavings Plus – 5.50% AER* variable (includes a 6 month introductory bonus of 0.50%).
Interest Paid monthly.
Instant access – No notice required, however no interest will be paid in any month where a withdrawal is made. If a withdrawal is made in any of the first 6months after account opening, the Bonus rate of 0.50% only will be paid on that month.
Minimum opening balance of €15,000 (maximum €1m).


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## DrMoriarty (13 Oct 2008)

*Re: First Active e-savings account*



Peeete said:


> If a withdrawal is made in any of the first 6months after account opening, the Bonus rate of 0.50% only will be paid on that month.


That's quite a gotcha. It arguably robs the expression "instant access" of any normal meaning.

From the [broken link removed]:


> Standard rate after 6 months: 4.89% Gross variable and 5.0% AER variable.


That's less attractive than their normal eSaver rates on sums under €15K. Maybe they should call this new product eSavings _Minus_?


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## MugsGame (13 Oct 2008)

*Re: New First Active e-savings Plus Account*

Thanks Peete - I've split this from the existing eSavings thread as it's a new product.

This is interesting for existing FA customers, and I've just opened one online. But I don't think we'll list it as a Best Buy. Partly because the bonus rate only lasts for first 6 months, but also because any withdrawals significantly reduce / eliminate the interest for that month.


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## TonyD (14 Oct 2008)

I have an esavings account....have opened a plus account and transferred funds to that account...as the interest is applied to the account 1st monthly if you wish to withdraw the money do so on the 2nd..so no interest has really accumulted fot that month on the account and you have received the interest for the six months..I'll take it anyway and have access immediately which is what I want in todays climate.


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## VanZan (14 Oct 2008)

Never mind


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## VanZan (16 Oct 2008)

TonyD said:


> I have an esavings account....have opened a plus account and transferred funds to that account...as the interest is applied to the account 1st monthly if you wish to withdraw the money do so on the 2nd..so no interest has really accumulted fot that month on the account and you have received the interest for the six months..I'll take it anyway and have access immediately which is what I want in todays climate.



Can I ask how long it took them to open the account for you? In order to open an eSavings account I'd have to transfer my €15000 out of my eSavings account into my current account. Therefore I'll be losing interest while it takes them to open the plus account. 

What I mean is when I was going through the online form to open the plus account the only account that showed up in the drop down box to transfer funds from was my current account. My regular eSavings account did not show up.


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## MugsGame (16 Oct 2008)

Immediately - they give you sort code and account number at end of process. However it will take a day or two to show up in online banking. At that point you can transfer from your eSavings into your eSavings Plus.


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## TonyD (18 Oct 2008)

MugsGame said:


> Immediately - they give you sort code and account number at end of process. However it will take a day or two to show up in online banking. At that point you can transfer from your eSavings into your eSavings Plus.


 

Yep spot on - internet banking is very handy for opening accounts.


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## VanZan (18 Oct 2008)

Do they not send you out a form or anything to sign to authorise the €15000 (or more) transfer?


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## TonyD (18 Oct 2008)

When you set up the account, the following day it should appear in your list of accounts.
You can then use the transfer option to move funds from one account to the other.


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## brian276 (1 Jul 2009)

I'm really getting the run around with the application for the esavers plus account, they asked me to sign a document and send it back to them before they will open the plus account even though they have all my details from the original account-  full disclosure:there was an error on my side from the plus application, (don't know why they need me to fill out all my previous address details, since once i'm logged in they should have them all anyway) so now the time for the application has elapsed I'm back at square one. Their telephone support are not much help, glad to point out my mistake and leave me hanging.


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## falcon7xs (25 Oct 2009)

For balances in excess of 15,000 are you in fact getting a paltry rate for the first 15,000,as in are the bank effectively getting the use of it for free? 

Or do you get the higher rate on the total balance if its maintained in excess of 15,000?


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## Sue Ellen (25 Oct 2009)

falcon7xs said:


> For balances in excess of 15,000 are you in fact getting a paltry rate for the first 15,000,as in are the bank effectively getting the use of it for free?
> 
> Or do you get the higher rate on the total balance if its maintained in excess of 15,000?



This thread may answer your question.


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## Joanne1 (27 Oct 2009)

I have an eSavings Plus ac with UB and I can confirm the higher rate is paid on the total balance.

I found it very simple to set up this account, however you do have to have UB anytime banking set up before you can open this account.


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## TonyD (31 Oct 2009)

Has the rate on this account gone down..?


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## iggy (31 Oct 2009)

Yesterday, 04:25 PM 
fungus 
Moderator
Posts: 761​ 

*Re: Lump Sum Variable Rate Deposits (Euro)* 
Top post updated.​ 
Ulster Bank have dropped the rate on their eSavings Plus account.​ ​


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## TonyD (1 Nov 2009)

Thanks.

Time to find a new home.


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## Jeff_Vader (3 Nov 2009)

TonyD said:


> Thanks.
> 
> Time to find a new home.



Let me know what you find?
Disappointed to see the drop in interest rate but inevitable I suppose.
I had jumped into this account about 6 months ago when Postbank dropped from 3.55% to 0.5% or something equally paltry.


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## VanZan (3 Nov 2009)

Can we just switch to the newly launched Bonus Saver or Pathway accounts? Or are they just for new customers?


