Opening a second current account?

B

BrokeBroker

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EBS are offering current accounts with no maintenance or transaction fees.

I was thinking of opening a second account to be designated for transaction into interest accounts like Raisin mediated ones, or Lightyear;

As they specify nominated accounts from which transactions can be made to and from.

Did this occur to anyone else?

In any case, is it allowed to do this, have two active current accounts, but serving their own express purpose?

.......

Alternately I guess I could open a demand deposit account with AIB (my current account bank), but could that serve as a nominated account the for aforementioned purpose?

Thoughts?
 
BrokeBroker said:
In any case, is it allowed to do this, have two active current accounts, but serving their own express purpose?
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Of course somebody can have more than one current account.
Why would you think otherwise?

Or are you asking if EBS allow a single customer to have more than one current account with them?
You'd have to ask EBS about that.

Edit: actually it's on their website:

EBS MoneyManager Account & Debit Card

The EBS MoneyManager is an account that focuses on the essentials - so managing your money becomes simple and straightforward. With this account you can also track your account online – register for our online banking facility and manage your account anywhere, anytime.
www.ebs.ie
A maximum of two account holders per account is allowed. Maximum of two accounts per customer, sole and joint combined
Click to expand...
 

Thought I read something on bonkers dot ie about multiple accounts.

Would that kind of thing not potentially come under the scrutiny of revenue or some other regulatory agency?

Having multiple accounts for different purposes.

I'm very much a new comer to the area of personal finance, these questions are probably very obvious to those who have taken an interest in the area for some time. I've literally started since the interest rates hikes recently.
 
BrokeBroker said:
Thought I read something on bonkers dot ie about multiple accounts.

Would that kind of thing not potentially come under the scrutiny of revenue or some other regulatory agency?

Having multiple accounts for different purposes.
Click to expand...
Unlikely.
 
Just out of curiousity, can one use a demand deposit account in AIB for international transfers?

i.e. it could be used as a reference account for something like Raisin/Lightyear?
 
BrokeBroker said:
Would that kind of thing not potentially come under the scrutiny of revenue or some other regulatory agency?
Click to expand...
No.

BrokeBroker said:
Just out of curiousity, can one use a demand deposit account in AIB for international transfers?
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I assume you mean SEPA transfers? Yes, it's a 'payment account', covered by PSD2.
But there is a 10k daily limit for transfers online (same as their current account)
 
RedOnion said:
I assume you mean SEPA transfers? Yes, it's a 'payment account', covered by PSD2.
But there is a 10k daily limit for transfers online (same as their current account)
Click to expand...

No I mean, to be used as a reference account for transferring to deposit interest accounts on Raisin or Lightyear platforms.

But current versus demand deposit, there are no restrictions with the latter versus a current account?
 
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BrokeBroker said:
No I mean, to be used as a reference account for transferring to deposit interest accounts through Raisin or on Lightyear platforms.
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Yes, you mean SEPA transfer. There's no difference between Ireland and the single European payments area when it comes to payments.
'International transfer' refers to payments outside SEPA.

BrokeBroker said:
But current versus demand deposit, there are no restrictions with the latter versus a current account?
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Not when it comes to SEPA transfers. If there was I wouldn't have said otherwise.

Edit to clarify: the security controls for online banking may be different with a current account and demand deposit. If you don't have a current account, you don't get an AIB card for transaction validations. But the account itself can be used to make & receive SEPA payments.
 
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Don't know if you use Raisin/Lightyear etc., but 10 k limit?

Is that in for fraud prevention?

So, anyone transferring a substantial amount of funds to a Raisin account must do it over a series of days?
 
BrokeBroker said:
Don't know if you use Raisin/Lightyear etc., but 10 k limit?

Is that in for fraud prevention?

So, anyone transferring a substantial amount of funds to a Raisin account must do it over a series of days?
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Most banks have limits on daily online/telephone banking transfer amounts to mitigate the risks of fraudulent transfers.
If you need to transfer larger amounts then you normally have to go to a branch (bring photo id and proof of address and PPSN just in case).

Edit: post crossed with @RedOnion's.
 
Absolutely yes. I used to do it, but its two sets of fees. It did pay off for me, however, as I got into trouble with debt and one of the accounts became effectively unusable (back in the day when banks cancelled overdrafts leaving all of the borrowing as unauthorised and thus liable for punitive interest rates). So I did have a fallback to get my salary paid into. (Obviously I paid off the unauthorised overdraft and closed that account).
 
Revenue are fully aware and depend on AML and other anti fraud measures to trigger alerts.
As for large transfers, you can do this in person at any branch.
The advantage is as I said from my own experience, if you run into difficulty with one bank, you've somewhere to put salaries while you sort things out properly. Secondly, if there is any great change to one bank, its easier to transfer your business if you already have an account. Its can work out expensive in terms of fees tho.
 
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