We opened a savings account last week with the Nationwide without any trouble. I think it is even easier to open an e-savings account, but my wife wanted a good old-fashioned pass-book so we had to open it via the branch. The only difficult thing is finding any money to put into it!!!
Apply on line - we are with Smile part of the Co-Op and we applied on line for savings account and it is attached to our on line current account no probs.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The coop told me that they refuse undischarged bankrupts SSavings accounts because they say it as a contradiction being bankrupt and being able to save, they told me that once discharged they will open account even if they have to override the system. Im not sure how this works for IVAs, however I know they froze my cashminder account and closed my savings Account when I was in an IVA as they saw it as the debt I had with them was still live, once I went Bankrupt they froze my ISA and reopened my cashminder account and opened a second one for me to.
Another choice is Thinkbanking I believe that they are going to be offering a "C" account which will be a savings account attached to the managed account they told me that they will be planning to offer this either in September or December this year.
Or another choice would be to open a second cashmidnder account and use that as a savings account although it is 0% interest.
Best of Luck
Last edited by sjbyron on Sat Jul 25, 2009 3:00 pm, edited 1 time in total.
MelanieGiles wrote:
These banks must be daft! Why on earth turn someone down who wants a basic savings account? I will find out if Secure Trust do one, I am sure they would.
Hi Melanie,
I might be wrong but my assumption is that the banks would probably make a loss at giving someone a savings account to someone who is only going to be saving token ammounts. Thier must be quite a cost in setting up an account and I just think they would see somebody that is in an iva as not really saving a great deal.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
You are probably right - and this leads me even more to think that the days of consumer friendly and reasonable banking with the main clearers are disappearing.
It must depend on how the bank looks at the client, do they see someone insolvent as a risk or someone who has faced their debts and are trying to make a fresh start.
As far as I'm concerned, it shouldn't matter how little you save - the fact that you want to should be enough to open an account.
I used to have a Halifax account - all that went in there was child benefit, which was drawn out each month. Then they took it out to offset against my massive loan (£34 against a £20,000 loan!) so I'm afraid it was closed!
We have a little safe inside our cupboard at home where we keep important documents and any spare cash. That's our savings account at the moment!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I dont think the banks see people in an IVA as a risk in offering them a savings account, they just see people in an IVA with little money to invest and therefore unlikely to provide any profit for the bank. I think elv5 posted another thread whereby they invistigated what banks felt about people in an iva that had received a large sum of money (500k I beleive) and they were only too happy to provide savings accounts then. It is a case of money talks as Melanie mentioned and Jan's method of the safe in the cupboard is probably as good as it can be at the moment considering the very low returns from savings accounts.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
I think you are spot on Andy, no profit to be made from somebody who is insolvent. The safe in the cupboard method does work very well though and withdrawels are far easier to access.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
Hi
Lol, very true.
The bank that wakes up and realises that someone entering into an IVA is a sensible, conscientious individual who is looking to deal with their debts in a constructive way,[after all at one time we were all very good credit risks], will make money and have a very good relationship with that person in the years to come, post IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
money in a savings account these days will probably cost more in fuel to get to the cashpoint to withdraw any than what you will gain in interest. The safe is a good method for keeping a bit to one side.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I would love a savings account rather than my little tin. The last savings account I had was with the post office and I withdrew the lot(£115)when I was 15 and havent saved properly since then.
Sigh.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
