Discharged Bankrupt and Savings

GerryWee

Hi

I was discharged from Bankruptcy 4 years ago and currently bank with the Co-Op.

I have recently made redundant and I have around £20k sitting in my bank account and wondered if my previous poor financial status would prevent me from opening savings accounts? I am looking at cash ISA's and fixed bond accounts (or should I look elsewhere?)

Any advice would be very much appreciated.

badger09

GerryWee wrote: »

Hi

I was discharged from Bankruptcy 4 years ago and currently bank with the Co-Op.

I have recently made redundant and I have around £20k sitting in my bank account and wondered if my previous poor financial status would prevent me from opening savings accounts? I am looking at cash ISA's and fixed bond accounts (or should I look elsewhere?)

Any advice would be very much appreciated.

As far as savings accounts are concerned your previous financial status should have no impact at all, since no credit search will be performed - just a simple ID & address check. If you are on the electoral roll, most banks will be able to perform an online check - if not, you'd probably be asked to take evidence of ID and address into a branch.

However, at the moment savings accounts, whether instant access/fixed term/cash ISA are not paying the best rates - current accounts are and opening one would entail a credit search.

I know defaults remain on your credit file for 6 years, but hopefully, someone knowledgeable about bankruptcy will be along soon with more detailed information.