Co-op Smart Saver!

clanbailey

hiya quick note on keeping savings in the house - we have a safe etc BUT have been burgled a few times !!! so I have a hook on the back of my headboard and hang a bag there with the spends init sooo if you do get unwanted visitors they dont move your bed away from the wall so wont find it

Merry_Gentry

I decided to apply for a Co-op Smartsaver (am having a few problems with the Sainsburys account) - I applied last night, the rejection came this morning. Says it's based on the Experian report so I guess I need to start clearing up my credit file. Sigh, feels like too much effort at the moment - maybe next month!

k2nga

Excuse me for asking Merry but do you have a Cashminder with them at the moment?

Lost2

louiser123 wrote: »

i cant understand why any bnk would decline a savings account after all there is no credit facility and therefore your not applying for credit!! along with everything else the govt need to do is to let the banks know that just because people are BR does not mean they can decline an account for saving i would say that is out and out discrimination and breaking the law as it is singling out a sector of people for no apparent reason. savings accounts are just that and are not credit and should not attract a credit check either:mad: makes meso angry

I thought that to Louiser, WHY????? :mad:

k2nga

This has been a long running debate. I mean fair enough when you are BR as we are not supposed to have any money but you would think the banks would welcome us as savers after its all over.

sniggings

Lightattheend wrote: »

Right, better make sure my Smart Saver is empty when I go BR! Was hoping to keep it but I'll find some other way to save - box under the bed sounds good but better not tell anyone where I live!! :rotfl:

it gos in the paper,just don't tell anyone your nick name!;)

2011newstart

I was discharged from bankruptcy last december and have just applied for a cash isa with Co-op after reading this thread. (I already have a cashminder account with them, opened post bankruptcy, run with no problems and ALL my income goes into it.) Turned down instantly! Know I've no chance with smart saver then! Why? Stupid if you ask me. :mad:

philnicandamy

Hmm they seem to change the rules on a daily basis I know now most branches will only entertain you after 6yrs of bankruptcy has passed..mad I know

as far as savings go try the ybs internet saver account they've been superb with discharged and undischarged BR's here

MTDancer

louiser123 wrote: »

i cant understand why any bnk would decline a savings account after all there is no credit facility and therefore your not applying for credit!! along with everything else the govt need to do is to let the banks know that just because people are BR does not mean they can decline an account for saving i would say that is out and out discrimination and breaking the law as it is singling out a sector of people for no apparent reason. savings accounts are just that and are not credit and should not attract a credit check either:mad: makes meso angry

When I asked why we could not have a savings account the co-op said they were following government guidelines. The theory is: if you are bankrupt you should have no spare money. Hubby self employed and we wanted it for our tax liability. Yorkshire bank offered us one though

onward

louiser123 wrote: »

i cant understand why any bnk would decline a savings account after all there is no credit facility and therefore your not applying for credit!! along with everything else the govt need to do is to let the banks know that just because people are BR does not mean they can decline an account for saving i would say that is out and out discrimination and breaking the law as it is singling out a sector of people for no apparent reason. savings accounts are just that and are not credit and should not attract a credit check either:mad: makes meso angry

I've posted the answer before regarding the Co-op instant saver (but I can't find my post ).

When banks trawl through their database of customers to send out mailshots and offers (loans, credit cards, mortgages, insurance, etc.) they include most of the customers they have except for those few that have 'credit-excluded' accounts.

In the case of the Co-op Cashminder, all account holders are excluded from such marketing, however the Instant Saver account holders are included. The simple solution for the bank is to not allow the BR customer access to any account that could lead to them being sent marketing info for products the bank does not want to offer them.

This was explained to me by a customer service bod at the Co-op, and whether you agree with it or not, it makes sense in logistical terms (I spent a number of years writing/designing software for banks, and this is how we did it too).