Life after BR ... Savings accounts

alastairq

I have a savings account with the Post Office as well...online only....it is administered by an Irish bank...

The main 'advantage' of the Co-op Smartsaver account [its product name] is that, wit online access, transfers to and from another Co-op account to the same account holder are 'instant'.

Funds transfers to other brands of account can take anything from three to five days [or more] to reach their destination account.


Whilst I am aware the Co-op account offers little in the way of interest [by their own admission too]....I think the 'instant' transfer facility may be a boon to those with Cashminder accounts, who suddenly need to transfer funds...immediately, for cash flow reasons.

It is no good acquiring a 'strike' for being a few quid short, if the funds are actually available, but take three or more days to hit the new account.


On the subject of 'interest'....whilst the Co-op's Smartsaver savings account may not have a very good rate of interest...don' forget the Co-op Dividend system.

Thus, divi can be acquired on all Co-op accounts...

michbright

I have a Yorkshire Building Society online savings account as well as an ISA and savings account with Santander, which I applied for online. I don't like to have all my eggs in one basket, so to speak.

uptomyeyes1984

Thanks again everyone I did try co-op and was declined which is silly seen as i bank there anyway hey ho so I went with your suggestion of Yorkshire Building Society and was accepted instantly wooohooo so now i intend to put money in every month and save for our 1st family holiday abroad next year yay thanks again

alastairq

Thanks again everyone I did try co-op and was declined which is silly seen as i bank there anyway

did you inform the adviser of your BR, and ask for the application to be submitted for appeal?

As in

Co-op have their own savings account....with online instant access.

However, apply by phone, and immediately warn the adviser that it will be refused, due to the BR..they then appeal immediately, and it will be set up.

I have been told they will do this even whilst undischarged.

uptomyeyes1984

alastairq wrote: »

did you inform the adviser of your BR, and ask for the application to be submitted for appeal?

As in

No i didnt i did it online, do you think they would reconsider if i try over the phone again? even tho it has already been declined?

Ineedaname

I'm not discharged yet but already have a savings account with Barclays. Opened a current account with them a few months post BR and they offered the savings account to go with it. (Already had a Co-op account up and running to go BR with btw).