Cant get a savings account

battyboimatt

Well I have my bankrupty friendly Co-operative bank account, but they wont let me have a savings account I applied and instant decline, I need someone other than my main account to save the allowance for my car repairs and car tax because if I leave it in my main account I know I may dip into it do BR people manage to get savings accounts

Manoona

I have a savings account with YBS (yorkshire building society).

Applied on line whilst still bankrupt - although its an online saver and so you ahve to transfer funds from your bank to the savings account you do get a cash card to use at ATM's!

kepar

Or try opening a second Co-Op account and use that for savings etc.

Ineedaname

The Co-op should be able to offer you an ISA account which you can use like a normal savings account. I'm not sure if you get a cash card for it, but you can always transfer the money online back and forth as you need to use it.

You could also ask them to appeal the current rejection to see if their BR department can approve it for you.

Failing that, I just opened a Barclays CashCard account and when they rang to say it was all approved (after appealing the auto rejection) they offered to open a savings account for me too.

dojoman

You will definitely get an internet saver account from YBS as Mannona suggests. My wife and I both opened one whilst still BR and it was all done on line. I also opened another Coop account as Kepar suggests and also a Barclays basic account, I use these to put any spare money away each month.

restofmylife

You can get a savings account with Co-Op I got advice on here last month! They will decline straight away but if you warn them that you are BR and ask them to appeal the decision you will have the account with cash card within a week! Read this - fantastic advise do exactly what OP advises and Good Luck!!
https://forums.moneysavingexpert.com/discussion/1678617=

john1002

Just another word that if you go down the route of co op second account and barclays cashcard account, whilst you can store money in them they do not incur interest (not sure about barclays but if it did have interest it would only be 0.1%), were the YBS one has 2.10%. Even this is not alot but in a year it adds up.

John

restofmylife

Thanks John, I also have YBS also and I hear you about the interest. Some of us EX BR just want a savings account to save for short term things or emergencys - like needing a new washing machine. The interest doesn't matter that much to me for Smartsaver as I only save small amounts for things I need. The YBS one for long term savings..

john1002

Makes sense

I dont know if anyone else feels this but i honestly can say i dont miss credit anymore, I like to think If I need something then I work out what I need and save it. The car has caused me some nightmares in needing quite a bit of work doing but normally pre BR I would have found a card and stuck it on that, now I find that as Im not paying anything back to loans or cards I have surplus to spend and save and that allows me to cover these emergency's. Then it annoys me that I have no savings again and it starts all over again saving

John

alastairq

Recommend doing as restofmylife suggests...phone Co-op, ask for a Smartsaver account, at same time warn about your BR, and ask for immediate appeal.

Co-op have a policy of NOT denying a BR [or ex-BR] access to a basic savings account...[but the above process needs adhering to....a sign of our computer age, I'm afraid]

Whilst the 'interest' is negligible, the Smartsaver account will give you online access, a cash card.....but more importantly, for what you intend saving for....INSTANT FUNDS TRANSFER to your other bank account.

Which, of course, doesn't happen with any other company's product, they being subject to the normal delays between transferring cash out of the savings account [losing any form of interest-earning at that precise point] ....and appearing on your Co-op bank account.

So, if you need your car mending on Tuesday afternoon, you have instant access to funds, so that you can use your normal bank account and it's visa card, as instantly as you can get to your computer.

Unlike other accounts, where there can be a delay of several days.....[and the car may well be off the road for that time....depends on how much you have floating in your current account??]...

Of course, this whole issue of 'interest' can get blown out of the window.......if you open a Co-op Dividend account........[see threads on Co-op Divi??]

This will pay you, every year, a cash dividend based upon your usage of Co-op products...including stores.......

Given what I currently have in my Smartsaver account....having just received my Divi payment, and having placed into the Smartsaver, that payment represents an amount a whole heap bigger than most any other interest-based savings product....or am I cheating?

In the end, cash is cash??

WLITC

Unless your looking for an account that will specifically pay extra interest then as others have suggested, just open a 2nd Coop account. Or open a Barclays account (they do basic ones like the Coop too). I have a basic account with Barclays and they let me instantly (online) open a e-Savings account. Not sure what the interest rate is but its probably a little better than a normal bank account.