First Active e-savings account

I have also signed up for this account but as I was already a FA customer with online banking I didnt need id etc. The money I transferred (started with €1 just in case) hasnt gone through yet but the account is showing up online. Have not received any paperwork, maybe I dont need any! I contacted local branch but they do not deal with these accounts at all, there is a number on the website you must ring if you have a query, although I did think it wasnt clear as it is at the top of the page on the account application, not on the general info page. I was told the account is not offered through the branch network only online so they have no other details on it other than what is on the website.
 
I sent in a €50 initial lodgement cheque 7 working days ago and it has yet to be withdrawn from my ultra low interest rate current account. Glad it wasn't for the full €15k.

No reply to my email requesting clarification on a couple of questions raised in this thread.

Are First Active trying to sabotage their own product launch?
 
its not looking good is it? i sent mine back last thursday (19th) pretty poor all round, doesn't instil confidence.
 
This is indeed farcical on the part of FA. I have now sent three e-mails to seperate addresses, as shown in my previous post:

my local FA Branch,
Online Banking faonline@firstactive.com
General Information info@firstactive.com

I even gave the URL for this debate on AAM

and not so much as an acknowledgement or any form of reply :(

Do these people want our money or not :confused: ??
 
Their rollout makes the blurb on their homepage about eSavings suggest they should drop the 'a'

;-)

"We've put a little thought into savings..."
 
irishpancake said:
Do these people want our money or not :confused: ??
Click to expand...

Doesn't look like it, I have yet to get a reply either. Sent my third e-mail this morning.

My savings is currently split between a deposit account with Northern Rock and a regular saver with Anglo. Must say their communication has been nothing short of 10/10 so far. Doesn't make one want to run out and change banks does it?
 
One wonders what sort of corporate culture they've got in First Active. They can't be unaware that they're getting a drubbing in this thread and yet there's no response.

I'm imaging a Dilbertesque office where initiative and enthusiasm for doing a good job is punished. I pity anyone working there that gives a damn. Management there probably sees anyone doing a good job as a threat to be eliminated.

They've got a lot to learn from RaboDirect's approach to actively monitoring and responding to questions on AAM.
 
Yeah - this whole episode is certainly pointing up the advantages of dealing with the likes of Rabo/NR who, while they might pay a bit less interest at least seem to have their act together most of the time... :(
 
Dominic Coyle's personal finance queries column in the Irish Times last week and the week before dealt with abominable customer service on First Active's part. Coyle wrote last week that he had received enough other letters from readers complaining about First Active to fill his column for months.

The fiasco of this product launch appears, therefore, to be consistent with typical service levels at First Active.
 
i'm seriously considering cancelling it (not that i've received anything back yet) I think i read in t&c i could within 14 days. But at this rate i may never receive any confirmation to do it!
 
[broken link removed]
6 Cancellation Rights

When we open your Account, we will write to you with your Account number and other
information about your Account. If you are not happy with your choice of Account, you
may cancel it within 14 days of receipt of your Account number by confirming your
decision in writing addressed to your Store. If you do so we will give you back all the
money you have deposited in the Account with any interest it has earned. We will ignore
any notice period and any extra charges. This would not apply if the interest on the
Account depends on rises and falls in financial markets outside our control, or is fixed-rate.
Click to expand...
 
If FA are inundated with applications and cannot cope then they should stick a notice on their website to this effect. In the absence of such an explanation one can only assume that they are lacking efficiency and/or competence.
 
I must be one of the lucky ones......posted off my application Monday of last week and received confirmation of my account number etc yesterday.

They stated in this letter that my original documentation will follow shorlty, as will my pin, passwords etc.

The letter also stated that I had 14 days to cancel policy and they will refund me my premium plus any interest.
 
I don't mind the delay in processing the applications, but I'd be happy when there is a definitive, authoritive & consistent answer to irishpancake's 3 questions:


irishpancake said:
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
Click to expand...
 
Folks

Just received the following from my local FA Branch (thanks to Cahal Daly :) )

Dear Mr. Irish Pancake

Thank you for your enquiries in relation to the esavings account. See my
reply below.

1. There is no quarterly maintenance fee.
2. If the balance exceeds €15k then the lower rate applies to the balance
in excess of €15k ( you get the higher rate on the first €15k)

3. Yes, you can fund the account from any bank in Ireland but you would have
to have online banking with the other financial institution to facilitate
occasional payments.

Apologies for the delay in responding

Thank you,

Cathal Daly, BBus, QFA
Branch Development Manager
First Active plc
My Local Branch
Click to expand...

I think this is a good response, and I will certainly be transferring out of Rabo to FA, based on the info given.

What do you all think.
 
2. If the balance exceeds €15k then the lower rate applies to the balance
in excess of €15k ( you get the higher rate on the first €15k)
Click to expand...
As I mentioned earlier I was explicitly told otherwise - i.e. > €15K means 4.07% on the lot.
 
Just a few sentences on their website [broken link removed] clearing up the ambiguity about how the lower 4.07% applies and how money can be put in and taken out would go a long way to resolving the confusion.

A reply from an individual that presumably wasn't involved in the product creation is intrinsically less reliable than information they've put on their website assuming of course there's an internal verification process before it goes up.

At this stage I'm not going to rush to move funds into the account until after FA have given a more official answer.
I'll live with the slightly lower NR rate.
 
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