Like many others before me, I would like to open a savings account for unused allowances.
Is there a possibility that my application could be rejected because I am in an IVA?
It may well depend which bank you are with. The Co-op won't open a savings account for you but you would be able to open up another cashminder.
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 have a savings account with Yorkshire building society. Comes with cashcard and is on line as well. Additionally set one up with Norwich & Peterborough which is just internet based. One is my car fund the other the rainy day fund / fix & mend fund. Building societies are your best bet.
The road is 72months long starting September 2010.
I opened an E Saver account with Natwest which I try to put money in! It last for around a week then I take it out again - Only £10 in mine at the moment!
Susie
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IVA Accepted 31st March 2011.
IVA Ends 31st March 2016.
I have a co-op cashminder and managed to open a cash isa with them. I rang the to discuss the application and they advised that they would have to refer the application, it was approved and the paperwork was posted to me.
It's been a long road getting from there to here but it's been worth it!
I opened a Santander cash ISA and had no trouble. Not that it ever gets much paid into it... never enough left over to actually save, but never the less, I was able to open the account with no restrictions. They also offered me a current account too!
I opened an ISA with the Co-op before the IVA was approved but if they had turned me down I would have just opened another cashminder account. Interest is zilch on most accounts anyway so makes little difference at present where the money is.
