Couple of questions about First Active

V

VanZan

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After doing a bit of posting and reading I've decided to open a First Active Regular Savings account and then a eSaving account with them.

I plan on lodging €14,500 to the eSavings. Can I then each month transfer the interest out of it to the Regular Savings a/c? This would be in addition to the standing order made to transfer funds in the Regular Savers.

Also is there any idea what the rates might drop to on the esavings and regular savings account? I mean longer members here must have experience of other such offers and what they dropped to after a certain amount of time.

Would it be difficult to get my money out of the esavings and rsa accounts when the rates drop? Are there any penalties etc?
 
There's alot of information on the First Active esaver and regular saver a/c's, do a search in the Savings and Investments thread.
 
I have done searches...plenty. But I keep getting conflicting information and there seems to be nobody who posted that actually has it all up and running.
 
I have one of the esaver a/c's and I can transfer money online to my current a/c which is held at a different bank. I am sure you would be able to transfer money into the regular saver but you had better enquire first. I am sure this is discussed elsewhere!!
There is no news of the interest rate dropping and if it does drop, no doubt it will be posted up on this forum very quickly. There is no penalty for moving funds out of the esaver, read the terms and conditions for the regular saver. And why do you think it would be difficult to get your money out of the accounts if the rates drop?? It won't.
 
vanzan said:
This would be in addition to the standing order made to transfer funds in the Regular Savers.
Click to expand...



You cannot set up standing orders on the E-Savings account + you are not permitted to make payments from the E-Savings account into the Reg Saver account. Strange really doesnt make a whole lot of sense to me
 
In the days when most banks had charges for SOs and DDs it might have made sense to stop people dodging the fees. It seems anachronistic now. If they let people set-up them up it would help to reduce customer churn when their rates become less competitive.
 
Thanks for the friendly replies. I got off my bum and emailed FA (got replies over the weekend!) and you can't transfer from the eSavings to the Regular Saver. The Regular Saver is Standing Order only according to them. Not a big deal although it would have been handy.

I'm going to open a Regular Saver and then an eSavings with the intial deposit coming from the Regular Saver to the eSavings. Then later I'm going to transfer the €14K from my Credit Union account to the eSavings.

Hopefully the eSavings rate won't change the minute I do this and I end up losing my CU interest.
 
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