Savings for mortgage

sashab

So me and wife decided to start saving for our mortgage deposit so we can, hopefully buy a house in a couple of years.

My question is, we are moved to Ireland 2 years ago and we are both in PTSB bank. Do we need to open some special account for savings or we can just start keeping our extra money on current account? Thank you all.

amcalester

You don't need to but it would make sense to, if only so that if your card is skimmed there's less in your account that can be spent/stolen.

wally79

sashab wrote: »

So me and wife decided to start saving for our mortgage deposit so we can, hopefully buy a house in a couple of years.

My question is, we are moved to Ireland 2 years ago and we are both in PTSB bank. Do we need to open some special account for savings or we can just start keeping our extra money on current account? Thank you all.

You don’t have to but it is easier to avoid temptation of spending your savings if they are on something like a 30 day notice account.

So you would have to tell the bank you are going to withdraw 30 days in advance.

Also in my opinion it looks good for your eventual mortgage application if you can show you are saving a regular amount each month and not spending it

cruizer101

I also think it makes it clearer that you were specifically putting away x amount every month and didn't take anything from it. Banks like to see consistent savings and its far clearer when there is a dedicated account for it.

sashab

Ok all, thank you for replys. I will then open saving account.