Happy Girl
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Just on to First Active and they confirm that there are NO charges on this account.
First Active e-savings account
- Thread starter mollser
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Just on to First Active and they confirm that there are NO charges on this account.
Happy Girl
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Have all my forms here for posting but am beginning to think that my 10k would probably be better off staying where it is and earning its 3% in local CU (maybe not financially but certainly for ease of operating the account and also a long-standing confidence in the local CU operating procedures). Have never dealt with First Active before but they certainly are not instilling great confidence in me re their products and services. Might hold out and see if any of the other institutions raise their lump sum deposit rates.
I agree. If you don't have a RaboDirect account already then you could easily open one and get 5% gross CAR on the €10K and unlike FA they at least seem to have their act together. Also - depending on the type of CU account - the [broken link removed] may be less or more favourable than DIRT at source of 20%. And, unlike many other financial institutions, CUs usually only tell you at the end of the year what they are paying out.
I
irishpancake
Guest
Just got this from First Active, or Ulster Bank actually, it seems.
Can someone interpret the para in bold italics, mine.
i think I'm goin to give up on this, just because I can't get clarity on the items I have asked about.
Can someone interpret the para in bold italics, mine.
i think I'm goin to give up on this, just because I can't get clarity on the items I have asked about.
If you have a balance of €14,500, you earn 5.22% on the lot.
If you have a balance of €15,500, you earn 4.07% on the lot.
Jethro Tull
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Seems to be what he's saying, bit of a swizz. i always assumed (despite the mixed messages coming from FA!!!) that a tiered structure similar to Rabo's would apply. If anyone's still bothered with this account it looks like depositing approx 14k is the way to go.
Btw has anyone complained about this to the Financial Regulator? The fact that people can be told different things by 2 different members of FA staff is surely misleading.
GeneralZod
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They have provided a specific phone no to deal with esavings applications - 01 7092500. If they start to receive a lot of complaints this may get them to get their act together?
Rang that number today to see what the delay with my application is.
My application was flagged as missing ID information. Apparently I was one of the first people to apply and there was an error in the forms they first sent out that didn't request ID info. I put a note on my application pointing this out. They didn't reply asking for the ID documents they need.
They also said that delays processing are due to the number of applications. The irony is this product is a roaring success for them despite their incompetence! All our whining is just noise that will barely affect their bottom line.
Last time I made a complaint to IFSRA about a financial institution this is what I got back when I asked them how they would let me know what happened with my complaint...
Waste of time if you ask me. I complained to FA about the fact that they don't provide the tariff of charges booklet online but the online eSavings terms & conditions refer to it. They just said they'd look into it.
FA finally cashed my cheque this morning by the way.
I
irishpancake
Guest
They don't state that on [broken link removed] and they don't clarify the key nuance (i.e. the lower rate applies to the whole balance one it's €15,0001+) on [broken link removed]. These guys really don't seem to have a clue...
That would also be my interpretation CM, which is why I thought that I was missing something from their web-site.
But, as you have pointed out in the links, FA are still marketing this product giving the clear impression that it is similar to Rabo in it's tiered structure.
I also agree that it is not good enough to give misleading information to potential customers, like I have got from two different named sources.
The other point, I suppose, is that the second reply I got was from a person with Ulster Bank in Belfast.
As I sent e-mails to faonline@firstactive.com and info@firstactive.com, I'm not sure which address he replied from, but it was disconcerting to get the reply above from Ulster Bank, when I enquired about a FA product. Seems a tad unprofessional to me.
I think I'll give this a miss, at least for any amount over €15k.
GeneralZod
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They cashed my cheque today after I rang them up. They didn't need any ID after all. I had a FA account that I closed about 8 years ago. Apparently FA still had my details on file (doesn't that violate limits on personal data retention?). They just checked my DOB and updated to my new address. The person that did it identified themselves as working for Ulster Bank, they seem to be the ones operating the eSavings account. Ulster have a similarly named account with lower interest.
GeneralZod
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Is part of the problem with FA not putting out a clear message on the exact terms that they're just a front for a product operated by a different part of the RBS Group.
The www.ulsterbank.ie web site and the www.firstactive.ie web site with the product description appear to be on separate servers connected by different ISPs. So the people with the knowledge to update the info on the web site probably don't have the authority to update it. Someone should try to bypass the internal bureaucracy and get the answers up on the web site.
The eBanking engines are identical except for branding. Demo of FA [broken link removed]. Demo of UB [broken link removed].
Partial result! Just noticed that FA seem to have updated their web site [broken link removed] as was claimed in a quoted letter from an Ulster Bank worker several posts back in this thread.
This change might have been up for a while unnoticed as it isn't in the section at the top listing the interest rate.
The www.ulsterbank.ie web site and the www.firstactive.ie web site with the product description appear to be on separate servers connected by different ISPs. So the people with the knowledge to update the info on the web site probably don't have the authority to update it. Someone should try to bypass the internal bureaucracy and get the answers up on the web site.
The eBanking engines are identical except for branding. Demo of FA [broken link removed]. Demo of UB [broken link removed].
Partial result! Just noticed that FA seem to have updated their web site [broken link removed] as was claimed in a quoted letter from an Ulster Bank worker several posts back in this thread.
This change might have been up for a while unnoticed as it isn't in the section at the top listing the interest rate.
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Of course not. You can send a copy of passport or a copy of Driving License. You may need to get the copy certified by the Gardai. I got my pack in the post only 6 days after applying online. I still don't understand what all the confusion is, the T&C seem pretty straight forward to me. Some people are saying that they got different answers from FA staff on certain issues. This can happen in any business, doctors differ and all that. Staff don't have all the answers but the Terms and Conditions do. Be aware the T&C does contain infornation on a regular FA saving a/c aswell as the e-saving a/c. If you can't figure it out - probably best the leave your money in the local CU. No offence.
I've sent my original to several banks when opening accounts because I have found getting certified copies too much hassle. FA only asked for a photocopy (non certified).
Did you actually read the full thread? There was confusion over the rate issue and it seems to have been finally clarified - 5.22% on balances up to €15K and 4.07% on the full balance if you go over the €15K limit. Different to what some people were assured was the case and different to how RaboDirect for example apply interest. There was also confusion over other terms & conditions. There is absolutely no excuse for a financial institution giving out contradictory information about such black & white matters.
No they don't. The T&Cs simply do not clarify the interest payment and charges issues (since the latter are not covered in the T&Cs at all but in the referenced Tariff of Charges Booklet which is not available online).
No offence but most people on this thread are not idiots and yet could not clarify the issues even after (in some cases especially after) asking FA.
Anyway you already posted this "everything is obvious" comment earlier and I posted more or less the same rebuttal but you never bothered reading it or responding to it... If you read the T&Cs and thought that they answered all questions about the account then I suspect that you did not understand them properly.
Jethro Tull
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Asking how an interest rate will be applied is not asking for a statement of professional opinion as would be the case when seeking medical asistance or actuarial opinion, it is asking for a statement of fact. In terms of medicine or the application of finanacial and regulatory practices to a situation there are probably a myriad of answers. none of which are incorrect.
However asking does the interest rate vary in a tiered system such as is the case with Rabo or otherwise doesn not open itself to a myriad of answers. there is only one right answer. Some people are being told x, some y which means that some people are getting the wrong answer to a simple yes or no question. Even looking at some of the answers have been given the wording is ambiguous and in no way clears the matter up.