Multiple saving accounts for different goals or?

colm_c

I've always just had one savings account, which I use to put money away for both short term goals (car insurance, house insurance, holiday etc.) And longer goals (new car, house renovation, emergency fund etc.)

Is there a better way to setup account(s)?

So I could have multiple goals and see how I'm doing with each goal without having to have a spreadsheet?

sundodger5

N26 let you have spaces within the one account. you could transfer money into the main bit of the account and then just move it between spaces...a space for holiday...a space for new car...whatever takes your fancy really

colm_c

sundodger5 wrote: »

N26 let you have spaces within the one account. you could transfer money into the main bit of the account and then just move it between spaces...a space for holiday...a space for new car...whatever takes your fancy really

Nice, need to move bank accounts anyway with the UB charges coming in.

JTMan

AIB let you open up to 8 regular saver accounts, 4 online and 4 in branch. You could use each one for different purposes and earn interest at the same time.

machiavellianme

JTMan wrote: »

AIB let you open up to 8 regular saver accounts, 4 online and 4 in branch. You could use each one for different purposes and earn interest at the same time.

How does that work in terms of fees? Separate charges for each?

caviardreams

machiavellianme wrote: »

How does that work in terms of fees? Separate charges for each?

There are no fees on deposit accounts (afaik) but you can only register for online banking if you have a current account (which does attract fees). So for withdrawals you would need to call into a branch and could not do an online transfer if you don't have a current account also.

Also the interest is only 1% per year (gross of DIRT) so don't let the interest aspect sway you over N26 or similar!

surfdudette

caviardreams wrote: »

you can only register for online banking if you have a current account (which does attract fees).

This is not true for AIB; I do not have an AIB current a/c but still have online banking for the regular saver & demand deposit a/c that I have with them. I also just checked the following page and it confirms pretty much anyone can set up AIB online banking, you just might have to ring them to do it:
https://aib.ie/ways-to-bank/online-registration

JTMan

To open regular saver accounts with AIB you need either a current account or an instant access deposit account. No fees with an instant access deposit account.

1% return is far better than zero with N26.

Wheety

JTMan wrote: »

To open regular saver accounts with AIB you need either a current account or an instant access deposit account. No fees with an instant access deposit account.

1% return is far better than zero with N26.

You'd want to be saving a lot of money for 0% or 0.65% (DIRT for 2019 is 35%) to make a big difference.

N26 only let you have 2 extra spaces (separate to the standard account) on the free account.

Think you can have as many savings vaults as you want with Revolut.

milhous

Revolut.. Different vaults for different types of savings.. Round up, regular or once off.

Wheety

milhous wrote: »

Revolut.. Different vaults for different types of savings.. Round up, regular or once off.

The spare change rounding can only be set up on one vault, but you can set up regular saving or manual payments for others.

caviardreams

MONAGHANSG wrote: »

This is not true for AIB; I do not have an AIB current a/c but still have online banking for the regular saver & demand deposit a/c that I have with them. I also just checked the following page and it confirms pretty much anyone can set up AIB online banking, you just might have to ring them to do it:
https://aib.ie/ways-to-bank/online-registration

Thanks monaghansg - sorry for the error. BOI only allow it if you have a current account and when I saw the AIB Debit Card requirement I assumed the same, and missed the part where you can register by phone/manually. Good to know!

JTMan

Wheety wrote: »

You'd want to be saving a lot of money for 0% or 0.65% (DIRT for 2019 is 35%) to make a big difference.

N26 only let you have 2 extra spaces (separate to the standard account) on the free account.

Think you can have as many savings vaults as you want with Revolut.

Yeah, 1.00% gross (0.65% net) is not much but it is better to earn something than nothing.

Also, AIB give you 9 accounts (8 regular saver+instant access) so it is easier to have separate accounts for multiple separate purposes than with 2 N26 accounts.

killanena

Revolut hands down. I love the savings vault and rounding up card transaction and putting the change into a vault really adds up fast. Can have multiple vaults for different things and have automatic deposits to those vaults whenever you like.

adox

Would you really want to be saving large amounts though with Revolut? Like for a car, a holiday etc?

I love Revolut but I wouldn’t personally keep large amounts in the account.

milhous

adox wrote: »

Would you really want to be saving large amounts though with Revolut? Like for a car, a holiday etc?

I love Revolut but I wouldn’t personally keep large amounts in the account.

Since they got their European banking license deposits up to 100k are safe.

https://www.google.ie/amp/s/www.irishtimes.com/business/technology/revolut-gets-european-banking-licence-tops-200-000-irish-customers-1.3727610%3fmode=amp

JTMan

milhous wrote: »

Since they got their European banking license deposits up to 100k are safe.

https://www.google.ie/amp/s/www.irishtimes.com/business/technology/revolut-gets-european-banking-licence-tops-200-000-irish-customers-1.3727610%3fmode=amp

As things currently stand, there is no deposit insurance protection with Revolut. That is likely to change in the future.

milhous

JTMan wrote: »

As things currently stand, there is no deposit insurance protection with Revolut. That is likely to change in the future.

So it hadn't kicked in yet or am I reading the article wrong? Not that I'm overly worried as i only use it for round up savings really. Would be gd to know all the same

Wheety

This guy reckons it's safe.

http://www.moneyguideireland.com/n26-compared-revolut.html

I haven't done more research into it but I only have a few hundred in it.

Revolut is regulated by the UK Financial Conduct Authority, meaning that any money you deposit must be ring-fenced (in a Barclays account), so in the event there are problems with Revolut, the money should be safe.

Here's Revolut's own website

https://www.revolut.com/help/more/security/is-my-money-safe

Wheety

Starling could be another option. They're a proper bank and have 'goals' for saving into.

JTMan

milhous wrote: »

So it hadn't kicked in yet or am I reading the article wrong? Not that I'm overly worried as i only use it for round up savings really. Would be gd to know all the same

It has not kicked in yet. Risk with your deposits is low but not zero.

JTMan

Wheety wrote: »

Starling could be another option. They're a proper bank and have 'goals' for saving into.

Starling are not yet available for Irish residents.

Wheety

JTMan wrote: »

Starling are not yet available for Irish residents.

Are any of the others here yet? Monzo etc?

JTMan

Wheety wrote: »

Are any of the others here yet? Monzo etc?

Monzo is available for UK residents only.

AFAIK, N26, Revolut and Bunq are the only 3 digital banking offerings available for Irish customers.