Can I open a savings account??

[kaza]

Hi I had my IVA approved yesterday and I am just wondering if I can open a savings account to move money into from my current account to save for car tax, car insurance etc etc?

Thanks

[pog1234]

Well done on the approval! I have a savings account but i opened it at the same time as my co-op cashminder account pre IVA. I have read threads where people have had a problem trying to open a savings account whilst in an IVA not really sure why. Now about to make my third payment and life is so much easier. It has been a heavy month with school trips to pay and car needing tyres but I am still in credit at the bank.....even if only just! What an achievement just shows if you budget sensibly you really can do it. Good luck

[Julie]

Hi Kaza,

Yes you can have savings accounts - some posters have more than one.

Good luck xx

[MRBLUESKY]

well done pog,yes kaza you can,best to ring your bank if you get refused you can apeal against the decission ask the bank staff your with for advice.good luck.ive got both with the coop pre iva.

[angelrainbow]

I have applied today for an NS&I savings account. Fingers crossed.

[kaza]

Thanks everyone, just logged on to internet banking and after a few clicks I have a savings account with £1 in it[;)]

[Skippy]

I'm glad you're sorted Kaza.

I was put off NS&I as they wanted £100 to open the account and you had to keep a balance of £100 there - quite a lot when you're broke!

[angelrainbow]

I'm glad you're sorted Kaza.

I was put off NS&I as they wanted £100 to open the account and you had to keep a balance of £100 there - quite a lot when you're broke!

£20 to open the one I applied for.

[Skippy]

Which one was that? The instant access one on their website said £100. Mind you, that's better than the Post Office with £500 to open and a minimum balance of £500!

[Cath]

I opened the NS&I one but I'm likely to close it if I need that £100. Luckily when I opened my cashminder account it linked to an old Pathfinder account which is still live so I can now use that one.

[kallis3]

Hope you get sorted Kaza.