First active esaver to first active 7.15% account...

J

JamesGG

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I am not spamming I have read other posts.

I opened the FActive account which gives you 7.15% interest, and have a standing order from another bank lodging €1000 per month into it.

I was wondering if I set up an esaver is it possible to put a sum of say 15000 into it and have the €1000 transfering from the esaver regularly? Or must one do it manually online??? Thanks.
 
I don't think the e-saver has a Standing Order or Direct Debit facility and you'd also have to check with FA if they allow the regular saver account to be funded directly from the e-saver account.
 
I just looked at my eSavings a/c and the options to create SOs/DDs or other scheduled transfers don't seem to be available - e.g.: I get this when I attempt to create an SO or DD.
First Active Online

Unfortunately - this option is not available to you.

This is because it is not appropriate to your particular account on-line, or does not apply to customers under 16 years.

For further assistance please contact the First Active Online helpdesk or visit your local store.

For a list of helpdesk numbers, please see our page of [broken link removed].
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So if you want to drip feed €15K from the eSavings a/c to the regular saver account then you might need to do it manually or else via a third party current account.

By the way be careful of putting exactly €15K (or more) into the eSavings a/c in case you end up on the lower rate once interest has been credited. There is at least one existing long thread on this.
 
ClubMan said:
By the way be careful of putting exactly €15K (or more) into the eSavings a/c in case you end up on the lower rate once interest has been credited. There is at least one existing long thread on this.
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FA cleared up their confusion on that.

The higher interest rate applies on balances up to €15,000.99.

They issued refund cheques to people that had balances of exactly €15,000 who were given interest at the lower rate.

I've been running my eSavings at exactly €15k for several months without being knocked down to the lower interest rate.
 
GeneralZod said:
FA cleared up their confusion on that.

The higher interest rate applies on balances up to €15,000.99.
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Yes - but if you lodge €15K then for at least a day or more after the monthly payment of interest you will drop to the lower rate so it may be more prudent to lodge, say, c. €14,900 or whatever and always transfer interest out at the end of the month so you never breach the €15,001 limit.
I've been running my eSavings at exactly €15k for several months without being knocked down to the lower interest rate.
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What do you do at the end of the month when interest is paid?
 
ClubMan said:
What do you do at the end of the month when interest is paid?
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Once a month I schedule a payment out for the day before the interest is applied. The next day the interest goes in and then I deposit a couple of euros to top it back up to €15k.

Extreme yes but since I log in once a month to check the money hasn't been stolen it's easy enough to do.
 
ClubMan said:
Ah - I see. So this was not completely accurate then?
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I give it a day or two's interest payment in leeway. It could probably be optimised a tiny amount more but the interest payments vary slightly according to the number of days in the month. For about 26-29 days of the month the balance is at exactly €15k.
 
trebor said:
I don't think the e-saver has a Standing Order or Direct Debit facility and you'd also have to check with FA if they allow the regular saver account to be funded directly from the e-saver account.
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anyone confirm this?? Even if it can be done manually that wouldn't be too bad.
 
JamesGG said:
anyone confirm this?? Even if it can be done manually that wouldn't be too bad.
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The [broken link removed]

**You are required to set up a Standing Order upon account opening to credit your account monthly
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Since, as mentioned above, you can't do SOs or DDs ([broken link removed]) from the eSavings account it looks like you can't easily fund the regular saver from the e-saver.

As long as FA can't tell the difference between a SO and a manual deposit you could try stopping the SO and putting it in manually every month thereafter.

FA don't appear to have a T&Cs doc on their website for the regular saver account to help answer it definitively.
 
Phone telephone banking and add the sort code and account number of your regular saver as a payee on your Esavings account-as long as you have the card reader enabled you can manually make the transaction online yourself each month-if not telephone banking will do it for you.
 
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