First Active e-savings account

M

mollser

Registered User
Messages
99
I see First Active have launched an online savings account, offering 5.22% aer (Gross 5.10%) on balances up to €15k, 4.07% on balances >€15k.

They pay interest monthly, which I like!

Doesn't appear to be any catches with the interest rate. Although it is variable, they haven't stated that this rate will revert to xx% after xx period of time. Time will tell I'm sure.

Looks attractive as another high interest option to add to Rabo, NR etc.

Any thoughts??

[broken link removed]
 
Last edited:
Interesting. Bit of competition for Rabo's €10K @ 5% gross CAR it seems.
 
€15,000 vs Rabo's €10,000 and 5.22% vs Rabo's 5%...sounds like a very positive step.
The regular savings market seems to get all the attention, maybe this will precipitate some action in the lump sum savings market. (here's hoping!)
 
They don't seem to have any annoying rules forcing deposits/withdrawals through separate First Active accounts.
 
Rabo only require withdrawals to go from the savings account via their current account to the ultimate destination account. Deposits can go straight into the savings account. It's not that much hassle really in practice.
 
ClubMan said:
Rabo only require withdrawals to go from the savings account via their current account to the ultimate destination account. Deposits can go straight into the savings account. It's not that much hassle really in practice.
Click to expand...

AIB require all payments into their regular saver account to go via another AIB account. I find it annoying. Especially since AIB started applying charges on my AIB feeder account.

In general it's an unwelcome complication.

Anyway this FA account looks ok. Think I'll open one and move some funds from NR over to it. I doubt NR or Rabo will respond to match it.
 
Yeah - but we're basically talking about lump sum accounts such as those from FA, Rabo, NR etc. here and not regular saver accounts!
 
My response is that I was talking about an inconvenience the account didn't have. I see FA list "transfer from any nominated current account" as one of its benefits.
 
from above post from clubman is it better to move a few bob (lump) from rabo to this rather than using it for monthly savings? currently have lump in rabo that i add some to each month, applied today for this one was going to put a few bob in each month, have aib regular saver too more as slush fund is it better just having one and putting it all in? what do you guys think?
 
If I understand your question right I'd keep up the AIB regular saver deposits since that has the best interest. Then move up to 15k into the FA e-account from Rabo and leave the rest in Rabo up to 10k. If you've that much cash it might be worth opening another regular saver with Halifax for example to take some of it.
 
thanks GeneralZod, only have 4k in rabo (not 10! - wish!) , I'll transfer that to fa once it opens and keep up my aib savings, :)
 
Has any one been able to apply online?

They have an option for existing customers and I have a mortgage with them, but they only accept a sort-code/account rather than loan acc number.

So I select New Customer and fill in the form but then it says I fail to meet their security check requirements.

"Unfortunately we are unable to progress your application at this time. Having carried out the standard checks described in the ‘Your Personal Data’ section, we are sorry to inform you following these checks you do not meet the eligibility criteria for this account.
You may, if you wish, request further information regarding how we assess each application."
[broken link removed]
I've always lived in Ireland but only moved into new home in Mar 2006. I've filled in my previous address. Of course, there's no link detailing their checks.
 
I got through. Never heard of anyone being rejected for opening a savings account! Although the e-saver account wasn't presented as an option until a few screens into the wizard. Poor form design, seems to be part of a general application process. I did think a couple of the questions were unnecessarily intrusive. e.g. are you a home owner, marital status, number of dependents. I don't see how any of these are relevant to opening a savings account. You even have to consent to a credit check being run on you. I've been at my address for 6+ years.
 
Ulster Bank (First Active's twin sister) is offering a similar product, also called eSavings, using the same website (skinned differnetly). Same restrictions. Different rate - 4% all balances. (No 5% for balances under 15k)
 
pc7 said:
from above post from clubman is it better to move a few bob (lump) from rabo to this rather than using it for monthly savings?
Click to expand...
If deposits are the most appropriate home for your money then you should try to get the best rate. This may mean lodging the lump sum into one or more high rate accounts such as FA/Rabo/NR (e.g. up to €15K in FA + up to €10K in Rabo etc.) and then drip feeding it (possibly via your normal current account possibly with another institution) into the most appropriate high rate regular saver account (bear in mind the terms & conditions, restrictions and rate guarantees with these vary so choose carefully).
 
You must log in or register to reply here.
Back
Top