IVA or DMP

EssexHebridean

Slondon1973 said:

Not sure if anyone is still looking here or it should be a new thread

i want to get going with the emergency fund..assume this is suggested via a separate savings account, can anyone recommend a good one. Given my overdraft at HSBC is now maxed out and part of the problem I’ll need a new account, but not sure my credit rating is going to grant me one? I use Revolut for day to day stuff..

any suggestions would be great
thanks

You can stick with this thread as long as you like - if you decide to continue with it as a diary you can request that it is moved over to the diary board, or you can start a new thread over there.

So you need a new basic bank account with a provider who you don't have any debt with. People often say that Co-Op bank, or nationwide are good bets for this. Someone the other day said they'd been able to open one with natwest if I remember rightly - I can't recall who your debts are with offhand, but most providers do a basic account. If you have no debt with Revolut you may be able to just continue to use them - do they offer savings accounts paying decent interest but allowing instant access?  A basic bank account is able to be able to be opened by someone who has a really poor credit file - it's all part of ensuring that people are able to get bank accounts  as it was recognised that this can be an issue sometimes. once you have that account, you should be able to open a savings account linked to it, as those don't have an overdraft facility anyway and don't require a credit check. 

london1973

EssexHebridean said:

Slondon1973 said:

Not sure if anyone is still looking here or it should be a new thread

i want to get going with the emergency fund..assume this is suggested via a separate savings account, can anyone recommend a good one. Given my overdraft at HSBC is now maxed out and part of the problem I’ll need a new account, but not sure my credit rating is going to grant me one? I use Revolut for day to day stuff..

any suggestions would be great
thanks

You can stick with this thread as long as you like - if you decide to continue with it as a diary you can request that it is moved over to the diary board, or you can start a new thread over there.

So you need a new basic bank account with a provider who you don't have any debt with. People often say that Co-Op bank, or nationwide are good bets for this. Someone the other day said they'd been able to open one with natwest if I remember rightly - I can't recall who your debts are with offhand, but most providers do a basic account. If you have no debt with Revolut you may be able to just continue to use them - do they offer savings accounts paying decent interest but allowing instant access?  A basic bank account is able to be able to be opened by someone who has a really poor credit file - it's all part of ensuring that people are able to get bank accounts  as it was recognised that this can be an issue sometimes. once you have that account, you should be able to open a savings account linked to it, as those don't have an overdraft facility anyway and don't require a credit check. 

Great cheers, yes just looked and Revolut do offer savings account..i guess I’m just a bit nervous having all my eggs in one basket, especially if they go bust!

i’ll look into some of those basic options
cheers