Savings Account

jamie01892

I am currently 8 months into bankruptcy. I've recently been turned down for a Tesco online savings account. When applying it stated that they would do identity checks with credit reference agencies, it didn't say they would do a credit check. I found nothing in their terms about bankruptcy being a problem. Their reason for refusal was that I didn't meet their criteria. I have always been on the electoral register, which shows up on my Noddle report. I can't understand how I don't meet their criteria if they didn't do a credit check, and they don't mention bankruptcy in their terms. I can't think of any answers on the application form that would make me undesirable. I had no dealings with Tesco bank prior to BR. Are there any savings accounts, preferably manageable online, that accept undischarged BR? Will I be more likely to be accepted post BR? I wish now that I had opened an extra Cashminder prior to BR!

philnicandevan

Be difficult but NOT impossible

try ybs internet saver they've been known to accept discharged and undischarged BR's in the past

http://www.ybs.co.uk/savings/online/internet-saver.html

or credit union?

http://www.moneysavingexpert.com/banking/credit-unions

who knows what tesco were playing at...they probably have a person checking the london gazette or the AIB database (in scotland) they can see all bankruptcy entries therefore dont need to ask you

macbabypam

Open a Barclays basic account and use it just for savings. They will usually open it for you regardless if you are undischarged or not. Co op won't open a bank account while you are still undischarged.

luvchocolate

once you are discharged I think you will more options...I opened a second co op cashminder account and an Isa with Brittania.
credit unions get a lot of good reports on here too.

woodformoretrees

You can operate an NS&I account online.

dojoman

As Phil said try the YBS account, it is excellent I opened 2 online whilst still BR.

jamie01892

I applied for a YBS account yesterday, and have been accepted. The website said that my login details should arrive soon. Many thanks for the help.

luvchocolate

thanks for that I may give them a try

samurai1

Was originally turned down for a savings account by my own bank, co-op,who I have a basic bank account with, yeh, I don`t understand there logic either, do you think they understand that I will be giving them money??
Anyway, went on YBS website, took about 5 minutes to open one of there online saver accounts, just waiting for my account/login details to be sent, and this will be my first savings account for years.
Feel`s good after years of debt and going BR in 2012.

woodformoretrees

well done Samurai. I felt quite excited when I opened my NS&I saving account. It definitely feels like going in a really positive direction

jamie01892

My Yorkshire Building Society account details arrived yesterday. I made my first deposit straight away by debit card via my online YBS account. All seems to be OK!