Can i get an online savings account with bad credit history?

astonsmummy

Hi
As the title says, can i get an online savings account, if so are there any anyone can reccomend?

misscutiepie1984

hiya i had same problem myself, im in a DMP myself and managed to get one with Citibank and its like 5% apr and give interest monthly..... there is a thread on here somewhere about them people with iva's and bankruptcy have got it so you should have no problem!!!

Prudent

I apologise for this question, but I wondered why a bad credit history stops you getting a savings account? Surely you can only take out what you put in? Why is this a risk to the bank / building society?

astonsmummy

Prudent wrote:

I apologise for this question, but I wondered why a bad credit history stops you getting a savings account? Surely you can only take out what you put in? Why is this a risk to the bank / building society?

I dont know really, i havent got a clue about these things, so thought i'd ask:o

gelato_cat

Shouldn't think you would have a problem - what features are you looking for apart from online banking?

Suze

astonsmummy wrote:

Hi
As the title says, can i get an online savings account, if so are there any anyone can reccomend?

astonsmummy

Just want an account where i can transfer money from my account, if its online i'll be less inclined to dip.

gelato_cat

Who do you have your current account with? You don't have to have it with the same bank as the online savings account, but it makes it easier if you do need to get your hands on some money quick.

For example, my current account is with Halifax and I have a web saver with them. It pays 4.75%, which is good but isn't the best, but I can transfer money between it and my current account instantly, so I use it to stash any extra I have. There are fixed rate versions of this account which offer better rates if you can lock your money away for 3+ months.

Last time I checked, Sainsbury's was offering 5% on balances of £1+.

There are better rates available if you have bigger balances to put away, eg Icesave offers 5.45% on balances of £250+. ICICI offers the same rate and has no minimum balance but I don't use them so can't tell you how good they are (I've read some bad feedback though)!

Suze

astonsmummy wrote:

Just want an account where i can transfer money from my account, if its online i'll be less inclined to dip.

astonsmummy

I'm with the coop, tried opening an account but they messed me about and still hadnt prossesed the aplication after 6 weeks so i decided to look elsewhere.
I dont want to save vast amounts only about £10pw.

gelato_cat

In that case, the best one I can recommend from what I personally use is the Sainsbury's one. Others may be able to tell you about accounts they have.

Suze

astonsmummy wrote:

I'm with the coop, tried opening an account but they messed me about and still hadnt prossesed the aplication after 6 weeks so i decided to look elsewhere.
I dont want to save vast amounts only about £10pw.

tom188

do you want access to the money? how often?
do you want to set up a rigid payment plan?

If you want to save for the future Scarborough My Savings is the best payer, allowing you to set up a standing order for £10 every month and one penalty free withdrawal. It pays 6% (or 3% if you make more than one withdrawal).

If you want ready access to your money and more flexibility icici is best with £1 minimum balance and 5.45% interest rate. Birmingham midshires pays 5.20% including a bonus for the first 12 months.