2nd account

sticks123

My husband and I went bankrupt in March, everything has so far gone smoothly - a few concession were made but nothing we didn't expect - thanks in part to the help of all the guys on here!:T
We have been thinking about possibly opening a 2nd bank account so that we can have somewhere to put money for 'savings' ie for that money you don't spend monthly but which will be used in the course of the yeareg insurances, tuition fees, short breaks etc. It is money we did outline in our SOA.
We have a joint basic acc with Co-Op.
Do you think this would be possible?
My mum has offered to open an account for us in her name, but I worry that it may look like we are paying her......perhaps an old debt or something??? So I'd rather it was in our own name tbh.

Any advice would be much appreciated.

So_Sad_Angel

Just phone & open a second Cashminder at the Coop. Transfers will be easy online and no delays in getting the money between accounts.

Yorkshire Building Society saviings account with cashcard - I believe is still available where no credit checks are done and can be applied for online.

Johnpj

So_Sad_Angel wrote: »

Just phone & open a second Cashminder at the Coop. Transfers will be easy online and no delays in getting the money between accounts.

Not sure if things have changed, but when I tried to do that, I was told you can hold only ONE Cashminder account, joint or single.

It might be a good idea to open one with another bank anyway. It will give you two reporting markers on your credit file, which will help you in the long term to rebuild your credit rating. It will also spread things out in case the COOP ever decided to close the accounts of bankrupts. Banks do change their policies!!!!!

Try Barclays if you are not discharged. Once discharged other banks wil give basic accounts, such as the NATWEST Step account.

Technically the banking industry has said in the past you can only have one "basic" bank account. So might be best not to mention your other account when applying or if you have to say you will close it.

As for delays in transferring money, I did have problems with that in the past. However with the Fast Pay service today, you can move it between acounts almost instantly. I move money between NATWEST and the COOP (both basic accounts) instantly.

Check with Barclays, as they used to have restrictions on internet banking until you were discharged, but it appears that might have changed now.

One slight issue of course is that it is unlikely a bank will open even a basic accout for you, if you had a debt with them included as part of your bankruptcy.

Hope that helps.

fermi

So_Sad_Angel wrote: »

Just phone & open a second Cashminder at the Coop. Transfers will be easy online and no delays in getting the money between accounts.

If memory serves, alistairq had 2 cashminder accounts during BR.

EDIT: And not just him: https://forums.moneysavingexpert.com/discussion/1703833

I had 2 Nationwide ones.

Now have both the Nationwide basic and Barclays basic.

IF

I know several on here who have three accounts with the co-op. One for savings, one for DD's and one for everyday expenses

Johnpj

Things have changed then, as I said was not sure if they had.

Personally, for the purposes of improving your credit rating and reducing the risk of bank policy changes, it would still be a good idea to have accounts with more than one bank.

Ineedaname

More waffle.

I've got two Cashminders as well as a Barclays Cash Account and savings account.

dojoman

Same as INAN, 2 coop cashminders during my BR along with a Barclays basic account also opened a YBS internet savers account as well. You have always been able to open more than 1 cashminder account.

kepar

I have just opened a second cashminder in the last five weeks, to go along with my other accounts.

Or you could split your account and ask for two sole accounts,

notsoninja

Johnpj wrote: »

Check with Barclays, as they used to have restrictions on internet banking until you were discharged, but it appears that might have changed now.

Barclays no longer restrict internet banking if you are bankrupt. You can also have a Visa Debit with Barclays now, the same as with a Coop account.

Hope that helps

FuzzyCub

I ran two Co-Op accounts pre and post BR. Closed them recently and now have 2 step accounts at Natwest. Although Co-Op had great service, their internet banking wasn't up to date.

Also have a YBS internet saver and a Natwest First Reserve.