How to do joint accounts at Bank of Ireland?

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acequion

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My mother is very elderly [92] but still of sound mind and good health. She has several accounts in Bank of Ireland, one current and several deposit, all in her sole name. I have been advised that as her next of kin and sole heir, it would be better at this stage to have my name in the accounts and my mother is very much in favour of this. I have also heard that with GDPR this is now very difficult to do. Hopefully not impossible! Any advice please? Does she close her existing accounts and open new joint ones with me or can she have me included in her existing sole accounts? There is quite a lot of money in total in those accounts. Thanks so much in advance to anyone who can help.
 
It will require your mother to either go into a branch with you and open up an account or for you open one online and complete all the anti money laundering requirements. You then have to transfer the funds across to the new account. It is the same procedure that everyone has to follow.
 
acequion said:
My mother is very elderly [92] but still of sound mind and good health.
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I think a joint account makes sense but you should look at getting enduring power of attorney as well

I have had two grandmothers become incapacitated and things were much easier to manage for the one where EPOA was granted.
 
NoRegretsCoyote said:
I think a joint account makes sense but you should look at getting enduring power of attorney as well

I have had two grandmothers become incapacitated and things were much easier to manage for the one where EPOA was granted
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+ 1 On that, had to do something similar with my mother and take tax advice before you open any joint account with your mother and transfer funds. It's one thing to inheirit money, it could be another thing to get it whilst your Mam is alive, even as a joint ac
 
thedaddyman said:
and take tax advice before you open any joint account with your mother and transfer funds.
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I don't see too much of an issue here if the daughter is the sole heir.

Cumulative transfer in life and subsequently via inheritance is tax free up to the Group A threshold of €335,000. After that CAT at 33% is charged on the balance.
 
Thanks so much everybody for your replies, really appreciate it. Two other questions if I may please.

Ok, so we can open a joint current account and jump through whatever hoops we have to. We can both go into our local branch [where we each have our accounts] and do the application there together, not a problem. What about a joint savings/deposit account, can we do that? Is it the same as for a current account ie a sole account cannot be converted into a joint so we'd need to open a new joint one? She has several deposit accounts.

Second question, how do I go about getting power of attorney? Thanks so much again.
 
acequion said:
What about a joint savings/deposit account, can we do that? Is it the same as for a current account ie a sole account cannot be converted into a joint so we'd need to open a new joint one? She has several deposit accounts.
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Once you have a BOI joint current account you can open a joint deposit account online - we did that recently.
 
ok following on from this if you have to open a BOI current account to get a joint deposit account, will you have fees on the current account? Again I know an elderly parent who wants to open a joint savings account with his daughter and he would prefer BOI because that is his bank but if it requires a joint account with fees what's the point? He wants his daughter to have access to money immediately in an emergency if anything happens to him.
 
Hen said:
ok following on from this if you have to open a BOI current account to get a joint deposit account, will you have fees on the current account? Again I know an elderly parent who wants to open a joint savings account with his daughter and he would prefer BOI because that is his bank but if it requires a joint account with fees what's the point? He wants his daughter to have access to money immediately in an emergency if anything happens to him.
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There are no fees on a BOI Golden Years account - ie if one of the account holders is over 66 years old. The other person on the joint account can be under 66. I've paid no fees on our joint account for years and himself is still 'under age'. The deposit account will be the same - no maintenance or transaction fees at all other than a few cents if you use an ATM to withdraw cash.

PTSB and AIB operate the same system btw.
 
mct1 said:
There are no fees on a BOI Golden Years account - ie if one of the account holders is over 66 years old. The other person on the joint account can be under 66. I've paid no fees on our joint account for years and himself is still 'under age'. The deposit account will be the same - no maintenance or transaction fees at all other than a few cents if you use an ATM to withdraw cash.

PTSB and AIB operate the same system btw.
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This used to be the case but now both account holders need to be over 66. If you already had this perk because one was over 66 it was not withdrawn, but for new joint accounts both have to be over 66. I think the change came in a year or two ago.

These are the fees: https://personalbanking.bankofireland.com/bank/current-accounts/personal-current-account/fees/
 
jpd said:
So the bank want to charge fees for providing a service?
How awful
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He doesn't want another current account he already has one but it seems you have to have a joint current account to have a joint savings account, he has no problem paying for a joint savings account but why pay for a joint current account when it is not going to be used?
 
Hen said:
He doesn't want another current account he already has one but it seems you have to have a joint current account to have a joint savings account, he has no problem paying for a joint savings account but why pay for a joint current account when it is not going to be used?
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He would only have to pay once. The fees for the joint current account also cover the joint deposit account.
 
Early Riser said:
This used to be the case but now both account holders need to be over 66. If you already had this perk because one was over 66 it was not withdrawn, but for new joint accounts both have to be over 66. I think the change came in a year or two ago.
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i didn't realise that - thanks for the correction. Our account was converted to Golden Years when I was just 55 - the rules at the time - so we've obviously been lucky in retaining it all these years. PTSB gave us free banking on a joint account about four years ago but maybe they've tightened up too. Could be worthwhile enquiring.
 
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