pre paid CC vs Savings

Lost2

Tobiwan_Kenobi wrote: »

Just keep cash! I pay for everything with cash now & love it!

I do the same Tobiwan Kenobi, as you say it is a great feeling paying cash.:j

Lost2

Puzzledbubbles wrote: »

Thanks foolish and thanks for the confirmation Iquit and the lovely phil of course (you know i think im developing a crush on you phil, you are always there when i need ya lol)

I am not going to open a savings account with a bank yet - i want to wait to do that until discharge really then i can start car savings in a seperate pot.

At the moment i think the cc and the good old sealed tin will let me have the control i need and some freedom at the same time - especially since the largeer portion of savings will be relocated to my nan's house so i have to make a proper effort to get it and cant access it too easily

You could all ways leave your tin at my house Puzzlebubbles.:rolleyes:

As soon as I get paid,as one job I have am paid weekly so I take it out strait away and I have another job where am paid the last working day of the month I draw that too, as I have a Lloyd's account and I don't want them closing my account with money in it.

skylight

I have just bought a Paypal Visa Debit card.

Its cost £4.95 and will cost the same when it expires and I need to replace it. There are no monthly fees and no transactions fees in the UK. And if you top-up via Paypal, there are no fees there either.

Round_The_Bend

iquit wrote: »

Can I just hijack this thread and ask if opening a savings account before you're discharged is a no no. I want to open a savings account so that I can keep money out of current account so that I have funds for my annual charges e.g. MOT/road tax/ union/ registration etc etc. Was going to wait until I've had the OR interview.

I've only recently gone bankrupt and have had my OR interview. I've just opened two savings accounts, one with Abbey, one with Yorkshire Building Society. I applied for both online and both come with cash cards and are operated online. I had no issues, despite the fact that Abbey is part of the Santander Group, who own A & L, one of my creditors, as I subsequently discovered. There is no problem with opening a savings account, so long as the relevant bank is happy to do so, as you are not applying for any type of credit facility.

I opened the accounts for the same reasons as you, i.e. to enable me to better budget.

philnicandamy

soon as your savings banks hear of your bankruptcy i'll bet they'll be closed asap....

Round_The_Bend

philnicandamy wrote: »

soon as your savings banks hear of your bankruptcy i'll bet they'll be closed asap....

Hopefully not! Several other posters have successfully opened and maintained savings accounts with both Abbey and YBS, post-bankruptcy and pre-discharge. The other one that people have found BR friendly has been the Chelsea BS. Obviously if others have different experiences, it would be helpful if they could post their experiences. I will also update if I encounter any difficulties in the future.

iquit

Yes, it seems the BR experience is not identical for everyone. I think I'll wait until I've had my interview with OR and then look into opening another account. As an aside it's been suggested that I open another/2nd co-op account and use that to put my 'savings' into. Putting that bit of info out there coz there maybe someone contemplating the whole dilemma who doesn't post.

philnicandamy

Thats the key....NO consistency between banks :rolleyes:
what they tell one person is not always the case for someone else

Round_The_Bend

iquit wrote: »

As an aside it's been suggested that I open another/2nd co-op account and use that to put my 'savings' into. Putting that bit of info out there coz there maybe someone contemplating the whole dilemma who doesn't post.

I tried to open a second cashminder account with the Co-op and was refused. They also don't allow you to open a savings account. Again, this seems to be the general consensus but I am happy to be corrected if others have different experiences.

The attitudes of the banks are changing all the time; just look at recent posts regarding Barclays, which has recently become less BR friendly. Therefore, what is correct one month may be incorrect next month. However, I opened the Abbey and YBS savings accounts and prior to this, tried to open a second Co-op account, all within the past fortnight. Hope this helps.

Lost2

Personally I think banks are going to have to change there attitude to wards bankrupts, as there are so many people going bankrupt
if they close there accounts then they will have less customers