Benefits of a single bank account?

At the moment I have five accounts:

1. My main current account into which my salary is paid and bills are paid out of.

2. A second current account for tiny sums I get occasionally for freelance art/design work.

3. A holiday savings account (B of I SuperSaver).

4. A credit union account—rainy day funds.

5. An instalment savings account with An Post. This holds my potential mortgage deposit.
I find this one really confusing as the money is first paid into Savings Certificates, which are paid into the savings account every six months and then transferred to an interest-bearing account. Plus, they don't issue statements very often.

Would I be better off just putting this money into the bank?

I'm wondering if it would be a better idea to consolidate the first three into one current account. My fear is that I'll spend the holiday and 'business' funds if I have ready access to them. Then again, I've started doing serious budgeting every month, so I'm less likely to misbehave.

What do you think?

Don't consolidate into a current account. You will earn zero interest.

Choose a strategy that will maximise return for your money.

1. My main current account into which my salary is paid and bills are paid out of.

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Which bank is your current account with? and which product?

2. A second current account for tiny sums I get occasionally for freelance art/design work.

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Which bank is your current account with? and which product?

3. A holiday savings account (B of I SuperSaver).

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That is a very old product with a low interest rate. Have you read the savings best buys here?

4. A credit union account—rainy day funds.

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You are most likely getting a zero return or close to a zero return for your money. Again, check out the best buys.

5. An instalment savings account with An Post. This holds my potential mortgage deposit.

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These are only suitable for long term deposits. Is buying a house a long term objective?

Thanks for the reply CiaranT.

1 and 2 are standard Bank of Ireland current accounts. No return on them.

On the holiday account, I was advised by the bank that a SuperSaver was the best option (but then, they would say that!). With all the cutbacks, I want to put less into this per month but I've discovered that you have to make a minimum deposit of €100 monthly.

As to the credit union account, I don't even know what rate it earns.

Buying a house is definitely a short-medium term objective.

I have to admit that I'm completely ignorant of the ins and outs of the different accounts. I don't like the idea of moving money from one institution to another every few months as the rates change. Then again, I'm losing out by not availing of the best deals.

pingin said:

1 and 2 are standard Bank of Ireland current accounts. No return on them.

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Are you paying fees on these accounts? Ulster currently have a current account with transaction fee free banking.

You might be best off financially by closing your 2 boI accounts and moving to Ulster.

pingin said:

On the holiday account, I was advised by the bank that a SuperSaver was the best option (but then, they would say that!). With all the cutbacks, I want to put less into this per month but I've discovered that you have to make a minimum deposit of €100 monthly.

As to the credit union account, I don't even know what rate it earns.

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You might be best off financially by closing both accounts, reading the best buys and choosing a product that suits you.

pingin said:

I have to admit that I'm completely ignorant of the ins and outs of the different accounts. I don't like the idea of moving money from one institution to another every few months as the rates change. Then again, I'm losing out by not availing of the best deals.

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Would a straight forward instant access account like KBC @ 3.25% be the best bet for you?

I do the same - I have three BOI accounts

- my salary account

- my mortgage account (which I transfer in funds from above account)

- supersaver account


Also have

- CU account (savings DD)

- An POst NIS (savings DD)

- 3 credit cards (AIB on DD, MBNA as running away money with big credit limit) and BOI as main one

Thanks Ciaran. I'll consider those options in order to save some money.

You seem to be like myself amtc. There was a time when a bank or post office account was for life but people seem to move accounts all the time now. The biggest advantage I have with B of I is that there's a branch near my workplace if I ever need to call in. Then again, I do most of my banking online today anyway.