Post BR Savings Account

phillymitch69

Much to my amazement and despite several rereadings, my IPA, which arrived on Saturday, leaves me with a sizeable chunk of money after all bills and living expenses have been taken care of.

I'm thinking of trying to put it into a savings account to earn at least a little bit of money and wondered if anyone had any recommendations or, on the flip side, anyone they'd steer clear of.

I'm also wondering about the Nil Tax thing. Could I put the some requested into a savings account (to make sure there is no risk of it being inadvertently used) or does a regular monthly demand for it usually follow, meaning that it's just not worth the hassle of payng it into a savings account.

While I'm here, can I just say a really big thank you to all contributors to this forum and to those who take time and effort out of their daily lives to offer people like myself advice. The advice is valuable of itself but what is most precious is the sense of community and belonging - something I never expected to have as a BR.

Thank you all. I can see light at the end of what has been an extremely long and bendy tunnel and that's in no small way due to the many good people on here.

Phil

philnicandamy

YBS do a savings account for undischarged Br's a fair few members here accepted....http://www.ybs.co.uk/savings/online/internetsaver/index.html

once discharged...sainsburys do an internet saver account as well (you would need to send proof of discharge)
Problem is most other savings accounts are usually credit checked so while the BR sits on your credit files for 6yrs you'll probably fail

Hope that helps a bit...

marc3

i have successfully opened a small savings account with YBS -very helpful.

i am discharged and ideally for very occasional use could do with a cheque book facility.

Did i read somewhere that Abbey national are 'discharged BR friendly' and that they may have a suitable savings account which has a cheque book facility ?

(or any other B. Soceity who may do similar-as i say-its the very occasional access to a cheque book facility that would be so useful ).

many thanks

peachyprice

phillymitch69 wrote: »

I'm also wondering about the Nil Tax thing. Could I put the some requested into a savings account (to make sure there is no risk of it being inadvertently used) or does a regular monthly demand for it usually follow, meaning that it's just not worth the hassle of payng it into a savings account.

Once it's up and running the nil tax IPA is paid by monthly DD, so not really worth putting into a savings account. However, if they've stopped taking tax off you already this money will have to be kept to one side until the DD is set up, so you may as well earn some interest on it until it's sorted