Next month we will have been in our iva for three years. We're starting to look towards the end and once the iva is complete we would like to move house. Due to promotions for both of us over the past year our disposable income has increased by about £1000 per month. The terms of our iva means we only need to hand over 50% so we have an extra £500 per month. We'd really like to start saving this money towards the move but are not sure if we will be able to get a new savings account. Does anyone have an experience of this?
You should be able to get a savings account with the bank you are using for your current account, but i know some of clients have been refused a savings account.
If you cant get a savings account you could open a second current account and use this for savings?
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Congratulations Why me on your promotions and extra income,its nice to here some good news about coping with a IVA.National Premium Bonds could be worth considering,with the low interest rates these days with saving accounts.
Mr bluesky hadn't thought of premium bonds but will do. I'd really like a passbook account so it's not easily accessible but I'm with he co-op who don't offer them. I assume I could open an isa?
Trouble with premium bonds is that they never grow unless you win. My daughter had some bought for her on her 18th birthday. She's now 24 and has not won a bean.
Try and get an account that pays interest rather than premium bonds. Any win is a windfall and you are therefore gambling your right to interest but only your creditors would gain.
You could try a local building society or even a credit union who could both offer higher returns than a high street bank.
Hi, I have a savings account with the Co op who I have my current account with. I also have an ISA with them, although I have not got anyhting in the ISA as never seem to have spare cash:)
Who do you have your normal current account with? we have ours with Lloyds and they have allowed us each to open a separate savings account which pays interest so we try to put all our monthly allowances money in there (for things like insurances, car maintenance etc that we save for annually) we have a coop cashminder account aswell but we don't use it as it pays no interest
I have an IVA although completed and only a few days to go before the magic will happen with my credit files (I'll come back to that in a bit)
A savings account at a GUESS is not credit checked but identity checked just a guess as I have a Yorkshire building society account instant access, no penalty and a cash card (£250 per day)
Lloyds have a current account and if you keep it rolling at £3000 it pay a stunning 3% think it's called classic account
Thanks all. I was thinking of Yorkshire bs as they do passbook accounts so I'll pop in and see them I think. I have a co-op savings acc with my current acc but it's far to easy to access at least if I have to drive to town and hand over the book then I'll really need to think about it.
