Saving Whilst In Bankruptcy.

WoodruffsDad

I am aged 67 next month and I declared bankruptcy about 3 years ago. I was discharged after about a year. I still make my monthly payments to the OR regularly and I receive my State Pension as well as earning a salary from a full-time job plus a little part-time income from selling collectables direct and on eBay.

Because of this I have built up a few thousand pounds in my basic Co-Op Bank Cashminder Current Account which is sitting there doing nothing.

Can I legally put the surplus cash into some sort of interest-bearing account? If so, what would be the best?

I am told that my best bet would be ISAs but I am confused as to what would be the most appropriate! The Co-Op offers Stocks & Shares ISAs, Cash ISAs and a Britannia ISA.

I would appreciate some advice in this.

sizzler

Hi there.

you must be nearly finishesd IPA which is great news.

sound like you have come a long way. well done.

I am still BR and have savings account with Yorkshire BS.

Why not as coop about investments?

I am due from discharge and they told me no prob with ISA on discharge.

Regards sizzler:)

GettingHopeful

You have done so well, congratulations.

I have a cash isa with the coop. They offered it to me when I went in one day, and there was no probem as I was discharged. Not very much in it but am pleased to have saved.

That said, none of their accounts pay very much interest. Alliance and leicester and Halifax seem to be offering 3 and 3.5% on their ISAs. Surely now that you are discharged there is no legal restriction on putting your money wherever you want?

I am so impressed that you have turned your fortunes round, and as I too am in my 60s, I am heartened that things are looking so much brighter for you financially.

skylight

You can open anything you like, anywhere.

But not all would take you! Halifax and anyone connected with them, won't. YBS do and offer a reasonable 2.3% at the moment. Santander offer 2.5% for a year on an e-savings and a great 3.5% on an ISA for one year. I have the YBS one for long term, Santander one for just this year and a stocks and shares ISA with Legal and General. (sounds a lot, but I save little and often with different pots to put them in!)

As to what you want to put it in, the savings board is a good place to start. As a tax payer, you should always use your ISA allowance first. With a cash ISA your money is secure, but stocks and shares the value can fall as well as rise. You need to decide how safe, or how much of a risk you want to take with your money; and how much of that money too. Then find some products to suit.