How to set up account for expenses/bills

laoisfan

Hi

Long time BOI customer and I would like to know is it possible to set up an account for expenses/bills.

Some background.

My wife & both have BOI Current Accounts. Severals years ago when we bought our house it was agreed that as I was the main earner that the mortgage and bills would come out of my account. So currently mortgage, life assurance, house insurance, sky-tv etc etc all come out of my current account.

We would like to change this now.

Q. It is possible to setup an account and transfer over majority of direct debits to this account? Each month when I get paid I would transfer the necessary funds to that account before the direct debit are actioned. 

Q. Is it possible for the account to be visible to both of us via Banking 365 Online so we can both keep an eye on account activity and also transfer additional funds if necessary?

Please advise if it is possible to do this. Also please advise (if possible) how to minimise any fees related to such account.

Looking forward to hear from you.

Thanks. 

Bank of Ireland: Tara

Hi laoisfan,

Thanks for getting in touch.

It's certainly possible to have a second current account. For the direct debits to be moved over you would need to contact each company to provide them with your new account details. 

To open the account, simply contact your local branch to arrange an appointment. If the account is opened in both names then both account holders can have access to it online under their individual profiles.

We have information on how to save on fees here. You could also check out Money Manager on 365Online which is a personal budgeting tool. This may help with the running of the new account.

Thanks
Tara

laoisfan

Hi Tara,

Thanks for the quick response - much appreciated.

Regards, laoisfan

laoisfan

Hi Tara,

Just wondering is the following possible.

Convert my current account into a joint current account thereby leaving the direct debits in place. And I just open up a new current account and get my salary paid into that account going forward.

Please advise if this is also possible.

Thanks

Bank of Ireland: Tara

Hi laoisfan,

I'm afraid it's not possible to change a sole account into a joint account. I understand it can be time consuming changing over the direct debits. Most utility companies can take a direct debit amendment by phone so you may not need to fill out new mandate forms for all of the companies.

Thanks
Tara

laoisfan

Bank of Ireland: Tara wrote: »

Hi laoisfan,

I'm afraid it's not possible to change a sole account into a joint account. I understand it can be time consuming changing over the direct debits. Most utility companies can take a direct debit amendment by phone so you may not need to fill out new mandate forms for all of the companies.

Thanks
Tara

Thanks Tara.
The majority of the direct debit are with BOI so I guess that would be a big deal to change. There are a few others which should be possible to do over the phone or online.

Thanks again.