www.iva.co.uk

I am already in an IVA my partner has just set the ball rolling for himself, is it still possible to open a joint savings account or will we encounter problems, his current account will not be affected by going into an IVA as none of his debts are with the bank, but I am with the co-op and we want to open a joint one and work together and saving a little each month for emergencies, anyone any suggestions where to apply and do you think this is a good idea?

I'm with the Natwest and have a savings account with them, I think it's a good idea to put a little by for an emergency as you never know when you might need a few £'s.

Others will have recommendations too I'm sure. x

I agree that a savings account is a good idea.

I was with the Co-op pre IVA and I just had an online savings account with them, instant access that I could easily move money around between the accounts. Not that I really got chance to use it.

We have 3 with our current bank account (Nationwide). They only have small contingency amounts in them but I feel better having them. You're fine and I agree it's a good idea.

You can either stick with Co-op or his bank or look on a comparison site for the best interest rate. Just bear in mind that banks have an automatic right of set-off if you open an account with any of his creditors - they can't take any of your money after his IVA has been approved though. Personally, my savings account, ISA (ever hopeful) and current account are all with the same bank. Means I can move money around instantly using online banking.

Broke of London wrote:

You can either stick with Co-op or his bank or look on a comparison site for the best interest rate. Just bear in mind that banks have an automatic right of set-off if you open an account with any of his creditors - they can't take any of your money after his IVA has been approved though. Personally, my savings account, ISA (ever hopeful) and current account are all with the same bank. Means I can move money around instantly using online banking.

I dont know that anyone in an IVA will be overly concerned at what rate of interest their meagre savings are accruing!!![:I]

Paul

I don't have savings at all.

I have to say the level of interest isn't something I've ever worried about - as fast as it goes into the savings account it comes back out!

Our 02 card doesnt get any interest but its easy to pay into and take money out of. When we have hundreds a month to save I will start to care about what interest I am getting.

Someone once said to me there is no point in having any savings at all if you owe money and are paying interest as the savings interest will be a pittance compared to the interest charged on your debts.


One day I will have a four figure sum in savings somewhere(and I dont mean the £11.94 on my 02 card!!)

Paul

plasticdaft wrote:

Someone once said to me there is no point in having any savings at all if you owe money and are paying interest as the savings interest will be a pittance compared to the interest charged on your debts.

In general if you are solvent then it would indeed be far better to pay off the high interest debts first with any savings because of the low savings rates at the moment.