www.iva.co.uk

I have a basic bank account with Coop (cashminder) and thought I would apply for a savings account with them to keep money in for emergency funds. I found out today that the application was declined because of credit check.

I don't understand this as many people on here have opened savings accounts and they don't offer any credit facility (just a place to keep your money basically).

Not happy, thought with having an account with them it would be OK ... should I try elsewhere or leave it for a while?

Could you alternativley open another cashminder account?

The co-op are known for doing this - I opened our savings account with them before the IVA as this forum highlighted this problem.

I believe they feel that if in an IVA there shouldn't be aby savings accruing. However having said that they are more than happy to open 2 or 3 cashminder accounts.

I have 2 cashminders which work well. For longer term savings ( my half of bonus payments and the like I use the Yorkshire Building Society).

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kravarran

I have a basic bank account with Coop (cashminder) and thought I would apply for a savings account with them to keep money in for emergency funds. I found out today that the application was declined because of credit check.

I don't understand this as many people on here have opened savings accounts and they don't offer any credit facility (just a place to keep your money basically).

Not happy, thought with having an account with them it would be OK ... should I try elsewhere or leave it for a while?

I have just opened my Cashminder today with co-op and process was so easy BUT thanks for tip of re savings ! I did not know this re co-op so I will keep my bRCLAYS SAVINGS ACCOUNT OPEN and my Barclays current account as a form of savings account. I am doing the cashminder because they let you do online banking which others inc Barclays do NOT so I need online so opened cashminder just for this facility but big thanks to co op for treating IVA people well in these difficult banking times !

The Co-op will not open a savings account whilst you are in an IVA - their stance is that you should not be able to make any savings.

We still have a full Barclays account (not one of my creditors) and a savings account with them and have full online access.

You can open another cashminder account and use that as a savings account though.

Appeal their decision, and state that the savings account is going to be used for a contingency fund, send them a copy of your IVA Chairman report.

I used to bank with them (dont really like them tbh) and when I applied for a smart saver account one month after my discharge from bankruptcy it was refused due to credit score so I appealed to their SKelmersdale office stated that I was discharged early from bankruptcy and enclosed a copy of my discharge letter and stated i needed the account for contingency and in two weeks a smart saver card landed on the door step

Best of luck

Thanks Stu ... I'll give that a go

I'd rather have the savings fund with them, then it's an easy transfer into Cashminder account to use for car repairs etc...

Glad I could be of some help and its good thinking having it under one roof, if that doesnt work, they now own Britannia BS who I dont think credit score, still have branches and offer a bigger range of savings accounts. The disadvantage is that wont show up on your online coop banking.
Their is faster payments so transfers in and out of accounts should be instant, but I think some savings providers have a day delay such as Yorkshire BS, Coventry BS and Sainsburys finance.
Tesco and Nationwide are also good to look at

Best of luck

At least you can open another account with them.

Nationwide are not that IVA friendly at the moment as far as I am aware. I know we had problems with them and that was pre iva.

We do have an account with them and have done transfers between banks and it is instant.

Nationwide as far as ive been told by them now review basic account applications on a case by case basis so you may or may not be able to open an account with them

The other option is a second cashminder account

Best of luck

Nationwide isn't an option, they are a debtor and voted NO in the creditors meeting.

I have an old Darlington building society account that I haven't used for years, it's got £3.99 in it so I might see if it's still OK to use.

To answer sjbyron - I applied for a full account pre iva and was turned down, just got a basic one. Got a full one with Barclays shortly afterwards.

A second cashminder for the time being is probably the best for the time being.

Did you ask CO-OP to refer the savings account? We opened 2 separate savings accounts with CO-OP during our IVA to help with budgeting, on both occasions we were refused initially but asked for the accounts to be refered and they were both opened with no further problems. The person on the telephone often isn't aware that it can be referred and they may have to go and ask someone when the question is raised. We never bothered trying to open one online as it will just be declined.

May be worth trying that one as Grumple suggests.