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BOI goal saver type accounts

  • 04-07-2018 2:07pm
    #1
    scarepanda
    Registered Users, Registered Users 2 Posts: 3,454 ✭✭✭


    Hi everyone,

    I was half listening to Sinead Ryan on news talk earlier on and at the very end she mentioned something about having multiple bank accounts where each one had a savings purpose i.e night out/ holidays/ household etc etc. If she mentioned what those accounts were called, i missed it. Iv looked online and BOI Goalsaver account seems to be the closest thing to what she described. The max number of 'sub' accounts you can have is 2, but Sinead said she had 4 of these accounts (possibly with different banks, i dont know).

    Iv wanted this type of account for ages, where by i can put aside certain amounts for certain things into different accounts at payday before it can be spent, but never knew they actually existed.

    So, can anyone help me out with what these type of accounts are actually called? BOI's goal saver is the only one I can find. I am currently with BOI, but planning on moving soon.

    cheers!


Comments

  • #2
    Humour Me
    Registered Users, Registered Users 2 Posts: 360 ✭✭Humour Me


    I didn't hear the discussion but she was probably just talking about setting up different savings accounts based on what you need. It wouldn't be a specific savings product.

    To give you an idea, I have 3 savings accounts with specific purposes. My current account is with PTSB.

    PTSB online access - this is my easy access savings account. Holidays, weddings, unexpected bills etc. I can transfer funds to my current account instantly online. I try to be disciplined with the account (Asos is a problem) and to add to it every month, especially if I have taken funds out.

    Credit union account - building up savings as I want to buy a car in the next 12 months. Depending on amount I have saved I could either get a loan for the full or part of the car purchase. I would need to go to the Credit union to withdraw the funds, so I can't spend it on a whim.

    KBC savings account - opened a few years ago when the rate was better, this is my deposit account for when I want to buy my own place. The savings are collected by direct debit the day after payday so I never get the chance to spend it. I don't need to think about the account except to check the balance 2-3 times a year. I think I need to give 30 days notice before I can withdraw the funds.

    The interest rates aren't great across the different banks, so just look at the different terms and conditions and pick accounts that suit you. Bonkers.ie have a pretty good comparison tool that you can take a look at.


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