First Active Regular Saver - 7.15% on up to €1K p.m.

Hi,
Can everyone get this rate up to 1000E or just BOI SSIA people, saw something about that before?

Also can you get app form online, can't seem to find?

Thx
 
bfield said:
Thats good news GON10.

Can someone help me with an interest calculation on this FA account. Im trying to calculate how much interest I should receive monthly based on regular savings of €700 per month. When I asked my branch, they said they werent sure how to calculate it monthly, but said I should receive approx €600 interest annually. Does this sound about right??
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That figure is miles out... some training required in FA I think

You can expect about €350 before tax on a contribution of €700 pm assuming rates stay at 7.1% for the year

This is 7.1% of the average balance of €4900 over the year
 
See also this calculator. By my reckoning using it in the first year of saving €700 p.m. @ 7.1% gross CAR you would earn c. €320 gross or €265 net of DIRT or an effective net return of c. 3% on the total amount saved over the year.
 
John J said:
That figure is miles out... some training required in FA I think

You can expect about €350 before tax on a contribution of €700 pm assuming rates stay at 7.1% for the year

This is 7.1% of the average balance of €4900 over the year
Click to expand...

i just realised how FA worked it out:700x12x7.15% = €600.60. :rolleyes: :rolleyes:
Some training required indeed

ClubMan said:
See also this calculator. By my reckoning using it in the first year of saving €700 p.m. @ 7.1% gross CAR you would earn c. €320 gross or €265 net of DIRT or an effective net return of c. 3% on the total amount saved over the year.
Click to expand...

thats some calculator clubman!!!

thanks for the help guys
 
bfield said:
thats some calculator clubman!!!
Click to expand...
Actually I think that the results may be a bit off (too high) as it presumably compounds the gross monthly interest when, in fact, interest may be credited monthly then DIRT deducted so that only net monthly interest is compounded. In short the total net return may be slightly (?) less than €265.
 
Just received literature from FA confirming 3 accounts (1 joint, 2 single) opened, but upon closer scrutiny of the terms & conditions item 31.10 You may not hold more than one Regular Saver Account at any time (whether in your sole name or in joint names) - even though I enquired in branch and was told that we could open 3 accounts and have done so although when filling in the application form we had to check a box that asked us did we understand the terms and conditions. I wonder should I sit tight or bring this to the banks attention.
 
paying 700 a month for 12 months. Assuming 7.15% EAR and ayments go in on the 1st day of each month then I make it 321.89 gross => 257.51 net of 20% DIRT


The first 700 will earn thefull 7.15% for the whole year = 50.05
the second will earn 700*(1.0715)^(11/12) = 45.75 etc
 
diarmuidc said:
I already have an account there.
Compounded monthly. However that's incorrect if the interest rates quoted are AER. (which they may be?)
Granted I have one bug where the values total to the 13th month and not the 12th month.

I didn't include DIRT but you can get that easily as it's approx 20% of the difference
Click to expand...
Monthly interest payments will compound net of DIRT and not gross.
 
Does the account being debited have to be a current account, i.e could you drip feed a FA regular savings account from a FA esavings account? would this yield better interest margin over the year?
 
Darando said:
Does the account being debited have to be a current account, i.e could you drip feed a FA regular savings account from a FA esavings account? would this yield better interest margin over the year?
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Not directly, as you need a standing order set up to fund the regular saver account.

You could transfer money from your eSaver a/c to a nominated current account
and drip-feed from that by S/O. (You need to contact FA to nominate a Payee at present)

i.e. Halifax Current A/C allows you to set up standing orders on-line, and to amend the amount at any time.
 
irishpancake said:
i.e. Halifax Current A/C allows you to set up standing orders on-line, and to amend the amount at any time.
Click to expand...
Do (m)any other online banking systems allow users to set up external accounts, set up and/or alter DDs/SOs etc.? Halifax's is the first one that I've used that does and it's great!
 
ClubMan said:
Do (m)any other online banking systems allow users to set up external accounts, set up and/or alter DDs/SOs etc.? Halifax's is the first one that I've used that does and it's great!
Click to expand...
In comparison to BOI and AIB.
[broken link removed]
 
Hey, thats a great calculator, but I was wondering if you can deposit a lump sum initially with FA and then deposit 1000 a month, and if so how would I calculate the return over say 12 months? The formula would be fine I can plug in the values! My compound interest is a little rusty :)


Thanks!
 
I think you can only lodge a maximum of €1K p.m. including the initial lodgement.
 
Dantes said:
Hey, thats a great calculator, but I was wondering if you can deposit a lump sum initially with FA and then deposit 1000 a month, and if so how would I calculate the return over say 12 months? The formula would be fine I can plug in the values! My compound interest is a little rusty :)


Thanks!
Click to expand...

Clubman is correct. They wont accept lump sum. You set up the a/c with a standing order, up to max €1,000 per mth. Use the above calculator to work out the return.
 
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