Savings Account after IVA

Sam_Donovan

I have recently come out of an IVA and I am looking to set up a savings account with a different bank from my current account ( nationwide).

Can anyone recommend one that I am likely to be accepted for? I looked at the co op but it suggests you need to already be a current account holder.

Its not for large sums so interest doesn't really matter just £10 here and there .

alltaken

Barclays - Instant access saver

May I pry a little? Why the need for an account with a different building society/bank?

TheGardener

Credit Unions are a great option (pretty much guaranteed acceptance)if you have one in your area? They are ethical and although they don't pay much in the way of interest or dividends - who does these days.

Sam_Donovan

alltaken I think it will make me more likely to save the money as daft as that sounds.

Right now if I move money from current account to savings I always end up moving it back the week before payday as its just sitting there.

Whereas if its with a different bank I am hoping psychologically as I wont see it every time I log in it will help me keep it separate and so manage to save it.

I will check out Barclays and credit unions thank you .

sourcrates

If the IVA still shows on your credit file, you may have a problem.

As daft as it may sound, some banks credit check you for a savings account.
I was turned down by the coop for one under similar circumstances, once the IVA had gone, I got one no trouble.

Sam_Donovan

Thanks Sour, Its showing as settled although I still expect it to not be easy .

tigerfeet2006

Yorkshire Building Society do a good internet that is BR friendly so you shouldn't have a problem getting one.

Also as The Gardener has said Credit Unions are good. I would suggest you open one alnong side a normal saving account.

luvchocolate

I second Y.B.S. when Coop turned me down after having a basic account before, during and after B.R.
Y.B.S told me as I was discharged it was over and no problem having a savings and regular savings account.

Sam_Donovan

Thank you both I will look at Yorkshire, as Barclays requires going into a branch to set up which is not easy to get to .

Credit unions I will need to find out where they are locally as online would be much easier

tigerfeet2006

The beauty of the credit union is if you open the account and then set up a direct debit for say £20 a month as you have to go in to withdraw or ask for a loan you won't touch your savings and they will accumulate quietly for you.

http://www.ybs.co.uk/savings/online/index.html