Getting a savings account post discharge

Shed777

Following my AD 3 weeks ago, I applied to my bank (Co-op) for an instant savings account (more to help me manage my money than to build up savings).

I thought it wouldn't be credit checked, after all, I have a Cashminder account with them and I am not seeking any form of credit. Hence why I didn't wait until I had cleaned up my credit file.

The Co-op declined my application. Having spoken to my branch they say I can open a cash ISA account which is instant access & doesn't require a credit check, which I will do.

It just seems daft to me that a bank would do a credit check for a savings account & I am wizzed off to have a 'decline' appear on my credit file post AD.

mazman83

Same here, I have 2 cashminder accounts and an ISA but still got declined for an instant savings.

I went to Natwest and opened a basic account with them and I have opened three savings accounts with them now with no problems.

I'm starting to prefer Natwest now, just because the available balance is updated instantly and they have a nice Savings goal utility which I quite like. On the downside I can only withdraw cash at RBS group ATMs.

OutofDebt-NOT-OutofDanger

Try the smaller building societies.

I recently opened an account with Yorkshire BS - instant access with cashpoint card and reasonable interest rates and can be opened online.

alastairq

hi..............yes, the Co-op Smartsaver is 'credit-checked' automatically..however, the system can be bypassed.

In fact, I have been informed by a Co-op bank representative that the Smartsaver account is also available to undischarged BR's...

The trick is, apply over the phone, and immediately inform the advisor that you are a recently-discharged BR. The computer will initially refuse your application, but the advisor can immediately appeal....the application then gets automatically sent to the department that revues such applications, and approval should follow toot sweet.

The advantage of the Smartsaver account [not, by their own admission, the highest of interest rates]...is that is can be managed online, and funds transfers to and from your CAshminder account are instant. [it comes up on the same page as the Cashminders]...this is handy for topping up if suddenly caught short...as many who post on here can sometimes be?

Another savings account which can be managed online is the Post Office savings account.....operated by the Bank of Ireland, I believe...

Transfers out can take 3 or more days to hit the recipient account, however, in my experience.