Setting Up a Joint Savings Account

luisan

Hello,

My partner and I are starting the process of saving for a mortgage. I am with AIB and he is with BOI. Ideally we are hoping to have a joint savings account that we can transfer money into whenever and from both our current accounts. We thought we had it sorted with BOI's joint Mortgage Saver Account but this only accepts one Direct Debit a month from one account which isn't ideal.

From my own research I know AIB offer savings accounts that would work but has to be setup in branch if joint. And even then, he doesn't have a current account with them so I'm assuming I would be the only one available to see it online. I think we'd like one where both of us can have access to see what is in the account.

Just wondering if anyone has been in a similar situation and what you ended up doing?

Thanks.

colm_c

Just setup a joint current account and then a savings account linked to it in whatever bank is easiest for you.

You don't need your savings to be in a joint account, you just need to show regular savings.

The more accounts you have, the more statements you will need to provide to the mortgage provider.

luisan

colm_c wrote: »

Just setup a joint current account and then a savings account linked to it in whatever bank is easiest for you.

You don't need your savings to be in a joint account, you just need to show regular savings.

The more accounts you have, the more statements you will need to provide to the mortgage provider.

Thanks for your reply. Another current account will mean more bank fees is the only thing.

Bubbaclaus

Set one up with a bank that doesnt have current account fees?

luisan

Bubbaclaus wrote: »

Set one up with a bank that doesnt have current account fees?

From what I've seen the only one is EBS? I know there's N26 and the likes as well, but I think an actual Irish bank account would be best.

luisan

luisan wrote: »

Thanks for your reply. Another current account will mean more bank fees is the only thing.

Are you sure you can't put an AIB savings account on internet banking without a current account? This webpage says:
"AIB Internet Banking is available to Personal and Small Business Customers who have an AIB bank account, savings account or credit card."

I do think there's an argument for getting a joint current account anyway. You'll both be paying into the mortgage for a couple of decades at least, splitting utility bills, grocery bills etc. - surely a current account would be handy? With AIB you'll have no fees on the account your mortgage comes out of, and for the moment anyway you'll have no fees if you keep €2,500 in it (although word is that's changing).

Myself and my partner have a joint account. We have standing orders that move our mortgage amount + 150 into the joint account each payday, and then all our household expenses come out of that. Saves having to split every household transaction, and builds up a little fund for treats/holidays too.

luisan

true-or-false wrote: »

Are you sure you can't put an AIB savings account on internet banking without a current account? says:
"AIB Internet Banking is available to Personal and Small Business Customers who have an AIB bank account, savings account or credit card."

I do think there's an argument for getting a joint current account anyway. You'll both be paying into the mortgage for a couple of decades at least, splitting utility bills, grocery bills etc. - surely a current account would be handy? With AIB you'll have no fees on the account your mortgage comes out of, and for the moment anyway you'll have no fees if you keep €2,500 in it (although word is that's changing).

Myself and my partner have a joint account. We have standing orders that move our mortgage amount + 150 into the joint account each payday, and then all our household expenses come out of that. Saves having to split every household transaction, and builds up a little fund for treats/holidays too.

I think you're right about having it be a joint account and you do make a good point of having a joint current rather than just saving. Right now we really just need something that we can both access and keep track of to get our savings on track.

silent_spark

OP, this might not be a popular opinion, but why do you need a joint account? It makes no difference to the bank providing your mortgage whether you have put your savings into your individual savings accounts or a joint one.

Unless you’re married (not sure whether you are or not) a joint account also unnecessarily complicates things if you decide at a later point to go your separate ways. I understand that’s not the idea, and you’re planning a long term life together, but seeing as there’s no particular benefit to using a joint account for your mortgage savings, it’s worth flagging.

Delta2113

This Country can be a nightmare for paperwork. Might be best avoiding a joint account.

luisan

silent_spark wrote: »

OP, this might not be a popular opinion, but why do you need a joint account? It makes no difference to the bank providing your mortgage whether you have put your savings into your individual savings accounts or a joint one.

Unless you’re married (not sure whether you are or not) a joint account also unnecessarily complicates things if you decide at a later point to go your separate ways. I understand that’s not the idea, and you’re planning a long term life together, but seeing as there’s no particular benefit to using a joint account for your mortgage savings, it’s worth flagging.

No that's definitely a good point. I suppose it's something we are doing together and would like to both be able to keep track of is our thinking.