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Savings account with a mortgage in mind

  • 14-07-2015 9:07am
    #1
    bizebee
    Registered Users, Registered Users 2 Posts: 83 ✭✭


    Both myself and my husband have been banking with BOI for a good 10-15 years between having individual accounts and in recent years a joint account which our bills are paid from.

    We have some savings built up in our individual accounts but we are now thinking it would be better if we were to set up a savings account and transfer over a fixed amount of money to savings account with the goal of getting a mortgage.

    My question is this: should we or can we set up a joint savings account - or have a personal savings account each? Should this/these account{s} be opened with BOI as we have a money trail with them or should we go else where for a savings account? Does it really matter?

    A family friend told us to stay with BOI as it would be less hassle if BOI were to approve us for a mortgage down the road...and that they would be likely to lend to existing customers rather than new customers....

    If anyone could give us any help we would appreciate it :)


Comments

  • #2
    JoeySully
    Registered Users, Registered Users 2 Posts: 1,276 ✭✭✭JoeySully


    It doesn't matter what bank you have your accounts with really as long as you have the bank statements. It will certainly be less work if you are all with the same bank but getting bank statements is not that hard.

    Our main accounts were with PTSB. We choose the Credit Union for our joint savings account, This was useful as they were open late so we could lodge extra money we had outside of office hours. Also it was very handy to get free cheques for, bank valuation, deposit, solicitor fees etc. I'm sure BOI charge for cheques.

    EBS were our choice for mortgage as the branch was convenient for us and were very helpful + the rates were good and they opened till 5.30 which is really handy when you need to get some documentation signed and work till 5. They had no issues working through the PTSB and CU accounts to see what we were worth.


  • #3
    wench
    Registered Users, Registered Users 2 Posts: 1,663 ✭✭✭wench


    It makes no difference where it is, I had mine spread over three banks. They are more interested in seeing a steady savings rate, and no withdrawals.

    Open an account wherever the interest is best, and set up a standing order for the transfer. Pick an amount you can comfortably maintain without having to dip into it.


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