First Active e-savings account

They'll calculate it daily, but will apply the cumulative amount monthly.

Hopefully they'll let the interest be paid into a different account, and ideally it won't be required to be another FA account.
According to T&C 43.6 ordinary withdrawals can be made to a "nominated non First Active account". I'd like to know what the account nomination procedure is. With Northern Rock it can be done on-line.

I sent them an email today asking is there such a facility to avoid inadvertently triggering the lower interest rate for the whole amount. All this assuming the latest responses from FA on the lower rate applying to the full amount when it's above €15k are accurate.
 
When I think about it, why am I contemplating trusting an institution behaving in a Mickey Mouse manner like this with my hard earned 15k? :rolleyes:
 
I was seriously considering FA as well, have a few bob in Rabo and two regular savings accounts with AIB to the max,as I am married.Certainly havent seen any charges applied to my AIB Feeder account but wont be long getting them to change it if I do.I couldnt see anywhere with FA if you can have two of these esavings accounts with them if you are married, must check that with them.Certainly seems like a positive move,hope it is as good as it seems.
 
clubman think you were the first to post back the application forms, have you received anything yet?
 
Hi Clubman, how are you mate? I think we are all worrying a bit too much here... I am quite sure that "1st active" meant that for 20K then 15K will have 5.22% and 5K 4.something...

Re the charges I don't think there will be any but we need of course to agree that this is a savings account (with all its typical limitations) and not a current...
 
Godfather said:
Hi Clubman, how are you mate? I think we are all worrying a bit too much here... I am quite sure that "1st active" meant that for 20K then 15K will have 5.22% and 5K 4.something...
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Well they have explicitly told me otherwise and that once the balance exceeds €15K then you only earn 4.07% on the lot.
 
pc7 said:
clubman think you were the first to post back the application forms, have you received anything yet?
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No - I was not the first to post back the forms. I only posted mine off on Sunday. All I am expecting back is confirmation that the account was opened and not any further clarification on terms & conditions of the account.
 
Hi Clubman,

re your sentence "Well they have explicitly told me otherwise and that once the balance exceeds €15K then you only earn 4.07% on the lot."...

That's incredible!!! :confused:

So we'd better but something like 14.5K so that we've got 500 Euro "spare space" to add the monthly interests for a while... What's your opinion? Or do we have the monthly interests lodged in a different account?

What's your opinion please?:confused:
 
Godfather said:
re your sentence "Well they have explicitly told me otherwise and that once the balance exceeds €15K then you only earn 4.07% on the lot."...

That's incredible!!! :confused:
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See here.
So we'd better but something like 14.5K so that we've got 500 Euro "spare space" to add the monthly interests for a while... What's your opinion? Or do we have the monthly interests lodged in a different account?

What's your opinion please?:confused:
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Already dealt with by other posters above.
 
ClubMan said:
See here.

Already dealt with by other posters above.
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Thank you Clubman! I guess moving 14.something K is still worth it in case someone has got already some lump sums with rabo (10K) and "Irish Nationwide" and their "flexisaver 21"...

In fact, the other "lump sum accounts" give you max 4.57% (ECB linked 1st active) as far as I know.
 
See the Financial Best Buys forum for the best deposit rates on offer. Offhand for lump sum deposits at the moment they are (all gross CARs subject to 20% DIRT):
  • First Active eSavings: 5.22% on balances up to €15K dropping to 4.07% on the full amount for balances over €15K
  • RaboDirect: 5% on up to €10K and 3.75% on the excess if more than €10K lodged.
  • Northern Rock Demand Online: 4.5% on balances over €1K
  • INBS FlexiSaver 21 is now closed but was offering 5% on balances of €40K to €75K.
Bear in mind that addtional terms & conditions may apply.
 
Hi all, some great posts here. I've registered and this is my first post just to let you know that I rang FA office in Dublin as I could't get anyone to answer the phone locally.

Q. Are there any fees assoiated with this a/c?
A. No
Q. If I have 16000 in the a/c what is the interest payable?
A. Higher rate on the first 15,000 and the lower rate on the 1,000.

I wanted complete clarity on the second question so the girl was good enough to put me on hold and get confirmation on this.
I want to open this account but I guess I can't be 100% sure of the TandC's until the a/c is live as after all it was only a phone call.
Incidently, I wasn't aware that FA is part of the Ulster Bank Group.
 
I too have e-mailed my local FA Branch, as I would be interested in getting clarification on the points raised in this thread. Just this morning, so I await with bated breath.

Dear Sir/Madam

In relation to your Instant Access Savings Account (aka eSavings Account), can you verify:

1) If there is a quarterly maintenance fee.

2) Does the published Interest Rate of 5.22% AER variable apply to balances up to €15000, if the account balance exceeds €15001, or does the 4.07% rate apply to the full balance in the above case.

3) Can the Account be funded from any current account with any Bank or Institution in Ireland where Electronic/On-line funds transfer is possible, as promised on your web-site "Transfer money from any nominated current account." or is one confined to funding via a First Active Account.

I would stress that I am talking about occasional deposits, not regular savings.

I am anxious to have clarification on the above points, in order to decide whether to transfer my funds to this account from my existing lump-sum post-SSIA account with Rabo Direct.

I am contacting you as a result of the on-going debate about this account on the Irish financial web-site AskAboutMoney, link below:

http://www.askaboutmoney.com/showthread.php?t=58818

Regards,

Irish Pancake, Esq
 
keithers911 said:
Q. If I have 16000 in the a/c what is the interest payable?
A. Higher rate on the first 15,000 and the lower rate on the 1,000.
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So - once again they have given out conflicting information as they did previously regarding charges? :rolleyes:
 
Come Inside said:
I e-mailed first active the second I noticed this account (about 2 weeks ago, maybe more) and have yet to receive a reply. Not inspiring confidence in me.
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I've e-mailed the general help e-mail address and also the nearest branch to me and got no reply. They must not want my money
 
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