Opening a 'backup' bank account - which bank?

Squall Leonhart

I'm thinking of opening a bank account with an alternative bank than who I presently bank with (Bank of Ireland).

Intend to use this for savings, not day to day expenditure. Will not be in a position to lodge large initial sum to avoid banking charges, I will simply be transferring the odd €50-100 from my BoI account.

Can anybody give any suggestions which bank may be best for this?
(I already have a credit union account separately).

pxdf9i5cmoavkz

Why do you want to use a different bank instead of the one you use now?

Are you paranoid about something?

Squall Leonhart

Cara Important News wrote: »

Why do you want to use a different bank instead of the one you use now?

Are you paranoid about something?

Ha ha, no, not paranoid. It may make no sense to most, but it's to try make up for a lack of discipline at times, i.e., out of sight, out of mind.

I have 2 current accounts and a monthly saver account with BoI, just looking to have another bank where I can send any surplus that there may be, so I don't spend it frivolously!

willbur

Squall Leonhart wrote: »

I'm thinking of opening a bank account with an alternative bank than who I presently bank with (Bank of Ireland).

Intend to use this for savings, not day to day expenditure. Will not be in a position to lodge large initial sum to avoid banking charges, I will simply be transferring the odd €50-100 from my BoI account.

Can anybody give any suggestions which bank may be best for this?
(I already have a credit union account separately).

A Credit Union no fees and if you where in need of a loan in the future your pretty much guaranteed especially the longer you save

Yggr of Asgard

Have a look at bunq.com with their basic account which is free. You can only withdraw via bank transfer (as the free account does not come with a card).


Otherwise N26 is also an option which is free in the standard variant and it also gives you a Mastercard to withdraw.


All of these you can open online via your android or Apple phone and than transfer money in via SEPA transfers.

Squall Leonhart

Sounds like the type of thing I might be after! Thanks

Owryan

I set up an online account with FIRE, for this reason. Can only withdraw the money back into my main account so this reduces the temptation to dip into it as it takes a day or 2 to come through

manonboard

I'd second the credit union before another bank.

The reasons being. They are easy enough to get money into, but more hassle to get money out of. If you are trying to curb impulse control, thats a useful feature.

Also, you will be very likely to get a loan should you need one, and they love regular small savers. It's always handy to have the option of future finance if you need it.

May i also check that you are familiar with your own banks notice accounts? a 30 day notice account usually curbs most impulses

Squall Leonhart

manonboard wrote:

May i also check that you are familiar with your own banks notice accounts? a 30 day notice account usually curbs most impulses

I am indeed aware of this, thanks

I'm a bit of a squirrel, I like to have many stores of acorns! I used to use a post office saver account as well, but looking for other options. As already mentioned, I do have and use a Credit Union account. This is very easy to transfer in to (electronic), and a pain to withdraw from (few hours drive, queue up to manually withdraw!).

Just trying to see my options on starting another small pot to deposit little bits into.

Thanks to the used who suggested Fire also, I'll look into it.