Multiple savings accounts within a single bank account?

Hi folks,

I'm with Bank of Ireland (which I'll shorten to "BoI" from here on) and I tend to be fairly dreadful with money. There is no end to the amount of crap I'll buy, that I do not need. So I tend to try and designate money to specific things, often just using the old reliable 'cash in an envelope' system.

However, that means when I get paid I withdraw money, and when it comes time to buy something or pay a bill or whatever, that I'm lodging money via an ATM, again. I'm spending too much time at ATMs.


I remember getting a leaflet for An Post about opening up bank accounts, and one of their 'reasons to use us' was that they allow you to create what they called "wallets" within your current account.

So you could effectively have 1 account, with, for argument sake, 4 wallets within it (Mortgage, Car, Bills, Treats, etc.) and then you could lodge money into your wallets as and when you wanted to. Meaning you just got to split your money up and 'designate it' without having to move it away from An Post.


I was wondering, is there any easier way of doing it (than changing my bank account to An Post). I'm happy enough with BoI and i quite like their flat-rate fees idea, so I don't necessarily want to leave.

I also have a Credit Union account, but they allow me a "savings account" (which has money that is secured against a loan) and a "cash account" which is money that's not secured against my loan, effectively meaning I get two accounts with them, but it's still not what I'm looking for, and still requires me to move my money from BoI put the money aside, and back to BoI again to spend it).



Is there an easy way of doing this, does anyone know?

Cheers

G_R

Open a demand deposit account with BOI. Theres no fees associated with these accounts, you can have as many of them as you want and move money to/from them online/on the app as you need to.

coylemj

G_R wrote: »

Open a demand deposit account with BOI. Theres no fees associated with these accounts, you can have as many of them as you want and move money to/from them online/on the app as you need to.

BoI no longer offer a simple demand savings account. I looked again today and what they're offering is either a fixed term deposit, a 31 day notice account or an account designed for regular savings, with a set amount lodged each month and 'lump sum lodgements are not permitted'.

I had a few demand savings accounts in EBS which I used to segregate money for different budgets but they recently made me close all bar two of them so I checked BoI but it looks like they're not interested in providing that type of account, even for an existing customer.

A lot of credit unions are now limiting the amount of money you can have in an account so there's a load of prospective depositors out there looking for a new home for their dosh. They know they're going to get sod all interest, even for a fixed term, so most people want instant access but the banks don't want them.

G_R

coylemj wrote: »

BoI no longer offer a simple demand savings account. I looked again today and what they're offering is either a fixed term deposit, a 31 day notice account or an account designed for regular savings, with a set amount lodged each month and 'lump sum lodgements are not permitted'.

I had a few demand savings accounts in EBS which I used to segregate money for different budgets but they recently made me close all bar two of them so I checked BoI but it looks like they're not interested in providing that type of account.

They're still available to open according to their website!

https://personalbanking.bankofireland.com/save-and-invest/savings/instant-access-and-notice-accounts/demand-deposit-account/features-and-benefits/

coylemj

G_R wrote: »

They're still available to open according to their website!

https://personalbanking.bankofireland.com/save-and-invest/savings/instant-access-and-notice-accounts/demand-deposit-account/features-and-benefits/

Thank you, I missed that in the fog of the other accounts they were offering me.

You have to already have a current account which is fair enough. So I logged into 365online.com and asked to open a demand account. I was pretty unimpressed when they asked for all of my personal details, even though the process asks for the card number from your (BOI) Visa debit card. Which should have provided a link to my current account profile, where all of that data is available. Their IT systems are still in the Stone Age.

Out of curiousity, if you open a demand account, does it show up within your current account? or does it come with a whole new password/login and is effectively treated as a separate bank account altogether?



EDIT: Also, they'd hardly try to beat you with the €6/month fee again?

EDIT AGAIN: Just read the fees statement, and there are no charges involved, thankfully.

coylemj

coylemj wrote: »

Thank you, I missed that in the fog of the other accounts they were offering me.

