how can i find a ''secret'' savings account.....

midebt

so...........we are managing our debt..........

and nxt yr have a big big wedding to attend and will need to save NOW for this event or else we will just not be able to afford to stay the 1 night away for this wedding.......


so..........we bank with the halifax and have a savings account with them.......and have money management plans with our crditors

but what we have in mind is some sort of basic savings account so that this bank will not know that we are saving our 10£ a week to try and keep us on track for our plans........

or do we just stash it under our bed ha ha ha

purpledelly

I'm not sure I understand why Halifax can't know you are saving? Do you have debts with them? If not, then I'm not sure it would be a problem to just open another savings a/c and use that. It would make life easier in that it's simpler to transfer money between accounts with the same institution.

Other than that, I can recommend Co-Operative for a good basic savings A/C and online access. And I think the supermarkets all offer very good savings accounts...

midebt

beacuse we have a mortgage with them and 2 secured loans and if we are on a plan to pay them each month .thy will want to know how we can afford to save up each week .thy may not be very happy.........

well who would be..............but thats life

purpledelly

Ah I see what you mean..... so I reckon you could go almost anywhere to get a savings a/c. In my experience (and I have 3 savings a/c and a very dodgy Credit Rating and on a DMP) you won't run into the same problems opening a savings a/c as you might with trying for a current one when on a money mgt plan etc..

JCD_Capulet

Find your nearest credit union and open an account with them, I can't rate them highly enough!

Crown

Just make sure whoever you decide to open an account with isnt financially linked to any of your creditors as otherwise they can and will take your savings and use it against your debts.

This happened to me with a rental property I owned and was one factor that I fell into arrears and had the placed repo'd. what about a post office account?

RAS

Hi

For the best interest, go to an ISA, as you do not pay tax on the interest; look at Martin's articles on the best ones for you.

If that is not an option, then saving regularly with the local credit union would be a great idea, as you would be able to ask them for a small loan to cover any shortfall in the amount saved. You could also use them to stash any small amounts that you want towards periodic bills like insurance or car maintenance, knowing you can get short term help if you need it.

ceridwen

Just a little cautionary thought - am wondering if the Government would have ways of finding out re any savings hidden away? and, if they knew, would anyone else find out?

Crown

ceridwen wrote: »

Just a little cautionary thought - am wondering if the Government would have ways of finding out re any savings hidden away? and, if they knew, would anyone else find out?

Unless your stashing millions away and not declaring your tax then why would the government be bothered?

RAS

Why would they need to know? The tax is paid by the savings company, unless it is an ISA, when details of a person's tax status are known but none is paid. And everyone is checked under money laundering regulations.

rayday2

We opened an ISA with Yorkshire Building Society online you can pay as little as £10 in I think the interest rate is about 6.05% so not too bad.