Co-op Smart Saver!

michbright

I was discharged in 2009 and have had a YBS eISA as well as an internet savings account. Last year I applied for a Santander ISA online, which was approved, as well as a standard savings account. I have a new Santander ISA for this year as well because the rate went down to 0.5% on the first one.

I initially used the ISA for putting aside money for bills and now that we're back on our feet financially, we use it for our holiday fund as well.

Hope this helps someone.

curly04

I got an ISA with them but rejected for the other savings account
so got one with YBS

alastairq

Co-op apply an 'instant credit check' to all applicants for Smartsaver, or other accounts.

A BR flag will create instant rejection.

This is a mere formality in the grander scheme of things.

What the [ex]BR applicant needs to do is to apply over the phone, warn the adviser of the BR, past or present...and the adviser will [usually] instantly plant an appeal.

This appeal goes to their department that deals with BR.....and is overturned instantly.

The Co-op's policy is that BR's are fully entitled to a basic savings account.

But, computers being computers, it needs a human intervention to get what one wants.

I recently set up a Smartsaver....handier than the Post office online saving account I had...as the Smartsaver can be managed online, with debits and credits being applied instantly.....unlike the PO one, which had a delay of several days.

I also have a cashpoint withdrawal card to go with it....handy if on holiday?


Try applying again, on the phone....

philnicandamy

alastairq wrote: »

the adviser will [usually] instantly plant an appeal.

This appeal goes to their department that deals with BR.....and is overturned instantly.

The Co-op's policy is that BR's are fully entitled to a basic savings account.

But, computers being computers, it needs a human intervention to get what one wants.

..

your lucky alistair...most people i've worked with as well as myself are now told by the co-op NO for an account upgrade or a savings acc for 6yrs minimun till the BR falls off files

and thats done in house as well with one of their "finance team"

Ineedaname

I was certainly told no to any standard savings account with the Co-op during BR year, although I could have a cash ISA instead.

alastairq

Maybe my 'luck' applied purely to the Smartsaver product?

The person I spoke to initially was a member of their training team.

And was fully conversant with what BR means.

I haven't asked for a current account upgrade......[as I don't need one]...

With my Smartsaver, the appeal process was immediate....my account showed online within a couple of days, I got the rejection letter two days later, preceded by the cash access card, and followed by the pin number!

It appears the initial assessment is conducted via the adviser's computer, which automatically rejects poor credit ratings [such as BR]...

It is at that point the appeal needs to be lodged...by the adviser...this goes to their specialised department, who apparently are happy to accommodate ex-BR's...

Push for it, kick up a fuss....or get a Post Office online savings account, no hassle?

what_happens_now?

I opened my basic account with the co-op the day after my BR, the chap in the branch asked if I wanted to open a savings account at the same time. I declined their offer as I thought i wouldn't have any money to put away. 3/4 months down the line I applied for a savings account, got referred (as most do) and was accepted....

Always worth a try, I'd thought...

shellsuit

I went BR in 2006 and was discharged after 6 months.

I applied for a co-op savings account last year and was refused.

Also applied for the ISA account last year and was refused.

Hey ho.

alastairq

shellsuit wrote: »

I went BR in 2006 and was discharged after 6 months.

I applied for a co-op savings account last year and was refused.

Also applied for the ISA account last year and was refused.

Hey ho.

did you ask for an 'appeal' to that decision?

or did you just leave things be?

restofmylife

Thanks Alisdair!

I have just rang co-op and did exactly what you said, the guy spoke to a Manager and they said that it was OK to put to appeal dept. We went through the application and of course rejected but he said it will now go to appeal and he will ring me on monday with a decision - fingers crossed:)

Great info hope it works:j