Savings Account Question

shuffles03

Hi,

I have a custom saver account with BOI. It's setup to take €200 every two weeks. Thing is, I haven't been able to save for the last 8 months so every two weeks when the savings account takes €200 from my current account I immediately send it back into my current account (which takes about a week to transfer).

There really is no point in me having a savings account at this time. I was going to close it but a customer service representative in BOI said it was better to keep it open regardless if I immediately withdraw the savings each time they go through. He said it shows a history of me being able to save. The fact that BOI are able to take the €200 every two weeks (as there's sufficient funds to do so) is really important even though the money doesn't stay there.

Is this true? I would have thought the opposite.

Squall Leonhart

shuffles03 wrote: »

Hi,

I have a custom saver account with BOI. It's setup to take €200 every two weeks. Thing is, I haven't been able to save for the last 8 months so every two weeks when the savings account takes €200 from my current account I immediately send it back into my current account (which takes about a week to transfer).

There really is no point in me having a savings account at this time. I was going to close it but a customer service representative in BOI said it was better to keep it open regardless if I immediately withdraw the savings each time they go through. He said it shows a history of me being able to save. The fact that BOI are able to take the €200 every two weeks (as there's sufficient funds to do so) is really important even though the money doesn't stay there.

Is this true? I would have thought the opposite.

It was always my understanding that when applying for mortages etc, a track record of regular, constant, untouched savings for at least 6 months was looked for. Other users may correct me on this.

shuffles03

That's what I thought tot. Best to cancel my savings account until I can do so at a later date.