Savings account?

elljay

I have been discharged nearly 3 months and despite a fairly hefty IPA I have been able to save a little each month. I would like to open another account (I have a Co-op Cashminder) to keep this extra bit of cash on one side. I'll use it toward annual payments such as car insurance and to save towards a new car, mine is definitely on the way out (done well over 200k miles now).

As my life has been a million miles removed from the world of savings for so many years now I'm wondering if I can go for any savings account or does having been bankrupt prevent me from doing this. And what about ISAs, can I get one as a recently discharged bankrupt? I've looked on the savings board but am confused, the threads there are all about small percentage point interest rates etc but all I want is somewhere to keep my money separate from my main account.

Has anyone got a savings account or an ISA that they would recommend? As an ex-bankrupt can I apply for any?

Thanks for any guidance.

LJ

tigerfeet2006

Yorkshire Building Society will give you a savings account. Quite a few of us have them and they will even open one if you are BR. http://www.ybs.co.uk/savings/online/internet-saver.html

They also do an ISA. I also believe Co-op may offer you one as well.

Rrushi_Shqiptar

I have a savings account with Barclays and an instant ISA with Nationwide. Never had an issue opening them up. I was discharged in 2010 and in 15 days my 6yrs are up.....

luvchocolate

Savings account with Yorkshire B.S. Brittania gave me an isa when the coop would not.

Rrushi_Shqiptar

If you have a Cashminder with the Co-op and not interested in savings as such then open another Cashminder account, you will be able to transfer monies from either account online and you will have a debit card to use as well.

I thought you can open a savings account no problem when discharged. I have never had an issue opening them, just the usual money laundering checks they need to carry out now.

luvchocolate

coop will open you another cashminder but not a savings account, seems strange but there we are.
Y.B.S were really good just said its all in the past now and does not matter, very refreshing.

elljay

Many thanks all, lots of helpful advice and information as usual, will follow up.

How on earth do people manage without these forums?!

LJ

elljay

Oh well, I thought I'd try but as has been mentioned, Co-op have turned down my application. I particularly wanted to stay with them if poss because of their so-called ethical stance so am a bit peeved at the moment. However it does make the decision about where to put the inheritance I'm due to receive next year from the sale of a house, a little easier.

If Co-op don't want me then I don't want them! Now that more banks are opening up basic accounts I might shop around for a new current account too. I hope the search on CRAs that they say they've done, doesn't leave a footprint or I shall really be livid.

Will also investigate credit unions a bit more i think. I'd rather my money was used for something useful.

GRRR!

tigerfeet2006

With the Co-op you need to ask the person to refer the application as the computer always says no but when referee to a person then it is almost always approved.

luvchocolate

I actually had a meeting with a branch advisor and was still refused
a savings account, I opened a 2nd cashminder account which is useful, but I think I may look into changing in the new year, my b.r was 2012

tigerfeet2006

luvchocolate wrote: »

I actually had a meeting with a branch advisor and was still refused
a savings account, I opened a 2nd cashminder account which is useful, but I think I may look into changing in the new year, my b.r was 2012

Yes but did they refer it? The person would just inpput your details in the computer and then the computer says no. They don't have the authority to approve the account, they should refer it and it is dealt with by another department who most times say yes.