It traditionally offered a range of mortgages (including subprime mortgages), savings, investment, pension and life assurance products, but from 2007 onwards, also offered credit cards, ATM accounts and current accounts as well as online banking and Laser/Maestro debit cards.

The organisation was founded as the Workingman's Benefit Building Society in 1861, and it was legally incorporated in 1875.

[1] From the 1990s, it used an advertising campaign which involved contradicting received wisdom about finance.

The society demutualised in 1998 and was listed on the Irish and London Stock Exchanges as a under the new name of First Active plc.

[2] On 26 January 2009, it was announced that First Active would cease to operate as a separate entity and its operations would be merged with those of Ulster Bank, with the loss of 750 jobs (550 in the Republic of Ireland and 200 in Northern Ireland).