Should I open First active account or now deal direct with UB

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chlipps

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I am thinking of opening an e-savings plus account with First active as easier for me to open an account with them rather than UB as have a regular saver with First Active already and therefore avoid all the red tape, with passports, utility bills etc,.. is avoided.... The query I have is there any risk here due to the FA/UB merger? Any thoughts welcome
 
You have until [broken link removed]

No risk to your cash but
1) Your account will become an UB account.
2) Some FA branches and some UB branches are closing shortly.
3) I would guess that, there is a small/slim risk that you might encounter admin FA to UB issues/headaches, with your account opening, as there is only a few FA business days left. The account opening admin process may fall between the 2 banks.
 
Thanks Fungus for quick response... FA have sent me the application form with all details in. I just need to return the form signed with cheque but was hesitant when I read other threads on the merger. I think I will take the risk. They should have it Wednesday if posted tomorrow so that gives them 3 working days to finalise it.
 
Account was opened ok with first active and still getting first active headed letters on the account... The first active website no longer lists the interest rate but the UB website does. On the balance statement received it says interest rate is ''2.96% flatrate''... What does this ''flatrate'' mean? Am i not getting the bonus rate here? Any help/clarifications appreciated
 
There are 4 different ways to quote the rate for the Ulster Bank "eSavings plus" product.
It has an average rate of 3.25%
It has a rate of 3.46% for month 1 to month 6 inclusive
It has a rate of 3.00% for month 7 onwards
which is a gross rate of 2.96%

The "flat rate" that Ulster Bank are referring to is the "gross rate" of 2.96%.

You should still be getting the bonus.

You could always ditch Ulster and choose a simpler instant access savings product with a better rate of return.
 
thanks again fungus for clarification.. will test the UB account for 6 months and see from there whether i will switch it or not. I had an ebs reg saver and needed to move the monies as its interest rate had dropped off to a mere 1% so UB (first active) account was easy to open when i had first active account already
 
Chlipps - Just make sure if you have to withdraw funds from your e-savings plus account that you do so on the 1st of the month and then take all your funds out, withdrawals from this account at any stage will result in you receiving zero interest for that month, you will however get the bonus of .5% still accruing, watch that ....it's a sneaky condition in my view.
 
Cheers palerider... had heard that alright about the interest. Yes sneaky by them alright but all banks have some loophole. Planning on leaving the cash there for 12 months and see from there what to do with the account.
 
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