First Active e-savings account

My E savings ac is open and appearing on my online banking, was on the online banking service few days after I opened it, sent back the form signed and with an opening lodgement of 1 euro transfer from existing account. This did not go through until today but I had already transferred 1 euro yesterday to see if it worked, when it did then I transferred 14k. Interest appears to be paid monthly so I am hoping it is only a matter of transferring out some money when the balance nears 15k.
 
KerryG said:
I am hoping it is only a matter of transferring out some money when the balance nears 15k.
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Bear in mind that there is conflicting information about the rate falling to 4.07% on the lot if the balance exceeds €15K and the last word on this seems to be that it does not - i.e. 5.22% on €15K and 4.07% on the excess, not the full balance. In time maybe somebody can confirm for sure?
 

Must you set up a regular direct debit or can you just do a lump sum deposit
 
Of those who applied and have been allocated an account number, how many were existing FA customers? I applied about 3 weeks ago and have yet to hear anything.

The identity documentation requested by FA was relatively minimal compared to what some of the other banks require for postal applications. I wonder if there is a delay for new customers while they review their procedures in this area?
 
I applied with an initial deposit cheque last week. I was getting worried why nothing has happened in the interim - until i read all these posts. Sounds like its popularity might cause alot of delays in getting these accounts set up.
 
I was existing First Active customer with online banking already in place. I did not do any regular payments to it, just one initial transfer of 1 euro on the form I returned, to check if it worked right, then one off transfer from another FA ac through online banking.
 
Just read through all of this as I have applied to open an e-savings a/c online today. The initial terms and conditions [broken link removed] re: being able to transfer funds from any account even non FA seems pretty straight forward. The interest rate above 15000 euro also seems straight forward meaning you don't get the 5.22% only 4.07%.. It seems to me that people are only looking for problems for this account. My advise is it looks the best around for balances under 15k - you just have to manage it to make sure you don't go over the 15k. It seems easy enough to transfer money from this e-saving a/c to another a/c or am I being too naive. Anyway, it was good to get other peoples point of view..
 
Alonso said:
Just read through all of this...

It seems to me that people are only looking for problems for this account.
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You obviously did not read this thread closely enough. If you had then you would have seen that different people have been given different and conflicting information about this account by FA themselves in relation to how transfers/lodgements can be made, what charges apply, what rate applies when the balance exceeds €15K.
My advise is it looks the best around for balances under 15k - you just have to manage it to make sure you don't go over the 15k.
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Why? Some people have been told that over €15K does not mean the lower rate on the full balance. But others (myself included) have been told otherwise.

If you think that the terms & conditions clarify these matters then please post the specific extracts because when I read them I found them far from clear on the specific issues mentioned above. And even less so when I and others received conflicting "clarifications" from FA. And, in fact, the terms & conditions were not authoritative since they referred off to other documents which were not readily accessible (e.g. tariff of charges booklet).

Anyway - for me it's all moot since 14 days on (10 working days) I have heard nothing back from them in relation to my application.
 

At last we are beginning to see some activity from the banks for lump sum deposits. This certainly looks attractive, and no catch.
 

I contacted First Active yesterday and spoke with a very helpful and knowledgeable gentleman. I explained the AAM discussion re the above and he most definitely confirmed that once the balance exceeds 15k the ENTIRE amount in the account drops to 4.07%. He advised that I open the account with 12k and just keep an eye on it to make sure it does not exceed 15k.
 
Thanks HG - so you and I have been told this and others have been told otherwise. Maybe those people who claim that we're looking for flaws and making mountains out of molehills can take note? In any case yet another day gone by with no sign of my account being opened...

If the rate does drop then you can lodge more than €12K (e.g. c. €14,200 if you only withdraw interest annually or c. €14,930 if you withdraw interest monthly) and avoid breaching the €15K balance and the rate dropping. I don't know where they got the €12K figure from but such inaccuracy from FA does not surprise me at this stage...
 
HG, Clubman I agree, this is a complete joke. It still says the opposite on the FA website (5.22% on 15k, 4.07% on anything above).

I was very tempted to switch but this continued nonsense on the part of FA is really making me think twice. In fact I'm fairly sure i will go nowhere near FA with my savings.
 
Jethro Tull said:
HG, Clubman I agree, this is a complete joke. It still says the opposite on the FA website (5.22% on 15k, 4.07% on anything above).
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No it doesn't - [broken link removed]:
Get a great rate of 5.22% AER variable*
(4.07% for balances between €15,001 - €1,000,000).
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Which could mean either (i.e. 4.07% on the lot where the balance is €15,001+ or 5% on €15K and 4.07% on the remainder).
 
Just to muddy the waters a bit more (as if it needs it at this stage), in the T&C booklet they posted out to me, it states that you must use their Online Banking Service to operate the account. No problem with that, but

Section 13 of the Online Banking T&C states:
"We reserve the right to charge you and you agree to pay the charges for the Service or any part of it."

I don't have a "Tariff of Charges" booklet (and maybe someone who has can check), but I'm wondering if the maintenance charge mentioned earlier is actually a charge for using their internet banking facility?

In Section 43 on Operations of the Account re lodgements (other than the initial one)

43.5 "Lodgements can only be made by transfer from any First Active account in one or more of the Account holder's name(s) or by regular Standing Order from any bank account in the Republic of Ireland. Lodgements can not be made by any other method."

This appears to mean that you can't transfer money from an account other than a FA account. I'm wondering if you did (and breach their T&C) would they pay you interest ?
 
I applied on line for this a/c yesterday, I was going to open it with the full 15K having assumed the 2tiered interest rate system would work the same as Rabo! Anyway I don't have a chq book so am I correct in saying that I'd need to get a bank draft or can I do a once off standing order? Also if there giving the lower rate on the full amount, I don't want to put in the full 15k as I said in the application, can I just change this myself or lodge the 15k and withdraw it once it goes in?
 
Staff information seminars are obviously not high on their agenda. I was informed in the local FA branch that the first 15,000 was at 5.22% and wait for it............ interest on this €15,000 would also be at 5.22%. It has to be pretty clear that if you put in the full €15,000 then any interest added at all will be in excess of the €15,000 figure. I estimate with a yearly added interest add on that the max is under €14,400
 
Well if you only withdraw interest annually and €15K is 105.22% of the maximum sum possible without breaching the €15K balance then this sum is surely €14,255.84? I'm assuming that gross interest will be added first before DIRT is deducted.
 
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