Savings accounts and bankruptcy

pug_in_a_bed

Hello

This might seem a daft question but savings accounts are something i know little about. I will be discharged from bankruptcy soon, and instead of my penny jars I'd like to open an ING account as i've seen they're quite popular and seem flexible, would be useful for christmas etc as with my co-op basic account i don't have a savings facility.

The thing is, does my being bankrupt have any bearing on my being able to open such an account? I will, please God, be in full time work in October, after completing my masters and I want to start saving my cash now that I will actually have that opportunity.

Thanks

grumbler

May be I don't know something, but I don't see any reasons why you can't have a saving accont - just because such accounts don't allow you to borrow money. However, for ING:

To open an ING Direct Savings Account you need to

1. Be aged 18 years or over
2. Be a UK resident for tax purposes
3. Hold a UK current account (with a cheque book and Direct Debit facility).

http://www.ingdirect.co.uk/html/oa/oa_online.asp

deemy2004

if your a discharged bankrupt then you should have NO problems opening any savings account.

Infact you should have few problems opening a basic bank account i.e. with a debit card and cheque book.

Its only when you try to get credit that you will have problems

pug_in_a_bed

Great, thanks for this. The only thing I don't have is a cheque book. I will give a call and check it's all fine.

leftontheground

I was discharged 3 years ago (after 1 year of bankruptcy) and I still can't get a savings account. I have a Visa Electron card and an ISA but no bank I've tried will let me have even a basic savings account. It makes no sense at all since I'm not applying for any kind of credit and I have several thousand pounds in my ISA and my current account as well as a regular salary.

Farway

leftontheground wrote: »

I was discharged 3 years ago (after 1 year of bankruptcy) and I still can't get a savings account. I have a Visa Electron card and an ISA but no bank I've tried will let me have even a basic savings account. It makes no sense at all since I'm not applying for any kind of credit and I have several thousand pounds in my ISA and my current account as well as a regular salary.

Have you tried National Savings from the Post Office?

OK, not best rates but at least it is a start

skylight

For savings, try YBS or Sainsbury; both accept BRs (although Sainsbury wanted proof of discharge, your OR letter telling you is acceptable). Legal and General accepted me too as did Santander.

YBS offer a okayish 2.1% at the moment and are BR friendly too. The best interest rate an ex-br could get on a standard account!

debbie42

There was a recent thread on this subject here:
https://forums.moneysavingexpert.com/discussion/2414259