Savings account allowed on DMP?

skintandscared_2

Hiya,

I think I'm nearly there with sorting everything out for my DMP start of 1 December. I've got my new current account and all my direct debits/salary payments have been moved.

I just have one little question. While my credit file is still very healthy (for the next 2 weeks, anyway!) could I apply for a basic savings account, as somewhere to move any small leftovers in my current account at the end of each month? Are you allowed to have a savings account under a DMP?

If a savings account IS allowed, I was thinking of opening an account with Nationwide, who are literally next door to my new current account bank, Lloyds TSB. Does anyone know if they are linked in any way to:

Barclaycard
Tesco Visa (RBS I think)
Egg Card
Post Office Card
Lombard Direct (card and loan - also RBS I think)
Abbey National (card and overdraft)

Thanks in advance for anyone who has a moment to reply. x

Deep_In_Debt

Hi
Can't think of any reason why you can't have a savings account whilst on a dmp. I'm on a dmp and have managed to save money to make some f&f settlement offers on a couple of my smaller debts.

As far as I am aware, Nationwide are not linked to any of the banks you've listed.

Good luck.

Leixlip1

Nationwide aren't linked. I bank with them and once registered for internet banking you can open an on-line savings account. I save any surplus I have this way for emergencies etc There's no credit check for the savings account once you have your bank account and none of my creditors have queried this (I'm doing a self managed dmp).

mbaz

Hiya yes you're allowed savings as your budget includes a small amount each month for yearly expenses such as car tax, mot etc and for things like car repairs so really you should be putting a little away each month for those things anyway.

I'm also on a DMP and am trying to do the £10 a day challenges to put a little money aside for car expenses etc

Hobsch

I am on DMP and had to open an account with Lloyds. With internet banking I opened a savings account with Lloyds so I can instantly move some money to save (if I have any).