Which bank for a joint account?

Pen Rua

My soon to be wife and I are examining which joint account to go with.

I’ve used Bonkers.ie and it seems to show KBC as most favourable as they waive fees & maintenance fees if we lodge €2,500 as opposed to maintain a a balance of same for AIB/BOI. This means our salaries would meet the lodgement threshold and we wouldn’t need to worry about dropping below the €2.5k threshold.

For context, she and I both work in decent paying professional jobs. We pay rent & bills and have minimal discretionary expenditure. She has student loans in the USA so regularly sends a couple of hundred euro monthly back to USA to pay the loan.

I currently bank with BOI (savings and current accounts) and have been relatively satisfied except for the iPhone app. She banks with Ulster Bank and she is exceptionally dissatisfied so we will not consider them.

We would like to have a current account and a savings account, where maybe 1/3 of my salary would go. We would also be glad to take on a credit card for car rental etc.

I would use Apple Pay if the bank have it (which BOI don’t) and she wouldn’t. I value prompt customer service and BOI have been satisfactory via Twitter.

We both have N26 accounts but desire a joint account for the ease of rent/bills/groceries.

Any general advice would be welcome. Moreover, if anyone would wish to recommend a specific bank I would appreciate it.

Pen Rua

Mr.S wrote: »

As you said, KBC as they waive fees once you lodge 2.5k a month so you wouldn't pay any fees. With the KBC Extra Current account you also get a .5% higher AER on savings. They offer a fairly standard credit card without hassle.

Decent app and also mobile payments (Apple / Google Pay). Customer Service I've found quite good, they are very helpful online if you need to contact them.

The downside to KBC is that you cannot lodge cash and they do not have typical branches but have small "hubs" - which you'd probably only need if you are taken out a mortgage, everything else is online.

I do not remember the last time I lodged cash - it has been years since I've had the need to. Coincidentally, I may have a cheque to cash soon. A quick Google tells me I can do this at a Hub.

In the unlikely event of needing to lodge cash - is there a workaround?

actuar90

We use ebs for exactly that purpose, free banking for what we use it for, good enough to deal with. No app but there is online amount management

Pen Rua

actuar90 wrote: »

We use ebs for exactly that purpose, free banking for what we use it for, good enough to deal with. No app but there is online amount management

Having an app would be a deal breaker for us - I constantly check the account on my phone (more often than on a laptop) so having to go through a website would be an inconvenience we wouldn't entertain if other options exist.

Mr.S wrote: »

Depositing a cheque is no issue, and you can post it into them if you don't want to go into a hub.

Lodging cash, like you I never lodge cash so it's not an issue. A workaround if you really need to lodge cash is go into a post office and purchase a postal order, and then lodge that via the hub. (or just give cash to someone you know and get them to send it!)

Ah - good to know.

KBC seems favourable - easier to obtain free banking, some bonuses re savings account & credit card and a decent app. A friend commented we should think about mortgage offers but I think that's a bit far on the horizon yet.

Ulster Bank is ruled out due to poor experience. BOI and AIB seem much of a muchness, and a drawback is the obligation to maintain a minimum balance to get free banking. EBS do not have an app.

Pen Rua

Do KBC offer any incentive to join them (eg small cash gift) or is that a thing of the past? Is it worth trying to set up an account over the phone to push for it?

Pen Rua

Ah, good to know.

So it seems on balance that KBC is probably lost favourable primarily down to the free banking threshold being easiest to obtain.

Does anyone know, off hand, if the free baking threshold doubles for a joint account? ie lodge €4K as opposed to €2k.