I've recently opened a deposit account with First Active (e-Plus account). The interest is paid monthly. What should I expect as monthly interest on a 60K deposit under the following terms ? No withdrawl made.
4.25% for first six months on €15,000 minimum to €1m maximum 3.75% after first six months on €15,000 minimum to €1m maximum
Online only. Interest paid monthly.
The reason I ask is that the interest I received after one month was not what I expected even if DIRT has been taken.
Rate for first 6 months is still 4.25% and rate for following 6 months is 3.75%. Rate for first 12 months is then 4%, matching the advertised annual rate.
The gross rate for first 6 months is 4.19%, or (4.19% / 12) paid monthly, which would compound to 4.25% over 12 months.