Co-op savings account

elljay

Has anyone tried recently to open one? I know up until a year ago or so they wouldn't allow it but wonder if things have changed recently. I've been discharged for 18 months now. I have a Cashminder current account and a savings account with a Credit Union.

Although I love the idea of Credit Unions and want to support them and their principles, mine has had IT problems for days and some money I transferred in there is still not showing after a week, and if I want to take money out I can't do it, not even over the phone with them. This has happened before. Also when I transfer money in from my cashminder it takes a couple of days to show and longer if over a weekend. For some reason it doesn't deduct from my Co-op available balance either. Is this because Credit Unions don't do faster payments or whatever they're called?

I'm now really close with my money and want to have total control and find this all a bit difficult, hence wanting a Co-op savings account where everything is in one place and where I can see where every penny is, and where I can transfer an odd 10p into savings at the end of the week if I wish and see it arrive rather than waiting days to see if it will show in either bank.

Failing that I suppose an account with another bank will have to do, or just another current account.

Thanks

Ej

luvchocolate

Hi I have 2 cashminder accounts, discharged 2013, I asked about 6 moths ago if I could open a savings account, the answer was no, in spite of over £20,000 going in from my works pension upon retirement. I let it go in and them moved to Yorkshire B.S where they have no problem in taking my money
I have an I.S.A with Brittania no problem, it makes no sense.

elljay

Thanks. Sounds as though their policy hasn't changed then, I wish I understood why though, when other banks have no problem. You'd think they'd be keen to encourage people to save with them instead of turning them away, especially for large amounts like yours.

Will open another current acct in that case. Thanks again.

TheGardener

I had no problems with the Nationwide savings accounts, the regular saver is great.

KeepOnKnitting

I am a coop cashminder customer, discharged in November. I asked for an online saver and was initially turned down. I wrote to them, explaining why my credit record hasn't yet been cleaned up, that it was a savings account and that I really didn't want to borrow money, I just wanted to organise the money I had better. I said I needed an online saver, and I didn't fancy switching bank. Couple of weeks later they wrote back to say yes, and my online saver was active on my online banking the same day.

You just need to write to them to circumnavigate the "computer says no" answer.

elljay

Well that's interesting. I shall reapply then if they say no again, I'll do as you suggest. I completely hate to desert the CU but it's now over a week that my money has been inaccessible and I needed it to pay for car repairs. The website still says 'technical issues - I really need to be able to see exactly what I've got so I can plan to the last penny.

Thanks KOK. Really helpful and I's sure others will find it so too.

EJ

A4445

I was never very happy with the Co Op they wouldn't give me a savings account either. As soon as my credit file was clear I moved on. The funny thing being as soon as I'd request the current account switch they started asking if I'd like to be upgraded. I told the agent it was to little to late!

[Deleted User]

Co-Op are very funny about giving anything while BR is still on file.

If you have an existing account from before bankruptcy (e.g. cashminder & unused saver), you can keep it (and presumably migrate it to other products where allowed within the range), but not open new ones. Interesting the appeal succeeded

luvchocolate was the Britannia ISA open before BR? Or at least before the full merge with the Co-Op - Presumably that's why you've been allowed to keep it, as now it's all processed under Co-Op rules.

I like Co-Op (although I'm biased as I used to work there) - but their policy for people with bankruptcy on file is crazy IMO.

Their whole credit scoring in general is a bit nutty - nowhere near Lloyds & their CPD antics though!

luvchocolate

Hi in reply my Brittania account was opened after B.R while still showing on my file..it makes no sense at all not to give a savings account when many others will.
I now have a savings and a regular savings account with Y.B.S and the remaining funds in my 2nd co op cashminder is used to drip feed this, and then it will be closed.
I have another 18 months until the B.R drops of my file.

to add this was after the merger...so makes even less sense

elljay

Well I've been turned down again so am going to write as KeepOnKnitting suggests and see what happens. I'd love to see their policy about ex-bankrupts and savings accounts, as everyone says, it makes no sense. However I really don't want to go grovelling to somewhere that doesn't want me. It would just be handy to have everything in one place, and the Co-op's ethical stance, though far less than it used to be, is an attraction over the other banks.

Would still prefer to use a Credit Union but as of this morning, there are still 'technical issues' and I can't access my money or get an uptodate balance (though I know exactly what's in there myself) I just feel it isn't working for me.

KOK, did you write (paper, pen) or email?

EJ

A4445

I really wouldn't bother with the Co Op I opened several savings accounts with other banks. Natwest and the Principality with no issues at all