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## Joanne1 (3 Nov 2009)

On their website it says the money you put into the Bonus Saver or Pathsaver accounts must not already be on deposit in UB.


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## VanZan (3 Nov 2009)

So if I withdraw every last penny, open a Bonus Saver or Pathway account and re-lodge the money would that work?


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## TonyD (3 Nov 2009)

Sure give them a call and see how you get on, I'm sure they wouldnt want the deposits on hold to leave.


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## Lightning (3 Nov 2009)

VanZan said:


> So if I withdraw every last penny, open a Bonus Saver or Pathway account and re-lodge the money would that work?



Yes, or call them as suggested above.


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## Joanne1 (4 Nov 2009)

I spoke to an advisor in Ulster Bank.  They insisted the money could not come from a UB account.  I was advised to move the money out then transfer it back in.


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## Lightning (4 Nov 2009)

Another example of crazy terms. 

Probably easiest to transfer to your current account and then wire the money back in.


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## TonyD (4 Nov 2009)

Ok, I have closed plus and have now pathway.

One thing to note is that the interest is paid annually and not monthly as with the plus account.

So my plan is to close this account after six months, or indeed earlier if better rates with suitable institutions become available as the rate drops by 1% after such time.


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## Joanne1 (5 Nov 2009)

TonyD

Did you have to transfer your money out of UB first.

Or did they allow you to move it straight from esavings plus to pathway.


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## VanZan (5 Nov 2009)

TonyD said:


> Ok, I have closed plus and have now pathway.
> 
> One thing to note is that the interest is paid annually and not monthly as with the plus account.
> 
> So my plan is to close this account after six months, or indeed earlier if better rates with suitable institutions become available as the rate drops by 1% after such time.



Congratulations on closing the eplus. I accidentally opened two eSavings some time back. I wrote to them this week and posted the letter at Limerick GPO early Monday morning.....the account is still there


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## TonyD (5 Nov 2009)

Well, I didnt quite move it out, mentioned I was gonna move it to another institution and reopen the account, think they realised that was a bit stupid and opened the account for me.

Also, I had about three of those eplus accounts too, as there was a problem when opening them, the opened as a regular account.Took a few goes.


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## Joanne1 (6 Nov 2009)

Thanks.  I might try a different branch today and see what they say.


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## Lightning (6 Nov 2009)

Ask to speak to a manager, there are different access rights on the Ulster Bank system, I know from past experience that manager might be able to push it through.


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## Potter on (27 Nov 2009)

I have an e-saving account with first active and have been thinking of changing over to e-saving plus.  I went into ulster bank and was told that i have to open a current account in order to open e-saving plus.  This puts me off as I will probably never use that current account again apart from opening e-saving plus account.  any one had the same experience?


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## Joanne1 (27 Nov 2009)

When I set up my esavings plus account I had to have a current account to transfer the money into my new esavings plus account.

I can empathise with your frustration.  When trying to set up my new pathway account was told I had to move my money out of UB and then transfer in back in.  I thought this was all too much hassle.


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## Potter on (27 Nov 2009)

Thanks Joanne1, why cannot they just make it easier for customers!!!


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## VanZan (27 Nov 2009)

Joanne1 said:


> When trying to set up my new pathway account was told I had to move my money out of UB and then transfer in back in.  I thought this was all too much hassle.


Well I presume the point of this is to stop everybody on a lower rate product with UB, such as esavings plus, from switching over to the higher rates of Pathway and Bonus Saver. They should be looking after their existing customers rather than setting up juicy rates for new ones.


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## Joanne1 (27 Nov 2009)

Yes, I understand the logic behind it - they are aiming to attract new customers.  But it does seem to me like they risk losing their existing customers!


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## Lightning (27 Nov 2009)

The Ulster strategy would be something like this:
1) Most existing Ulster customer won't notice the rate change or will be unaware of the new products - *vast majority of customers*
2) If they notice they won't go through the hassle of changing bank - *Some customers*
3) If their customers notice and kick up a fuss, Ulster will let them switch to the new Ulster products - *Some customers*
4) Customer will walk with their feet - *Tiny minority*. 

So they screw most of their existing customers in the hope that inertia will the driving consumer force. 

It is sad that banks can play these far from transparent saving product games with their customers.


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## VanZan (27 Nov 2009)

Well I'm aware of the falling esaving plus rate. I'm also aware of the better rates with Bonus Saver and Pathway. Is it worth the fuss for 1% (which will probably fall in a short time)?


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## Joanne1 (27 Nov 2009)

I agree ZanVan its alot of hassle for 1%.

Never mind the customers not being aware of the changes to interest rates and new products, the member of staff I approached in the bank didn't know the esavings plus rate had fallen and had never heard of the pathway account.  She then came back to me and confirmed the above. Told me 3.6% was only for 6 months (almost like don't bother opening it).  When I persisted she asked me had I an Ulster bank account. I had already told her about my esavings plus account so clearly I had. Then she me if I have 15K.  (If I hold an easvings plus account then obvioulsy I have 15k.)  Basically it felt like they didn't want me to open the new account.

Rant over. I'm just tired of dealing with banks.


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## sunrock (19 Dec 2009)

Just looking at the rates for the bonus saver.
1e  to 9999e             is .01%
10000 to 25000         is 3%
25000 to 1000000      is 3.5%

So therefore one only gets the 3.5% on sums greater than 25k and on sums less than 10k very little.


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