Any recommendations for a good bank in Ireland? I’m already with PTSB. I want a 2nd current account

[atonofheart]

We’re planning on getting a mortgage soon and I am saving to the back teeth, been super thrifty with all my money right now. I just want to have an additional account that doesn’t show big ticket purchases on our application. I just want something extra to the side, money wise.

The main concern I have is that I keep reading all the reviews for all the banks’ apps and I get myself all freaked out because of them. Some say amazing! Then you get 1 stars and stories of people having their accounts (ie. Revolut) deleted for no apparent reason, with money still in them. Help!

 

[redz16]

@atonofheart On mortgage application the bank will request statements from all your accounts so they will see your big ticket purchases, they don’t care once your saving record over 6 months plus any rent payments shows clear affordability for the mortgage.

 

[atonofheart]

@redz16 That’s perfect, thank you. I had a sinking feeling that might be the case. Of course they would want to see where money is spent from all possible avenues. Really appreciate that.

 

[bill38619]

@atonofheart Cash cash cash

 

[banemlamgi]

@atonofheart You will have to declare any accounts that you might have, including Revolut and N26.

By talking to brokers, it seems that the most important thing is to show consistent savings that you don't touch at all. So make those big ticket purchases from your current account, but show that you save xxx into your savings each month without fail and never use that money until it's time to use if for the purchase.

I personally love Revolut. I use it for my everyday purchases because I can track my budget with ease.

 

[atonofheart]

@banemlamgi That’s an incredibly helpful answer, thank you so much I have myself freaked out trying to be really good with not spending at all! I recently went into Penneys and spent €70 and felt so guilty after. But then I really don’t ever buy anything! Not for the last 6 months anyway, just rent, food shop, laundry and Spotify!

 

[banemlamgi]

@atonofheart My dad's motto was 'tight budget', so I know where my frugality comes from. Honestly though, I highly recommend Revolut. I recently set up a budget for each category and it tells me when I have overspent. Yes, I could track this manually, but this just makes it super easy.

Banks want to see that your rent+savings is more than the potential mortgage repayment. If you don't have one already, set up a savings account. Deposit the same amount each month without fail and just make sure you don't use that money.

I would also suggest talking to a broker. Although I knew my application would be easy and had everything in order, it was really good to talk to someone who does this for a living and knows what the banks look for.

 

[imogenefromnewzealand]

@atonofheart N26

 

[atonofheart]

@imogenefromnewzealand Have you had any issues with them?

 

[imogenefromnewzealand]

@atonofheart Nope

 

[1godpreacher]

@atonofheart If you're just looking for an account with good features and a decent app I recently signed up for an post money due to losing my KBC account. Decided I give them a lash and tbh it's very very good. The app is decent, you can set up your saving jars and things like in revolut and it has all the stability and backing of an post. Think it is basically Avant money rebadged but that's not terrible either. As for hiding things or big ticket items from the banks 1: yes you will have to tell them about ALL your accounts, 2: what are you buying that you need to hide? Mortgages companies aren't looking for you to be some kind of savings saint. In fact if all they see is you saving and not spending anything they'll get suspicious that you've either got income you are not declaring and are living off that, in which case you could be open to prosecution, or that you are living unsustainably over the course of your mortgage. They want to see you buying things and living normally. If you can do that and still show them you are saving they can see you are a good bet to offer a mortgage to. If all you do is save and never spend anything on anything they'll see someone who is scraping to get by to get a mortgage and is perhaps in a perilous position financially. So continue saving, continue spending and DON'T GAMBLE. That's what they hate to see. No gambling website, no charges against your cards to betting shops or casinos. If you have to, take out cash and go to the bookies. But that's a mug's game and if you are putting so much effort into saving don't waste your money on that.

 

[atonofheart]

@1godpreacher Thank you for your honest answer, found it very well-informed. The thing is that I love expensive candles! They’re my vice! I collect them and I love to buy from a particular brand in the States. The only thing is that after shipping over here and customs is expensive. I usually have to save up to buy from them. I just don’t want to be spending hundreds on that and then for that to be judged against a mortgage payment, if you get me.

 

[1godpreacher]

@atonofheart You'll be grand. Every body has hobbies or things they're into. My question was more rhetorical tbh, you didn't have to explain. But other people have motorbikes, some people pay season tickets for sports clubs, everybody has their thing they spend on. This is yours. If you can save and cover your outgoings they won't care that you spent 100quid on the internet. Some people spend that on books or make up and don't bat an eye lid. Mortgage companies aren't the inquisition. And if you are worried about mortgage companies go talk to a broker instead. They'll keep them at arm's length and offer you free and frank advice. Just make sure you get a few recommendations of a good one from your friends and contacts, don't just take the first one that shows up in Google.

 

[atonofheart]

@1godpreacher I feel a lot more reassured now. Thank you so much. I suppose it’s just that I read somewhere before that the mortgage people/banks etc didn’t want to see big ticket purchases before you apply. It’s been hard not really buying much just tryna be very good and saving everything as much as possible.

 

[godslawismylaw]

@atonofheart The most important thing is that before you make big purchases etc that you consistently save and this goes into a saving account and you don’t dip into it. Also, if you are paying rent - make sure that is set up as a direct debit to your landlord. The bank don’t care that you treated yourself, they care that you can make the repayments. They will also do a stress test to make sure you can make repayments if interest rates went up so if the mortgage repayments are €1000 on x percentage they will also make sure you can afford it if repayment went up to €1200 if the interest rate increases. Well done on all your saving, it sounds like you are doing a great job but just remember to live a little too!

 

[johansen]

@atonofheart Bunq

 

[resjudicata]

@atonofheart Revolut works for me. Other banks are joke of a customer service.

 

[atonofheart]

@resjudicata Have you ever had issues with them trying to get money out?

 

[calista]

@atonofheart I have been using it on daily basis but have my account from bank connected to it and basically taking allowance every week about 100 euro and no issues. When I went on holiday I put around 2k on it and no issues getting them out. Some companies even will pay you salary on revolut. Thats what I can say from mu experience. Hell they added loan option up to 30k delay paying, paid subscription that gives you travel insurance and lot more useful stuff

 

[resjudicata]

@atonofheart There is unlimited card usage.
But the limit of 200 per month of cash from the ATM. 2% charge there after. Opening account is quick, just get the app.

I also took a loan of over 30k so that's good as well.
Everything is configurable from the app. I have AIB and BOI, both are shit.