IVA nearly finished - can I get a savings account?

[cakemonster]

I'm almost there - just midway thru an extra year which I had to do as I couldn't get an equity release.

My takehome's gone up and I want to start to save. has anyone opened a savings account - any recommendations?

Thank you

[kallis3]

Well done for almost being there!

I know some people on the forum have had problems opening a savings account.

You could just open a basic account with a bank such as the Co-op and put the money in there and treat it as savings. I'm sure Skippy did this.

[sjbyron]

If you are with Coop then why not give them a ring and ask if you can speak to the insolvency/bankruptcy team, explain that you are coming to the final part of your IVA and that you want to open a savings account see what they suggest, you may just need to write to them and appeal a decision to get one opened. I had to do that after my bankruptcy.

Their are banks/building societies that will allow you a savings account, yorkshire building society is one.

Best of luck

[Shining]

I had no problems opening a savings account with the Natwest when I first entered into my IVA. x

[larainep]

~I have opened an ISA with the Halifax (although I do already bank with them, which may have made it easier).

[kallis3]

I think most people can open savings accounts - Barclays and Nationwide wanted us to open one but no spare money so we couldn't!

[antm]

Ive got an online saving account, i bank through LloyldsTSB and use there online services with an online saving account, only got £5 in it at the moment, but im planning on putting all my spare overtime and pay increases in there, and from next year 10% of my pay is going to go in every month. Frugal planning for after my IVA!!

[beresford]

Hi, you could consider opening a cash ISA account with NS&I. Their Direct ISA operates by online and postal only but interest rate is decent. I don't think credit history is considered for opening an ISA account, which means no hassle when applying for one. I have one and I just top it up every other month when I have a few pounds to put by. Only drawback is that min deposit each time is £50 so this may quite restrictive. Maybe worth considering though. Good luck with the saving!

[langerbridge]

I have found no problems with opening savings accounts. Yorkshire building society & Norwich and peterborough BS no issues. I think even if you can manage £5 a month it all helps. I have one for contingency fund & another for Xmas. We ensure that we budget correctly for this it ain't easy but at least in the IVA we can breath & not drowning.

[plasticdaft]

Co op wouldn't let us open an isa! Strange decision given that its not asking for credit!

Paul

[kallis3]

How silly! I do know that Co-op are funny about savings accounts though as Skippy has had trouble in the past.

[beresford]

Co-op also let me down at application stage years ago. They would not consider basic account for me. They weren't even one of my creditors. I have heard good reports of them on this forum though.

[kallis3]

They are highly recommended and only usually turn down basic accounts in exceptional circumstances these days.

[olympic_torch]

The savings interest rate is appaling at the moment, just as easy to stick it in a biscuit tin under the bed.

[Shining]

good idea OT but be too accessible for me, I try and squirrel away a little each month and even if it's a couple of quid it does soon mount up. x