First Active e-savings account

Get a great rate of 5.22% AER variable*
(4.07% for balances between €15,001 - €1,000,000).

looks pretty straightforward to me. sometimes we make our own mountains out of molehills
I visited FA today as I have one of those ECB linked accounts to transfer over to an e-savings account but the official said I had to open the account on line and then come back in and she would transfer whatever amount I required.
 
Cuchulainn, I thought it was straightforward too. You might want to read page 4 of this thread and also note that FA have given contradictory answers on a number questions that being the most important.
 
cuchulainn said:
Get a great rate of 5.22% AER variable*
(4.07% for balances between €15,001 - €1,000,000).

looks pretty straightforward to me. sometimes we make our own mountains out of molehills
Click to expand...
No - that statement is not clear and is ambiguous. FA themselves made a mountain out of this particular by telling me (read my earlier posts) that the lower rate applied to the full balance if it exceeded €15K and telling others that the lower rate applied only to the balance in excess of €15K. They have also given me and others contradictory information on charges and the ability to transfer from non FA accounts. Unfortunately this inconsistent approach to giving out information coupled with their tardiness in processing applications would suggest that they simply do not have this matter under control. Personally I am also considering cancelling the cheque that I sent them and cancelling the account application.
I visited FA today as I have one of those ECB linked accounts to transfer over to an e-savings account but the official said I had to open the account on line and then come back in and she would transfer whatever amount I required.
Click to expand...
Not so straightforward on that front either then?
 
thanks CM. not as straightforward as it should be certainly. What I also find slightly odd is that they are proposing paying 5.22% on balances up to €15,000 for the e-savings account but on the Ecb linked account the interest effectively drops from 4.57% ( lots of strings attached I know) to .40% for amounts under €15,000. it would appear that in order to create more paperwork, more rules/restrictions etc and definitely more confusion than need be the case that its not possible to have one single FA account which can earn the best rates of interest ie First 15,000 @5.22% and if you agree to the conditions all balances over €15,000 at the 4.57%. I enquired some time ago at my local FA office for the optimum time to make a complete/final withdrawal from the ECB linked account and they promised to ring back.......... I have now decided that the best time is the 2nd working day January. otherwise I cannot see how you can avail of the .20% 'bonus' for making less than 12 withdrawals in the year.
 
ClubMan said:
As I mentioned earlier I was explicitly told otherwise - i.e. > €15K means 4.07% on the lot.
Click to expand...

Your right CM, I had overlooked your earlier post, where your contact seemed to be referring to FA Head Office, whereas my local contact did not.

I guess i will just have to review my decision, and await further clarification.

All in all, a right mess.
 
Anybody know when they calculate and pay interest - e.g. monthly or annually? If monthly then it should be simply to soon sanity check how they apply the rates to balances > €15K.
 
Sorry - I'm having a really bad (i.e. dumb) day today as you can see from my recent posts... :(
 
Just rang the helpdesk on this and asked:

Q. Are there any regular maintenance charges?
A. No

Q. On a 16k deposit, what rate of interest do I get?
A. 4.07% on the 16k in total. (Not 5.22% on 15k and 4.07% on 1k)

The helpdesk were definite on this, and it does contradict 'irishpancake's quote on page 8 of this thread.

I will only be transferring 14k and keeping an eye on when to withdraw so as to stay under 15k at all times.
 
mhh nada this side clubman and I returned mine before you? anyone get anything since returning the forms?
 
Boaber on page 8 says FA have responded to their application with an account number

Still waiting for mine (10 workings days now) keep expecting to see the cheque go through, but nothing.
 
boaber said:
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.
Click to expand...

I made a slight error on the above post with my dates. Sent off the completed application form & relevant ID etc on Wed 18th July (not the Monday as stated above). FA's confirmation letter is dated 20/07/07 and I received it on Wednesday 25th July. One week door to door is pretty good, but admit judging by this thread that I am very lucky indeed!

Haven't received my original proof of address documents though.......

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? :rolleyes:
 
the problem with FA just seems to be with these new accounts, my fixed rate mortgage ran out I sent back the forms to fix again for 2 years last week and got confirmation of same yesterday a 4 working day turn around which is excellent, pity same doesn't apply here
 
Has it been confirmed yet that we can open the a/c say with €1000 and then top it up in a once off transfer(€14800 say) from an external a/c via internet banking?
 
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