Can I get a savings account with bad credit?

matey1

Hello,

I was wondering if anyone could help me, about a year ago i set up a DMP with payplan and the national debt line to help pay my debts off as it seemed i was just getting nowhere and couldn't afford to pay the repayments. I got myself into debt in the first place by being quite young and naive. I was working on an apprentice wage and living on my own, my wage was about £55 a week and i recieved housing benefit of £15 a week to supposedly help me?? Anyway i used my credit card to live on (as i said being young and naive i thought this was a good idea). This all built up and built up eventually leading to the DMP which is actually the best thing to have done in this situation. Now i am qualified and have been paying everything of now for a good few years, upping the amount i pay when i can afford it. I have been given the chance to open my own business. My parents have had their own highly successful business for about 30 years and have offered to help me set up my own (they know about my debt problems) as this will be a way to pay the debt off quicker and still have something for the future in the end.

Due obviously to my bad credit rating i can not set up a business bank account in my name, even though i don't want anyform of borrowing, no overdraft or credit cards. Which i can understand, so as me and my partner are going into business together they are holding the account in their name and i will be a signature on the account.

Back to the question in hand: Can i set up a savings account in my name? I need an account to put my savings for tax in and one for profit but need it quite accessible as this is going to pay off my outstanding personal debt.

Sorry this is long but i thought if i explained the whole situation i'd get a better answer.

Anyway advice or help on this subject would be greatly appreciated.

cos69

You should be able to open a savings account at the local branch of a bank or building society. Internet banks expect you to have a current account somewhere you can transfer money to / from so a bit more tricky. You might also consider National Savings and the Post Office