Savings account NOT a current account

[Endsmeet]

Hi everyone,
Been a few wks since my IVA was accepted and I have posted on here, I am just settling down and counting down to zero.
Things are much easier now that the initial 'data-blast' has passed and I can now start dealing with the odd straggling letter from my creditors rather than the bulk mail that I was receiving pre IVA meeting.

Anyway, I was wondering ....is there any reason why I can't set up a online savings account so that I can place in it my monthly allowances such as car tax/servicing etc so basically I can just place my allowances to one side in an account rather than have them on a shelf in an envelope?

Halifax do a savings account with a cash card so all I need to do is set up a standing order/direct debit from my smile current account and have my car tax etc there when I need it and even just draw it out thru the ATM and go to post office.
This is all I want, not a current account with cheque books etc, just a savings account.
Can anyone see a problem with this ?

59 and counting as of 21 August 2007

[ray_a]

I have a few basic accounts and had no problems!

I think though if you want a account that pays interest there might be a problem as I tried to open one with Sainsbury's bank and it was declined!

[MelanieGiles]

It's a great idea to set up a savings account for your contingency monies, but some posters have recently experienced difficulties in persuading their banks to open such accounts!!! Seems madness doesn't it?



Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Endsmeet]

Hi,
Yeh, it does seem complete madness to be honest but after the past few weeks and what I have experienced its only the tip of the iceberg[;)]

Again, I'm not too bothered even about the actual amount of interest because the amounts of monies that that will be deposited will make hardly anything anyway.

Just want a safe place to keep allowances rather than a brown envelope on my shelf.

Anyone got any basic (I mean basic) account recommendations that I can apply for online without the need to pop in and see them.

59 and counting as of 21 August 2007

[e.h]

Hi Endsmeet

You could try a NatWest reserve account which I opened this year (after six months of being in an IVA). It is an instant access account and you card a hole in the wall card with it, which is handy.

Kind regards

Liz

[Endsmeet]

Hi,
Aren't Natwest one of the banks who are starting to close down accounts of people who are in an IVA?
I was actually looking at them but have been put off by other postings regarding this matter.

Saying that, no harm in applying I suppose and if they do close me down, it will only be my back up account not my salary account....

59 and counting as of 21 August 2007

[e.h]

Hi - I hope they don't 'cos I'm in trouble if they do!

Liz

[Endsmeet]

Hi Liz,
If you look around some of the postings , some people have had 30 days notice of their accounts being closed and others haven't.

Maybe someone can come along and actually confirm Natwest's stance on IVAs?

Sorry to be the bearer of bad news if its tru[:(]


59 and counting as of 21 August 2007

[Endsmeet]

Just applied for a Halifax Web Saver account and its been accepted, well I've been given my Account number etc so its looking good....

59 and counting as of 21 August 2007

[Janey]

I've got a Co-op Smart savings account (on-line), you can also have direct debits from the account as well as having a cash card which makes withdrawls really easy. The interest rate isn't too bad either.

[Endsmeet]

Hi Janey,
Thanks for the pointer, I've already got a co-op 'smile' current account so I am trying to open up one with a different company just in case co-op change their policy's in the future.

Just a quick question, are 'Bank of Scotland' and 'Royal Bank of Scotland' linked in anyway, are they even the one and the same?

Just that one of my creditors was Mint who is RBS and Halifax is associated with 'bank of Scotland'

59 and counting as of 21 August 2007

[Adam Davies]

Hi
The Bank of Scotland and the RBS are two seperate banks and not linked.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Endsmeet]

Thanks for that Andy,
At least I know that I won't get stung by the 'right to offset' clause.

59 and counting as of 21 August 2007

[pdd]

I have found Nationwide ideal for savings accounts - by opening a flexaccount with online access, it is possible to setup numerous "e-savings" accounts (which pay over 5% from £1 upwards). All my income is paid into the flexaccount. I have accounts for utility bills, car repairs and an emergency fund and have set up weekly automatic transfers to each savings account from the flexaccount. The big benefit is when I need to spend the money it is a simple, instant (online) transaction to move it back to the flexaccount for withdrawal.

[sonyse2t5]

NW has the best basic account outthere with all the extras as mentioned by PUD and interest...all accessed online....Fantastic. They even offer 6.7% bonds online for your stash within a basic account.

A building society owned by those who put in - not shareholders as in those BANKS.The other basic accounts are just token accounts..just go to show how big banks are as we think they are