First Active Money Market Deposit - 6.34% AER

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DELLBOY 08

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75
[broken link removed]

Will somebody please explain to me the difference between this account and a standard fixed term account?

Is this a new offer from FA as I haven't come across it before?
 
That's a new account. I can't see any big differences in the T&Cs listed for it with their other fixed term accounts.
 
GeneralZod said:
That's a new account. I can't see any big differences in the T&Cs listed for it with their other fixed term accounts.
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Thanks for that.

Couldn't find any difference myself when I looked at it which is why I asked.

Excellent rate. Ill be opening one for sure:D
 
So this basically blows Halifax rate away. (although there is a minimum deposit and no withdrawals allowed).

I'm guessing you have to call into a branch to open though?
 
Darando said:
So this basically blows Halifax rate away. (although there is a minimum deposit and no withdrawals allowed).

I'm guessing you have to call into a branch to open though?
Click to expand...

If you're an existing FA customer I'd imagine that you can just open the account via your online account
 
DELLBOY 08 said:
If you're an existing FA customer I'd imagine that you can just open the account via your online account
Click to expand...

There's no link to open it up directly from the online account unlike with Rabo Direct fixed term accounts. FA do have some accounts that can be applied for on-line where having an existing account makes it easy to do without posting in or visiting the branch but this doesn't seem to be one of them. Pity that.
 
GeneralZod said:
There's no link to open it up directly from the online account unlike with Rabo Direct fixed term accounts. FA do have some accounts that can be applied for on-line where having an existing account makes it easy to do without posting in or visiting the branch but this doesn't seem to be one of them. Pity that.
Click to expand...

Couldn't find a link myself, which is crap. My local FA you have to make an appointment etc. to open accounts. Hassle. whereas halifax was opened via post and just appeared in my online banking awaiting the cash.
 
Just got the form to set up an account. Unfortunately the person dealing with Money Desk Deposit was not around:(, no terms & conditions information either:(

Are the T&C's online. No withdrawals, anything else to watch out for.

If I put in the min. of €20,000... I work out a total interest of €481.25 for the 6 months assuming 6.25% & assuming DIRT at 23%....just about €80.21/month. I stand corrected on this one of course, seems good.
 
Yeah it seems good. The term "Money Market" makes it sound risky to me, although is does say "fixed rate guaranteed return". I enquired about setting up the account and was told I have to firstly set up an Instant Access Account with whatever funds I intend putting on deposit and the funds are then transferred to the Money Markets and back into this account on maturity, ie 6 months later.

I can't see any specific T&C's for this account?
 
Pope John 11 said:
If I put in the min. of €20,000... I work out a total interest of €481.25 for the 6 months assuming 6.25% & assuming DIRT at 23%....just about €80.21/month. I stand corrected on this one of course, seems good.
Click to expand...

Yeah €481.25 is correct!
 
Inquired at 2 branches without success about opening one of these. No T&Cs available it appears. Strange. Has anyone got the T&Cs and/or managed to open one?
 
I set up an account this week. I was told that for the 6 months with a min. €20,000 would earn 6.25% Interest. I was also told that when the account opens the rate of 6.25% is set in stone, its a fixed rate.

Perhaps others may coment on this.
 
The terms and conditions are in their general savings and deposits T & C booklet. The only problem is that it seems slightly out of date indicating that €5k is required to open an account. I'll be in with them tomorrow so I'll update then.
 
I presume the term "Money Market" is just a catchphrase?

If so, given the recent Market turmoil, this is an unfortunate description of their product.
 
There were ads in the newspaper this morning - 3 of them were for rate decreases and one was for this rate fixed term increase :)

I guess "money markets" means FA then invest the money in the interbank market but it does come with a fixed guarantee.
 
"Money Market account" means the rate is based on cost of funds in the inter-bank money markets. It doesn't mean they "invest" it in the money market!
 
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