Poor credit in past, where to save now

MessedUpAgain

Hello
Am new to forum and need some help with savings please. I have a poor credit record from debts in the past, now all resolved and am completely debt free. Current monthly joint income around £4800 and usually save about £2000, Since being debt free have managed to save about £15000 but only in poor interest online saver (Cooperative bank, same as current account) and £4500 in same bank Cash ISA.

I want to improve my savings rates but can see almost all high interest accounts recommended by Martin Lewis need a credit check. In last year I have managed to get one credit card (Capital One) which I spend on for fuel etc and pay off in full each month but they have never increased my low credit limit (£1500), so don't fancy my chances with any credit checks for new improved interest accounts.

Any suggestions?

jimjames

If you apply for an account with no overdraft then you may be ok?

colsten

MessedUpAgain wrote: »

...... so don't fancy my chances with any credit checks for new improved interest accounts.

If you fear you can't get any credit, then what's there to lose applying for a current account? The search will show on your credit file for a few months but it wouldn't matter as you couldn't get any credit anyway, IYCWIM.

As jimjames says, apply for an account w/o overdraft and you might get accepted. If you fail the credit check, you will be offered a Basic Account which you can then use to prove to the provider that you can manage your account properly, and they might then upgrade you to a normal account in the next 6-12 months.

MessedUpAgain

Am not if I've made myself clear here and apologies if not. I don't specifically want a new current account, Cooperative Bank is ok for that, I just want improved savings rates.

jimjames

MessedUpAgain wrote: »

Am not if I've made myself clear here and apologies if not. I don't specifically want a new current account, Cooperative Bank is ok for that, I just want improved savings rates.

I don't understand? You say you've seen the high interest current accounts but dont want them? That's entirely your choice but it means you won't get a decent rate.

MadMat

TSB and Bank of Scotland both opened high interest accounts for me, even with an old CCJ (satisfied) still on my file. might be worth starting with them.

Also got a halifax reward account for the free £5 a month

Mat

xylophone

Interest on savings accounts is very poor.

http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

You/your partner could try for current account(s) selecting No overdraft?

MessedUpAgain

I've got it now, must be having a dense day sorry or could be I'm too old! I need a new current account because they pay higher interest rates than actual savings accounts.

Cheers m'dears

TheGardener

Poor history here too - but opened a Nationwide Flexdirect on line no problem (but selected £0 overdraft and no cheque book) pays 5% on credit balance up to 2.5K for the first year and makes you eligible for their flexclusive regular saver for upto £500 per month at 5% for 12 mths
Santander, 1st Direct and Tesco all said no due to poor history.

Thrugelmir

Help to Buy ISA would be a start. Transfer this to a LISA when they start.

MessedUpAgain

Thrugelmir wrote: »

Help to Buy ISA would be a start. Transfer this to a LISA when they start.

Too old, I'm a codger not a young 'un!