savings account

[angela18]

We already have a savings account with Halifax but interest is rubbish (not that I have much to put in, but hey every little helps).

We have a Smile Current Account, was going to open a savings account with them, but just realised what if they credit check us again, as now in IVA. Do you think they would close our current account?

Do you think I should just leave well alone??

[TheMatrix]

I would not risk it. You might like to try the Yorkshire Building Society, they opened one straight away for me online, with a link card too, and their internet saver account is paying 5.7% on £1 and above.

Not got much in there though lol

[Martin2011]

Not sure it's such an issue with savings accounts. I opened one with the same bank we have current account with. It can't go overdrawn, and basically only allows movement of money between savings and current account - so little risk to the bank, who enable you to open it online - my request was accepted straight away, so there's no way they can have carried out a credit check....

Having said all of that, so far, though try to pay a little in each month, we always end up having to transfer it back into current, so balance after 6 months is still £1!!!!!

Hey ho, no worries,

Martin

[TheMatrix]

I know how that feels lol. Would do no harm airing on the side of caution though in my opinion. As I would not like to risk them closing the main account should they find out I went in a IVA after I opened up one of their current accounts.

I was quite surprised actually as it was a new account and I had not been with the Yorkshire before I thought they would have to do a credit check as part of their "know your customer" process. Seems not.

[BECKY]

I have a smile current account and they credit check for savings accounts so I couldnt get one once my iva started. They haven't contacted me about having an iva though and it was last yr i tried , so suppose wouldnt hurt to try as there interest rates are pretty good. I ended up with a barclays savings account but have no idea about there interest rates as I never have any money in it[:I]

[may07]

I have a basic step account with Natwest. I had the papers to open a savings account with them at the time I opened the step account but didnt proceed as I thought I wouldnt be allowed to have a savings account while in an IVA.
They know Im in an IVA but havnt closed my step account but Id be nervous of trying to open a savings account with them at this stage.
Can you open a Yorkshire Building Society savings account even if you dont bank with them?
May

[TheMatrix]

Yes, that's the same position I was in. They just link your bank account to the savings account, so you can transfer funds to and from your savings account from your natwest account.

[may07]

Oh thanks for that. I just googled savings accounts- make that boggled savings accounts - there are so many my head is spinning. Is that an instant access account- internet only?

May

[TheMatrix]

Yes instant access and internet only have a look for internet saver on their website ybs.co.uk. You can apply online

You'll get a link cash card too though

[may07]

Many Thanks!

[Kazzy E]

Hi there, not sure about your home situation, but what I have done, is this time opened two seperate accounts, one for my hubby and one for me. This way, I will use one for the salaries to get paid into and the essential dd's to come out of and the other to transfer my grocery monies and anything else left (which I doubt there will be much of) so that the money can be kept seperate and I know exactly where I am as I will only be drawing cash out. Hope this helps! Kazzy x

[Locko]

I opened a co-op cash minder account last week as I am in first stage of an IVA with payplan, I then opened a basic savings account with them as I want to transfer any money over which is for car maintenance etc

[angela18]

we have a current account for wages, bills etc.. a halifax easycash for shopping money and a saving account for contingency and anything spare we can save

[may07]

Are those all with the same bank Ang?

I thought it might be useful not only for me but for others wondering about this issue if those on the forum with savings accounts could post the name of the bank and whether they were set up after entering into an IVA? Presumably if they were set up after the IVA was in place then either they are not averse to people in IVA or they dont do credit checks. It would be really helpful to know how it works too.

Good idea?
May

[TheMatrix]

Interestingly enough, I applied for mine post IVA as you know but was never asked for proof of address or any ID. I thought banks and building societies had to "Know their customer". Especially as I am a new customer of theirs.

I know if they did a credit check all sorts of alarm bells would ring on their computer!