savings account

[rebecca2809]

Hi

I've just had my IVA accepted and would be grateful for some advice regarding savings account. I have a coop cashminder basic account but I would like to start putting money aside for contigencies, ideally in a seperate account that I can try and forget about unless I really need it.

Firstly, just to check - is it ok to have a savings account whilst in an IVA? If so, with banks credit checking I imagine that it would be difficult to open an account with an IVA. Can anybody recommend a savings account?

Although it will take some time to build up a contigency fund I can't believe how much of a relief it is to now not have any credit facilities and to have a budget to stick to. I realise its going to be tough to stick to the budget but it feels that there is some control now.

many thanks

Rebecca

[angela18]

hi rebecca

we have a savings account with the Halifax, we had it pre IVA. try to apply online or try the co-op if you already have an account with them.

you have to save for the unforeseeables[:D]

[joh71262]

I already had a savings account with Smile but they wouldn't give me a current account. I have a Cashminder account but they wouldn't give me a savings account !

You may have to go along in person - perhaps the post office ?? I wanted to continue with my ING account but you need a cheque from the current account to open it with !

Keep plugging away - someone will accept your money. If needs be, get loads of pamphlets and do the high street one Saturday !

Good luck - it will come good in the end.

[angela18]

Jo, we have a Smile current a\c. do you think they'll close it now IVA accepted.. we've cancelled overdraft facility

[chris.g]

We applied for a smart saver and an ISA account with co-op and was refused even though we have a cashminder account with them. Might be different with IVA's, we're bankrupt.
xx

[worryhead]

once you have set up a savings account, do you need to send statements in for this to your IP also? i am guessing you do, but most savings accounts do not have statements, only a book with amounts in. Would they need to see this? I have nothing in my savings account at the moment but wanted to make sure i do everything right as i do not want to get into trouble further down the line if i have not declared my other account

[sblack]

Hi,
I think statements are totally upto each IP. Mine does not normally require bank statements.

[chris.g]

Thanks Ladyh, I've just applied for the tesco account and have been accepted in principle..I know it's not a definate 'yes' but it's better than the definate 'No's' I've been getting..
xxx

[Skippy]

I've just applied for a Sainsburys savings account and it didn't say no straight away! I tried when I was BR and they said they needed proof of discharge which I now have, providing they don't want a proper certificate, which I have a horrible feeling they might!

I was going to try Tescos, but they were one of my creditors so I didn't think they'd want me!

[Oliver]

Hi Rebecca

Saving while in an IVA is perfectly acceptable and it will not matter what you spend your savings on, it is true to say getting bank accounts while in an IVA is problematic and I would agree with the other posters that it can be done but you may have to shop around.

[Wizzard]

Hi Rebecca

I found Post Office was simplest and best for me. It was easy to set up and easy to pay into with all the post offices that Gordon hasn't shut down yet.

[Endsmeet]

I have an online savings account with the Halifax, its called the websaver account and I applied online whilst in my IVA and they give you a link cashcard and online statements etc.
Had no problems with them at all and no need to even speak to anyone, all done online.
I have set up a standing order on my current account which I change at the end of the month and pay in any monies that I have left over(if any)
Ive even transferred monies out of it back to my current account when needed.

Worth looking at if you need a basic no frills savings account which is accessible day or night or instant cash via any link cash point when needed.