was rejected for a savings account??

devonshire

Hello all
Wanted some advice. applied for a savings account with coop as I had heard on here that they were IVA friendly but they declined my application for a savings account!

bit worried now about my car insurance (as that is with coop) as want to pay that monthly when up for renewal, (i previously managed to scape together a whole years worth) but haven't managed to do that this year.

when i rang coop to ask about my insurance they said I would be able to pay monthly but I am still worried! Any advice/previous experiences welcome!

JokerDurden

I never had problems obtaining Car insurance in an IVA and changed companies every year buy going through MoneySupermarket, latest one was done via Quidco just as IVA ended. All paid by Monthly Direct Debits.

Bank Accounts are difficult to obtain whilst in an IVA especially with trying to set up a savings account as theoretically you shouldn't be able to build up savings whilst in an IVA. Could be wrong on that one but accounts are easier to source once clear of the IVA.

the_bright_side

Try the Natwest they accepted me

Foxy-Stoat_3

Natwest Step Account will be the one yuo can open without too much bother.

Charco_2

Read something about this recently...

Many banks - even when you approach them for a simple no-frills run-of-the-mill bank account - insert your application as a normal bank account and then reject you when in fact they would have accepted you for a basic no frills one.

All you want is a money in/money out account so that your employer doesn't have to pay you in gold sovereigns that you stuff into your matress... approach the co-op again and ask for a basic account. I did have a list (somewhere about) of the basic accounts as named by each separate bank (why they cant just call it a basic account is beyond me!)

Just remembered, with the Co-op it's called a Cashminder (they wont give you a savings account - which is strange!!!).

If you want to have a savings account then you'll have to approach a LOCAL Buildings Society or Credit Union.

Good luck!

ManAtHome

Co-op are the only ones I've dealt with who credit-check for savings - try Yorkshire Building Society (or Barnsley - same group, better rates) - they've been reported many times on here as BR/IVA-friendly.

Would imagine motor insurance is less of a problem as they just cancel if you miss a payment (you're paying in advance), so less of a risk than loans etc.

FoggyBrain_2

As ManAtHome says -- try the Yorkshire B.S -- I opened mine there online in minutes and got account details there and then.

devonshire

Thanks people, appreciate all the advice :-)

FavDaughter1

we've got a Co Op basic bank account which is working very well. at the time of opening it we also applied for a ordinary saving account(to put clothing allowance etc away)we got the saving account too.

given our Full& Final IVA was accepted on Wednesday does that mean the Co Op will close the saving account on us? it's so convenient being able to transfer on line - stops us dibbing into other allowances.

thanks

Foxy-Stoat_3

Why would they close an account? They wouldnt even know your IVA was finished. Just keep going as normal.

FoggyBrain_2

Chances are they won't even notice. They have no reason to do another credit check and, although some banks trawl the Insolvency Register, I doubt you will even appear on it.