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Posted: Thu Jun 21, 2012 8:45 pm
by tracey73
Hi, I was wondering if it was ok for me to have 2 bank accounts whist in an IVA. I have the co-op cashminder which has all my direct debits coming out from and where our wages get paid in to. But I am wanting to put away an amount every month for emergencies,birthdays, christmas etc and I would like this in a separate account. Would this be frown upon when our 1st year review is due? x
Posted: Thu Jun 21, 2012 8:54 pm
by KM1512
Tracey as far as I am aware you can open another savings account. I opened one when I was about 18 months into my IVA and IP stated as long as I didn't take an overdraft it was fine[:)]
Posted: Thu Jun 21, 2012 8:54 pm
by dw1983
Yes its fine to have more than 1 account I have 3 and have no problem
Posted: Thu Jun 21, 2012 8:59 pm
by tracey73
Ah great thanks, its just I kno if I keep it in our everyday regular account I will just spend it (old habits die hard lol). Th 2nd account is just a basic Barclays account, no overdraft or cheque book x
Posted: Thu Jun 21, 2012 9:11 pm
by mitch2311
why not open a savings account with your current bank?
Posted: Thu Jun 21, 2012 9:13 pm
by Kelly O
Saving is encouraged in an IVA and i know of clients who have 2 accounts so they can save a small amount each month.
You shouldnt have any problems
Posted: Thu Jun 21, 2012 9:19 pm
by lilaclady2k
Can I ask a question here because I’ve thought of having a savings account but I had a niggling thought?
Would the IVA Company want extra money in the next review if they could see I had surplus money to save?
Posted: Thu Jun 21, 2012 9:24 pm
by Niobe
If you can make savings then open up a savings account - your IP won't be interested in it.
We have two current and one savings and never a problem with any of them.
Posted: Thu Jun 21, 2012 9:26 pm
by Janey
When I was in an iva i had a co-op cash minder and then a isa instant account which I ran on line so it was quick and easy to transfer between the 2 accounts. At the beginning of the month I would transfer half my remain cash after bills then transfer it on an as and when basis so that I was tempted to spend.
Posted: Thu Jun 21, 2012 9:33 pm
by lilaclady2k
Ok thank you [:)]
Posted: Thu Jun 21, 2012 9:40 pm
by Foggy
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lilaclady2k
Can I ask a question here because I’ve thought of having a savings account but I had a niggling thought?
Would the IVA Company want extra money in the next review if they could see I had surplus money to save?
Some of the allowances you are supposed to save ---- car repairs, car tax, contingency, etc etc --- for when required.
Re: 2nd bank account
Posted: Thu Nov 20, 2025 8:41 am
by yodaguy