Savings account after bankruptcy?

cm7

Are there any savings accounts that accept discharged bankrupts? I've applied for a few and they deny me based on a credit search. I've tried speaking to a couple of banks over the phone and we just go round in circles, they say they can't offer credit to me because of their responsible lending guidelines, I point out that I'm not applying for credit, they then repeat that they can't offer credit to me etc. Very frustrating! Since being discharged I've been accepted for a credit card (paid off in full every month) and mobile phone contract, it seems odd that I can't get a savings account.

OutofDebt-NOT-OutofDanger

Hi,

You could try the building societies - I managed to get accounts with both Nottingham and Yorkshire BS (this comes with a cash card if you want one). Applied online and accepted straight away.

Are you on the electoral role as for a savings account it is more of an ID check than a credit search?

cm7

Yes, I'm on the electoral roll. They definitely did a credit search, the rejection letters are the standard "Contact Equifax/Experian to find out why your application was unsuccessful" - I obtain my statutory reports every few months and they're clean apart from the bankruptcy itself, the related defaults have now dropped off as they're over 6 years old.

Thanks for your suggestion, I'll try a building society and hope for a better result!

KaiserBill

I had this problem. After my discharge I had a basic account with the Co-op. I asked them to open a savings account - they refused.

So I went to Natwest. I opened a basic account with them, I then asked if I could open a savings account - no problem. They did it for me straight away.

So worth trying Natwest too.

FavDaughter1

hi. we did a full & final IVA about 2 yrs ago. my hubby tried a few months ago to open a saving account,the CO OP who we bank with declined him. the lady suggested that she try to open a ISA for him,she said as it's government backed the rules are a bit more relaxed. it was accepted....he's now up to £27!!! can't remember him ever saving:j

NOTE i opened a saving account before the IVA was set up. i understand BR is a bit different.
our local area building society said they don't do any credit checks for saving acc. their interest rate isn't good but it's better than nothing.

what about a local credit union? i'm not sure how they work - worth a peep.

cm7

Thanks for the replies. I applied for a Yorkshire Building Society savings account online and got accepted instantly:).

now

Nat west will offer a first reserve accout which used to have a visa debit card which allowed you to pay for things for the account however they have changed this and now only offer an atm card. The yorkshire bank are by far the best with no qestions aske don an e saver account yuget an atm card but you can transfer money out side of the account via internet banking, the nat west will not allow such transfers and will not allow standing orders etc to be paid from th account. hope this helps

PippaGirl_2

I've just applied for a Co-op savings account. If they refuse I will try Yorkshire. Will report back with the results.

hindleyblue

Credit unions are a really good bet

They'll open a savings account without a credit search, pay very competitive interest compared to the banks, and if you make regular savings, they will consider you for a loan in the future if you ever need it