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Any disadvantages to adding my girlfriend as a named signatory on my current account?

  • 23-09-2019 12:22am
    #1
    Danger781
    Registered Users Posts: 5,686 ✭✭✭


    Looking at setting up a shared savings account with my girlfriend. KBC appear to have the best savings rate in the country by quite a stretch so I'm considering moving my current account to KBC Extra Current Account. When I queried with KBC if I can set up the savings account as a shared account I was told I would need to add my girlfriend as a named signatory on the current account. Would there be any disadvantage to either of us in doing this, aside from the obvious that she will have access to my account?



    The second best alternative seems to EBS Family Savings at 1.25%.


Comments

  • #2
    FrankPoll.
    Closed Accounts Posts: 57 ✭✭FrankPoll.


    Doesn't sound like a great idea

    Why complicate things and not just save separately for now


  • #3
    Danger781
    Registered Users Posts: 5,686 ✭✭✭Danger781


    FrankPoll. wrote: »
    Doesn't sound like a great idea

    Why complicate things and not just save separately for now


    Looking at applying for a mortgage in the next 1-2 years. Surely we're better off saving together in that case?


  • #4
    Glass fused light
    Registered Users Posts: 1,576 ✭✭✭Glass fused light


    Well the first question I would ask the bank is why your girlfriend has to be given access to your separate account when you both want a single savings account.

    If she is not a bank client I would get her to do the approach to open up an account and see if she needs a current account along with the savings account.

    And as for allowing her on as a signatory
    1) she has 100% access to all your money.
    2) your not married but if she needs social welfare your banking history becomes her banking history
    3) as above why not have 2 single savings accounts
    4) is to a be authorised to lodge and withdraw money with you being the legal owner of the account or a joint control of the account if you want to close the account can you do this or do you both have to agree?
    5) depending on how much you will be saving will the deposit guarantee come into play?


  • #5
    Glass fused light
    Registered Users Posts: 1,576 ✭✭✭Glass fused light


    Danger781 wrote: »
    Looking at applying for a mortgage in the next 1-2 years. Surely we're better off saving together in that case?
    No it's just a deposit in 2 accounts and then an assessment of each of you as being a bad/ood credit risk


  • #6
    Wheety
    Registered Users Posts: 5,510 ✭✭✭Wheety


    That interest rate keeps dropping. I wouldn't expect it to stay above 1% for another 12 months.

    Just to clarify if someone doesn't know, for the Extra Regular Savings Account you need to have a Extra Current Account and they need to be in the same name.


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  • #7
    StupidLikeAFox
    Registered Users Posts: 7,697 ✭✭✭StupidLikeAFox


    You can still save separately. When you go for a mortgage the bank want to see that you can save X amount per month, they won't care if that is going into two separate accounts or one account, as long as y + z = X you will be fine.


  • #8
    Victor
    Registered Users Posts: 78,239 ✭✭✭✭Victor


    Danger781 wrote: »
    Looking at applying for a mortgage in the next 1-2 years. Surely we're better off saving together in that case?
    No. You would just provide two sets of bank statements.

    What if you break up in 2 years time. How do you settle who owns what in the joint account?


  • #9
    killbillvol2
    Registered Users Posts: 5,178 ✭✭✭killbillvol2


    The KBC Extra Regular Saver rate is dropping to 1.25% from November 18th.


  • #10
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    It won't make a difference when applying for a mortgage whether you save in a joint account or two single accounts.
    Danger781 wrote: »
    Looking at applying for a mortgage in the next 1-2 years. Surely we're better off saving together in that case?


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