First Active e-savings account

sounds like they're making it up as they go along! i didn't realise till i read the aam posts that I couldn't just transfer from my aib online banking, really defeats purpose of online e savings ahhhh!
 
pc7 said:
sorry clubman so do i have to pay 6.35 a quarter for the eSaving account! i'm having one of those days!! I really need it to be a saturday
Click to expand...

I called into my local branch earlier today about this and they said they were 100% sure that there were no charges at all for eSavings. I said I had heard there were quarterly charges, so they called Head Office and they said the same thing. I guess that confirms it!
 
ClubMan said:
And also clarification on if €20K means €15K @ 5.22% and €5K @ 4.07% and not €20K @ 4.07% for example.
Click to expand...

It feels a bit like deciphering the Rosetta Stone this. Or debating what the meaning of is is. Or waiting for Moses to come down from the mountain to give us enlightenment.

Looking at the First Active [broken link removed] gives me the feeling (not very scientific this) that they have a good approach to the banding.

For the ECB rate linked account they have this rule for determining if the derisory 0.4% interest rate kicks in.

"If the balance shown falls below €15,000 for four or more calendar days per quarter".


The mood music is encouraging.
 
Hey guys,

First post, so hello all.

Not much of a finance guy and I tend to get lost in the Terms & conditions lingo. So a bit of help would be great.

Like yourselves I rang up to ask a few questions and got a clueless idiot on the other end. She almost laughed at me when I asked if I could lodge money at any time from my AIB account. I got suspicious when she kept saying "I'll ask someone", so I did a quick search and thank God I came across yourselves.

I see there are no charges on the account and you can only lodge money (excluding the regular saver) from your First Active account. Grand.

What about withdrawing money?

Could I withdraw €1000 to my AIB account?

I'm sure it's a very stupid question, but with the trouble I've discovered in opening this account I just want to cover ALL bases.

Cheers guys.
 
Not stupid questions and until somebody from FA can authoritatively answer the questions we are all, to some extent, guessing the answers. :(
 
ClubMan said:
Not stupid questions and until somebody from FA can authoritatively answer the questions we are all, to some extent, guessing the answers. :(
Click to expand...

I think I might get onto the financial regulator about this. I think it's disgraceful to be honest.

If the answer to my question is NO then you have to set up a current account with FA to do anything with your money. :mad:
 
I already complained by email to FA and IFSRA about the lack of the charges tariff booklet on their website or in the package that applicants receive. I have heard nothing back in two days from either.
 
SS expert said:
Was just on to them...

There is NO fee,

And

you can put as much in as you want...When you want
Click to expand...

From any bank account or only your FA account? i.e. You must have a FA account to set up an E-Saver account.
 
Sure i was the one who originally posed that there was charges, was told 2 different things now!!!
 
Watching this thread to see what happens, if there's no charges and no deposit restrictions from external a/c then it sounds good. Have the forms waiting here...
 
OK - here's the latest from my contact in Phibsboro...
Below is the response I got from Head Office. Hope this clarifies your queries. In relation to the first part, they did not think that it would be possible for money to be transferred from external banks but they have literally just solved this problem so you can transfer from your ptsb account at any time now. ​

...
​
just to clarify....​
he can transfer money from his ptsb account into the eSaver account at any stage...​
if the full amount totals €15001 or more then the interest on the full account will be 4.07%, not 5.22% for the amount under and 4.07% for the amount over!​

​
Click to expand...
Note the last point!

What a mess. I'm wondering whether to bother at this stage... :(
 
ClubMan said:
What a mess. I'm wondering whether to bother at this stage... :(
Click to expand...

Indeed ....

Based on the last point, if I dropped 15k in there - it'd be fine at the higher rate, until the interest gets paid - at which point it goes over 15,001 and the whole lot drops to 4.07 !?!

I have the forms at home, and every day they are getting closer and closer to the bin ...
 
I haven't read the entire thread, but I am bemused and amazed that after ten days, 100+ posts and numerous contacts with First Active people still can't get clear answers on the details of what is, after all, just a deposit account.

I certainly wouldn't be beating a path to First Active's door to open one.
 
thos said:
Indeed ....

Based on the last point, if I dropped 15k in there - it'd be fine at the higher rate, until the interest gets paid - at which point it goes over 15,001 and the whole lot drops to 4.07 !?!

I have the forms at home, and every day they are getting closer and closer to the bin ...
Click to expand...

this is not on the site...

[broken link removed]
(4.07% for balances between €15,001 - €1,000,000).
this implies 5.22% on the first 15000

if your nervous just put in 14800 and take out the interest every month
 
SS expert said:
Did he say if there were charges?
Click to expand...
I posted earlier about this - I was told that there were no charges and the tariff of charges booklet certainly states that the €6.35 per quarter maintenance charge applies to another type of account (Instant Access Plus).

SS expert said:
this is not on the site...

[broken link removed]
(4.07% for balances between €15,001 - €1,000,000).
this implies 5.22% on the first 15000

if your nervous just put in 14800 and take out the interest every month
Click to expand...
Well they have explicitly told me above that it's 4.07% on the lot if your balance is €15,001 or more and you only get 5.22% as long as you balance is below that. Of course, at this stage, who knows whether or not they are correct... :(
 
FA state ''interest is calculated daily and paid monthly.'' Therefore if I put in €15,000 to-day I will never get 5.22% because my balance will be more than €15,000 to-morrow. Am I correct?
 
You must log in or register to reply here.
Back
Top