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Advice on opening a joint account

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  • 15-01-2012 4:45pm
    #1
    paulam
    Registered Users Posts: 16 ✭


    Hi all,

    Looking for some advice on opening a joint account please? Myself and my partner have been thinking for a while about opening a joint account. We were thinking about opening a joint Credit Union account as opposed to a Bank Account. However as we both have single accounts in our own names, if we were to open a joint account our savings would not be insured and we would not be able to avail of loans on this account.

    We are now looking at the joint bank account option. My bank account is with AIB and my partner is with BOI. Is it best to open the joint account with one of our own banks or to go to a different bank altogether. Also it is possible to get loans on bank joint accounts?

    The purpose of the loan is to save for the future - deposit for house when applying for a mortgage. We have no intention of taking out loans on this account but would like to know that the option was there if needed.

    Any advice on this would be greatly appreciated.

    thanks :)


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    You can open a joint account in your current banks or a new one if you wish.

    I don't understand what you mean by not insured.

    A track record of savings would be the best way to get a mortgage as it shows capacity of savings and disposable income etc.


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    #3
    paulam
    Registered Users Posts: 16 ✭paulam


    When we were enquiring about the joint credit union loan, they said that our savings in our idividual share accounts are insured and due to this savings in the joint account would not. Not 100% sure myself what it means?

    thanks


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    #4
    Karen23
    Registered Users Posts: 1,871 ✭✭✭Karen23


    My husband and I both have individual AIB current accounts and we'd like to open a joint account. Can we keep our individual accounts as well the joint one ? Wages etc get paid into our individual accounts and we'd like to be able to transfer money from both our accounts to the joint one to save in


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    #5
    Cedrus
    Registered Users Posts: 1,429 ✭✭✭Cedrus


    Karen23 wrote: »
    My husband and I both have individual AIB current accounts and we'd like to open a joint account. Can we keep our individual accounts as well the joint one ? Wages etc get paid into our individual accounts and we'd like to be able to transfer money from both our accounts to the joint one to save in
    You can have as many bank accounts as you want so long as you declare all of them for DIRT but with bank charges coming back it might get unnecessarily expensive. You need to shop around and get the best deal and ideally get a different type of account, it'd be a bit pointless having 3 current accounts for instance.
    Bear in mind also that should something happen to one of you, your personal accounts are not accessible to the other person, sometimes for years, so a joint account is definitely a good idea.


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