Abbey National eSaver Account

Jaks

I am an undischarged bankrupt - I was declared bankrupt 6 & 1/2 months ago. I have been reading on other forums posts about having a savings account whilst bankrupt. One of the banks mentioned was Abbey National, a eSaver account was recommended as it isn't credit checked.

It was also recommed to apply online - which I did.

I applied on-line on Saturday for a Abbey National eSaver account and I expected to get turned down. I received an e-mail today saying that my eSaver account has been opened and I have been given an account number and sort code. I have also been told in the email that I will recieve a cash card and pin number through the post and I will be able to check my account on line.

I have no previous debts with Abbey and I haven't banked with them since I was a small child, can I trust this account or can they withdraw this account as there wasnt anything about not giving accounts to bankrupts.

I want to use this account to save a little of my surpless income away from housedhold account.

Merry_Gentry

I really don't know, but I would imagine a lot of people will be watching this with interest.

rb211

Are you paying an IPA ? If not then you may lose your 'extra' cash that you are saving

k2nga

I think it was me that started this as i had an esaver account pre BR and was given it back when i recieve ED which was of course a massive surprise to me.

I called them and said that i thought it was a mistake and i was told that as i was no longer BR i could have the account again and they sent me out my new login details for the account which i not have and have run the account for 2 months. It was also nice to see that i had gained interest in the savings that were in there albeit that there was less than £5 in the account.

Jaks

rb211 wrote: »

Are you paying an IPA ? If not then you may lose your 'extra' cash that you are saving

I am not paying into an IPA as our only income is benefits. I had a letter around 7 weeks ago form the OR saying that they were applying for to the secretary of state for release as trustee. I have also submitted a IPOQ questionaire withing the past 2 months ( just a general update on our expenditure I should imagine). After recieving the letter I should imagine that the OR has finished with the admistration of our bankruptcy estate and we are now sitting tight until AD (04/09/09) of maybe ED if we get lucky.

How could I lose the extra cash that I am saving? Can the OR claim it? I didn't think that we had to inform the OR of any bank account opened after bankruptcy

dreamcatcher73

You can't lose the extra cash, most people have some surplus on their SOA's so you have every right to save this. Plus most people have to save for the bills that don't come in regularly such as mot's etc.

Don't worry, your money is safe

Merry_Gentry

If your only income is from benefits, you won't be subject to an IPA/IPO. Also, the OR has no interest in any accounts you open once you have gone bankrupt - I think the previous poster was thinking if you had enough surplus income to save some, then you might be subject to an IPA.

Jaks

Thanks, the eSaver account will be handy to put in any extra money to save towards replacing something that breaks down or furniture that might need replacing, also as we are in rented accommodation money to save if we need to move or are lucky enough to get council/housing association accommodation (we are registered for both - in our area we are given a banding - silver as my dh and 5 year old have mobilty needs, we are a family of 6 and have to bid on any 4 bedroom houses that get advertised by the council/housing assocciations every 2 weeks in the local paper - these are few and far between, there are loads of 3 bedroomed properties but we cannot bid on them as we are classed as needing 4 bedrooms even though we live in a 3 bedroomed house at the moment and the bedrooms are only just big enough to sleep 1 person over 10 and 1 person under 10 - so in reality are house is suitable for a couple and 2 children over 10 of different sexes and 1 under 10. My children are 15 (boy - 16 in July), 13 (girl - 14 in July), 5 (girl with mild mobilty needs - 6 in December), 2 (girl - 3 in October). My 2 year old currently has a cotbed in our room, which is just big enough to fit in a double be and 1 set of drawers with her cotbed in there - the other room is a box room and the other room is smaller than ours and there will be no room for our 2 year old daughter in there - we can't put up bunk beds because of the risk to our 2 and 5 year old) - Sorry to trail off topic a little.

Jaks

Is there any limit to the amount of accounts you can have open after bankruptcy and OR interview , I was under the impression that could only have one ( from another post on here), but I opened a co-op cashminder prior to bankruptcy that I opened to use after (didn't use the account until after OR interview and left a zero balance in there until then), I was also allowed to keep the Nationwide Cash Card account (joint with dh who also went bankrupt), I get a letter from either the OR or the bank comfirming this.

Jaks

Update ...

Recieved my pin number through the post this morning and also a passcode so I can access e-banking. :T:T:T:T

I am now waiting for my Abbey Cash card. To access e-banking I need a 5 digit Registration Number ( the letter said should arrive in a few days) and my 16 digit cash card number (still waiting for my cash card, should be here in a few days).

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This may give hope to bankrupts and discharged bankrupts wanting to open some sort of savings account to put some money aside for yearly expenses or a little savings.

I had never considered trying Abbey National, I found out from another bankruptcy forums that some people have been successful in opening eSaver accounts with Abbey.

The only draw back is I think you can only pay money in by bank transfer or standing order or cheque (no an option for us bankrupts :rotfl::rotfl::rotfl:), but you can take you money out of a cash machine at any time up to £300 a day.

Round_The_Bend

My understanding is that you can open savings accounts while still undischarged. Current BR friendly banks for savings appear to be Abbey, Yorkshire Building Society and possibly the Chelsea Building Society.

A few of us on this and other forums have been successful in opening these accounts over the past few months and to date, I am not aware of anybody encountering any difficulties.

To be honest, I would have thought that the banks would have been glad of any savings, wherever they come from, at the moment! I don't see the problem with savings accounts for bankrupts as there is no risk to the bank and who knows, some of us may stay on post-BR. I actually think that the majority of individuals who go bankrupt are more likely to behave responsibly with their finances, post BR, since I can't imagine that most people would ever want to go down the same road again. Hence, low risk and potentially high profit (in terms of using our ever growing savings to lend to others). Maybe we should all get together and set up a BR friendly bank!!:D