First Active said:
- Customers will earn 5.22% AER* on amounts up to €15k
- Customers will earn 4.07% AER* on amounts over €15k
understand the FA rules clearly..
Rabo Web Site said:a great rate of 5.0%* on balances up to €10,000 and a rate of 3.75%** from €10,000 to €1 million.
I think Bacchus is quoting from outdated First Active site.
Get a great rate of 5.22% AER variable*
(4.33% applied to entire balance where the eSavings Account balance is between €15,001 - €1,000,000).
Also, because I opened the account with 15k does that mean I'm on the lower rate of interest (because my balance is NOT <15k)?
Also, because I opened the account with 15k does that mean I'm on the lower rate of interest (because my balance is NOT <15k)?
Despite what First Active say on their web site they are applying the lower 4.33% (applied to entire balance) rate once the balance hits €15,000.
This thread discusses an example of this that occurred on my account.
Its outlined here on [broken link removed] and also here on [broken link removed] that interest of 4.33 is applied to the balance when balance exceeds 15001that must be false advertising. No?
I've withdrawn €1 to bring the balance to €14,999 and will log in each month just before the interest payment to transfer out enough to keep it below that level.
Hi General, do you withdraw 60 Euro from the 14,999 before the interest is paid? To me that's the reassuring break-even point... What's your opinion pls?
Suppose "whole" is the operative word. Though, on reading again, I agree it's not entirely clear. "Whole" could mean the balance over €15,001. The lengthy debate on AAM clarified it for me.What interest rate will I get if my balance goes over €15,000?If the balance of your savings is €15001 or above you will get an AER of 4.33% on the whole balance.
This looks pretty clear to me (from First Active eSavings FAQs):
Suppose "whole" is the operative word. Though, on reading again, I agree it's not entirely clear. "Whole" could mean the balance over €15,001. The lengthy debate on AAM clarified it for me.
I've just sent FA an email asking what the rate will be in 2008 - adding that there wouldn't be any point in opening an account now if their rate won't be better than the competitors. A bit cheeky - it'll be a surprise if there's a reply.
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