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Quality rates for a joint bank account -Mortgage Q

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  • 26-09-2018 1:18pm
    #1
    sa.curran
    Registered Users Posts: 13 ✭


    Hello!

    My partner and I are taking out a First Time Buyer 30-year mortgage with AIB. I'm near the final stages of signing the contract, however, I was just wondering if anyone could recommend their preferred bank for direct debit purposes.

    Basically, we can submit our own personal or joint bank account for AIB to take out the mortgage payments. We are considering opening a joint bank account with either Permanent TSB or Ulster bank as they only charge €50 a year for their services and no other transaction fees are applied. AIB and BOI charge about €20 per year along with additional transaction fee rates.

    Considering that I've currently a BOI personal bank account, and every quarter term I'm charged near €30 I was just looking into my options. I think it's defiantly worth changing my personal bank account, but for a joint one... is AIB, Ulster Bank or TSB better?

    There's a great comparison guide below which we were taking a look at. Sorry I had to put the following link with spaces so it would post in this thread.
    moneyguideireland . com / comparison - of - bank - charges - in - ireland . html

    We also wouldn't have enough funds to keep in the account to avoid the maintenance or transaction fee as mentioned in the above guide. We do not have any kids and the purpose of this joint bank account would only be for bills such as ESB, internet, yearly maintenance fees and a general emergency fund for the apt.
    Considering what we would use the joint account for as mentioned above, is there anyone out there in a similar situation that could tell me how much their average quarterly charge is?

    I've been told by an AIB agent that it's hard to change the direct debit account once we sign the contracts so I just wanted to make sure. Has anyone a third party debit account attached to their current mortgage? Has there been any hassle?

    Any advice would be appreciated. I'm probably over thinking it but I do hope I can save a bit of money in the process.

    Thanks very much ��
    Tagged:


Comments

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    #2
    hanaimai
    Registered Users Posts: 207 ✭✭hanaimai


    Do either or both of your income amount to 2500e or greater per month? If so, open KBC's Extra Current Account. It doesn't have any fees so long as you deposit at least 2500e per month. You also get a higher interest rate on their saver account.


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    #3
    Grant Stevens
    Registered Users Posts: 101 ✭✭Grant Stevens


    I'm pretty certain AIB will waive fees & maintenance if you open an account with them that services their AIB mortgage?
    https://aib.ie/our-products/mortgages/mortgage-benefits


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    #4
    Grant Stevens
    Registered Users Posts: 101 ✭✭Grant Stevens


    Also, EBS has fees & maintenance-free bank account (EBS Money Manager Account) which you could use as a feeder account for the mortgage.


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    #5
    catrionanic
    Registered Users Posts: 2,091 ✭✭✭catrionanic


    Grant Stevens wrote: »
    Also, EBS has fees & maintenance-free bank account (EBS Money Manager Account) which you could use as a feeder account for the mortgage.

    I have one of these accounts. It's very basic with no frills - no online banking app (Just desktop site), no contactlwss, etc. Wouldn't wanna use it as my everyday current account.


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    #6
    Grant Stevens
    Registered Users Posts: 101 ✭✭Grant Stevens


    catrionanic wrote: »
    Wouldn't wanna use it as my everyday current account.
    True. But it is a free account that can serve as a feeder account for the mortgage, as per OP requirements.


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    #7
    cruizer101
    Registered Users Posts: 3,205 ✭✭✭cruizer101


    sa.curran wrote: »
    I've been told by an AIB agent that it's hard to change the direct debit account once we sign the contracts so I just wanted to make sure. Has anyone a third party debit account attached to their current mortgage? Has there been any hassle?

    I don't have any direct experience of this with AIB but I'd be surprised if that was the case it should just be a case of filling out a form.

    I recently took a mortgage with Ulster and initially just set the direct debit up from my own account. Currently setting up a joint account with Ulster, for similar purpose as you, and as part of application just filled in a direct debit form and all should be ok.


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    #8
    wench
    Registered Users Posts: 1,640 ✭✭✭wench


    Grant Stevens wrote: »
    I'm pretty certain AIB will waive fees & maintenance if you open an account with them that services their AIB mortgage?
    https://aib.ie/our-products/mortgages/mortgage-benefits
    Yes, there are no fees if you're paying your mortgage from it.

    You can then see both accounts on online banking, and make easy transfers if you want to overpay the mortgage.


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