You have to already have a current account which is fair enough. So I logged into 365online.com and asked to open a demand account. I was pretty unimpressed when they asked for all of my personal details, even though the process asks for the card number from your (BOI) Visa debit card. Which should have provided a link to my current account profile, where all of that data is available. Their IT systems are still in the Stone Age.

I just applied for one. Does seem a pain in the hole to have to send proof of PPS and all that again. But I presumed it would be more to do with general rules banks have to adhere to, rather than just BoI being a tad slow?

G_R

[Deleted User] wrote: »

Out of curiousity, if you open a demand account, does it show up within your current account? or does it come with a whole new password/login and is effectively treated as a separate bank account altogether?



EDIT: Also, they'd hardly try to beat you with the €6/month fee again?

EDIT AGAIN: Just read the fees statement, and there are no charges involved, thankfully.

Its a separate account with its own IBAN etc, but it will show up on the one online banking profile. When you log in you'll have all your accounts listed.

coylemj

Deleted User wrote: »

I just applied for one. Does seem a pain in the hole to have to send proof of PPS and all that again. But I presumed it would be more to do with general rules banks have to adhere to, rather than just BoI being a tad slow?

+1 anti money laundering legislation.

bilbot79

Revolut

TheChizler

I just use Google Sheets to track 8 or 9 different categories in my savings accounts, no need to have different individual accounts if you're disciplined and update it whenever you debit or credit the account. There are loads of savings tracking apps that do the same thing which might be easier to use.

The J Stands for Jay

Bunq offer this. They give you something like 10 different accounts with separate IBANs. You can change the account that your debit card takes from on the app, and they have an option where it can take from a different account of you use a different pin.

ED E

Deleted User wrote: »

Out of curiousity, if you open a demand account, does it show up within your current account? or does it come with a whole new password/login and is effectively treated as a separate bank account altogether?



EDIT: Also, they'd hardly try to beat you with the €6/month fee again?

EDIT AGAIN: Just read the fees statement, and there are no charges involved, thankfully.

Same Banking 365 Profile, different account. I have this with BOI.

Current account: IBAN 1234 - With linked visa debit
Demand deposit account: IBAN 4567 - no card linked


Need to login and move money (instant) if I wanna spend it. It "insulates" most funds from the card in case it were to be compromised. Not much protection, but some.

Also have N26 and tbh if I was having issues with managing spending its the way I'd go.

Hi folks, OP here.

Just wanted to pop back in to say I created my Demand Savings Account and I've managed to rename it (it's now my "VAT Account"). I really appreciate all the help with this.

Does anyone know, if I apply for another one (or two), I know i'll have to send PPS proof etc. each time, but can I get away with having a couple of them? Or will BoI get annoyed at me making new accounts for different things, or only allow me one of each type of account?

Just an update: Bank of Ireland don't seem to care how many Demand accounts I want. I have 4 of them now, so I can put money aside for different things. They all show up on my banking page beside each other with their respective amounts. Delighted with it.

Thanks for the heads up, everyone, much appreciated.

coylemj

Deleted User wrote: »

Just an update: Bank of Ireland don't seem to care how many Demand accounts I want. I have 4 of them now, so I can put money aside for different things. They all show up on my banking page beside each other with their respective amounts. Delighted with it.

Thanks for the update. Did they ask for that PPS stuff for accounts 2, 3 & 4?

coylemj

coylemj wrote: »

Thanks for the update. Did they ask for that PPS stuff for accounts 2, 3 & 4?

Yeah, each account had to be applied for individually, and the same process was there for each.

I took a photo of my public services card (PPS number is on it) and used the same picture for each application.

Buddy Bubs

Do you have to pay bank charges on each account. 6 euro a month i think BOI charge now isn't it?

coylemj

Buddy Bubs wrote: »

Do you have to pay bank charges on each account. 6 euro a month i think BOI charge now isn't it?

That €6 p.m. is on current accounts only. If you don't have an ATM card, you won't pay any charges on a deposit account.