Savings post BR

nomis21

Hi, i have read a few threads on savings accounts and it seems possible to open a new account post BR.
Yorkshire Building Society Seems a possibility post BR to open a saving account. I would like to open a new account to save for the future. I know its very unlikley ill ever be able to get a mortgage considering my BR and age (iam 38 and was discharged last month) so a house is probably out of the question, but i would like to save for the future and my kids future.
I currently have a coop cashminder which i opened a few weeks before going BR and the coop have been great. I went overdrawn on the account a few months ago due to a mishap with a direct debit and they reversed the charges which i was thankfull. I have followed the post about the coop cashminder electron card being updated to visa although apparently its a wolf in sheeps clothing, but i still believe the coop is still a good bank compared to the other big high street banks and the likes of..!
So i would like to know if anyone has opened a savings account with the co-operative post BR ? They have been great to my needs so far ...!

skylight

For some reason, Co-Op are happy with current accounts (basic), home and car insurance etc but not a savings account. Those that have them are the chosen few.

But, its always worth an ask. Whats the worst they can say??

Another provider is Sainsbury.

fiveyearplan

I have a coop account too and have been very happy with it however I haven't tried to upgrade or open a savings account - I have been discharged for 4 months.

There is no reason why you wouldn't be able to get a mortgage in the future - you're only 38! If you went the full 12 months BR then that will fall off your credit file when you're 43 - hardly too old for a mortgage! In any event if you have the right deposit there is no reason why you couldn't get a mortgage before then either.

nomis21

skylight wrote: »

For some reason, Co-Op are happy with current accounts (basic), home and car insurance etc but not a savings account. Those that have them are the chosen few.

But, its always worth an ask. Whats the worst they can say??

Another provider is Sainsbury.

Thanks it would be great to know of any experiences of people opening savings accounts and accepted by the banks post or even through BR.

skylight

I was given a savings account by Natwest whilst BR. Although I think that I kept my Step account with them by pure fluke and I slipped through the net hence the savings account.

I also have one with Sainsbury post BR, but I had to send in a copy of my discharge (I got a letter FOC from the OR).

I also have a stocks and shares ISA that I pay £50 a month into with Legal and General - they also wanted proof of my discharge (same copy letter sent).

MicheH

Thanks fiveyearplan, that's good to hear. I'm 30 next month so all of this has kind of hit me hard and I feel like i'm having some sort of midlife, stupid, everythings gone t*ts up, crisis. I'm having to look at it like my 20's were a kid now i'm growing up (with 2 kids I may be a bit late lol)

I worry about getting a mortgage but we too are wanting to save for a deposit to stand us in better stead. Plus i'm hoping to get through university in these 6 years SO it's just a blip to get us to a better life.. hope i'm not kidding myself.

Nomis, when I opened my account with Coop they asked if I would like to open an ISA at the same time (i refused as just come out of BR hearing and was all over the place) I then about 4 days later rang the coop asking if I could open a 'biggy bank' account for my children and told me I couldnt because of my BR so I don't quite know where I stand but you're discharged so I quess it would be easier and clearer for you.

Feelingfoolish_3

skylight wrote: »

I was given a savings account by Natwest whilst BR. Although I think that I kept my Step account with them by pure fluke and I slipped through the net hence the savings account.

I also have one with Sainsbury post BR, but I had to send in a copy of my discharge (I got a letter FOC from the OR).

I also have a stocks and shares ISA that I pay £50 a month into with Legal and General - they also wanted proof of my discharge (same copy letter sent).

Good to know - thanks Skylight

betterlatethannever

I had no problems getting a savings account with Barclays about 6 months after going BR,:T
I've also just managed to pass a credit check :eek: it was only to get a BT line, but i nearly fainted when they said 'hold on while i do a credit check' and did faint when they said i'd passed , although i'm guessing that they were checking to see if i owed them any money rather than a proper credit check.

nomis21

fiveyearplan wrote: »

I have a coop account too and have been very happy with it however I haven't tried to upgrade or open a savings account - I have been discharged for 4 months.

There is no reason why you wouldn't be able to get a mortgage in the future - you're only 38! If you went the full 12 months BR then that will fall off your credit file when you're 43 - hardly too old for a mortgage! In any event if you have the right deposit there is no reason why you couldn't get a mortgage before then either.

Thanks, owning a house would secure my future and my kids future but even if i was to get accepted for a mortgage in 5 years time i would still need to save hard for five years for a big deposit then i would be probably be put on a high interest rate as soon as i declared my BR to the lender.
But i still need to save what ever the outcome may be.

Round_The_Bend

Both Yorkshire Building Society and Abbey offer savings accounts to individuals, pre-discharge, in my personal experience. Although the Co-op do not offer ordinary savings accounts pre-discharge, they do offer ISA savings accounts to those, who have not yet been discharged. Don't ask me why, as I have no idea. In the past, others have posted that the Chelsea Building Society offer savings accounts and it may be worth checking with some of the smaller building societies too, as occasionally individuals do report success. Personally, I would recommend the Yorkshire Building Society as it can be operated online, comes with an ATM card and has a good track record with those who are still pre-discharge.

Lost2

I went BR March this year, and have a Yorkshire bank savings account
quite a few of us on her have opened one