Joint savings account - recommendations

Sunrise_Sunset

Looking to open a joint savings account with my husband. "We" have one with PTSB but only my name is on it, they will only allow one name. This is obviously not ideal. Any recommendations? It needs to be a savings account, not a current account.

Citrus_8

https://www.boards.ie/discussion/2058223709/joint-savings-account-recommendations

I think, if you are married, even if savings are in one person's name, they are still shared. Anything, gained and saved during the marriage, belongs to both so it doesn't matter, account is sole or joint. Again, I think...

Peregrinus

https://www.boards.ie/discussion/comment/118355009#Comment_118355009

You think wrong. Married couples can own property separately or jointly. If the marriage breaks down, all their joint and separate property, whether acquired before or after the marriage, is in the mix when it comes to the financial settlement. But, so long as the marriage subsists, the only property they own jointly is the property they hold in joint names.

OP, most banks will be happy to open a joint account for you and your husband. Don't stress about this aspect of the thing; you will find plenty of banks willing to accommodate you. Interest rates these days are negligible, so there will be little to choose between the different banks on this criterion - they will all pay next to no interest. So think about other features that matter to you - do you want an online account, or an account with an institution that has a branch near you? Is this just for savings to pay in and leave, or do you want other features like an ATM card?

Sunrise_Sunset

Yes, interest rates aren't important because they are next to nothing anyway. We want to keep our current account with PTSB, we get a monthly rebate with them as our mortgage comes out of that account. It'll be for our emergency fund mainly and probably the kids college savings too. Looking to make online transfers easily enough from our PTSB account, don't want an ATM card for it, and want both our names on the account.

Amias

Open a Demand Deposit Account with Bank of Ireland. Both names can be on it.

Sunrise_Sunset

https://www.boards.ie/discussion/comment/118357352#Comment_118357352

You need a BOI current account to open this, and their current account incurs monthly fees.

advertsfox

https://www.boards.ie/discussion/2058223709/joint-savings-account-recommendations

Best thing to do is head to the bank and convert it to a joint current account - while your there, you can ask for a savings account to be opened.

FYI: Another option is to go with 2 x TSB current accounts (so your husband has his own one) because you can only login / authorize on the mobile app with one device now (SCA) and you can link your joint accounts together (thats what I do with my wife, we have 1 joint "bills" account, a seperate current account each and a joint savings - both bills and savings are visible on our separate logins).

vrusinov

@Sunrise_Sunset have you figured this out?

We are moving from Ulster to PTSB and found ourselves in exactly the same situation. PTSB's Online instant access account would have been perfect but to our surprise it's not available as joint. Are there any other joint savings accounts available with no fees? EBS could have worked too but it appears they might exit the accounts market.

Sunrise_Sunset

https://www.boards.ie/discussion/comment/118706213#Comment_118706213

We haven't figured it out yet unfortunately. Although I haven't been actively looking either. It has taken a back seat for now. Savings accounts are still in only my name. Not interested in opening joint current accounts at other banks in order to be able to open a savings account. There are charges associated with these. Really just looking for a joint savings account.

cnoc

Can you transfer money online from a Demand Deposit Account with Bank of Ireland from their Current Account. If so, does it work in reverse - i.e. from Boi Demand Deposit Acct to your Boi Current Acct.

Gatica

We're in the same predicament at the moment. We've a nice setup at the moment with joint savings accounts in KBC, which are linked to our Joint current accounts in KBC. We also have our mortgage with KBC, for which we get a discount for having a joint current account with them. Looking at their recent announcements, they'll honour the mortage discount even after they close up the current accounts. However, we still need to find an alternative joint current account and joint savings account.

Looking at Bonkers, that leaves AIB and BOI only really. The others either don't have GooglePay/ApplePay or joint options.

Jambonjunior

Looking for a new joint current account myself too.

Looks like AIB, with €18 per year fees is the best option. Nothing comparable to KBC's offering unfortunately.

Sunrise_Sunset

https://www.boards.ie/discussion/comment/118967736#Comment_118967736

Out of interest, do they charge for debit card usage?

With PTSB explore current account we get a 10c rebate each time we use our debit card or a DD comes out etc, up to 5 euros per month. We always use it enough to get the max 5 euros per month. This offset against the 6 euros per month fee, means we only actually pay 1 euro per month in fees.