My daughter has recently gone bankrupt (Jan 08). She wants an online savings account with hole in the wall card but not one that she has to have her wages paid into. She now banks with the Co-operative however they refused her a savings account. Can you offer any suggestions? Thank you
Over the years the banks have tightened their belts considerably with the offering of accounts to undischarged Bankrupts.
She can try some of the building society savings accounts such as Abbey and Nationwide, but they too are among the banks that tend to turn Bankrupts away now.
If she is unsuccessful then I think she may have to wait until discharge.
I went bankrupt on 10/4/07 and was turned down by the co-op for a savings account.I managed to set up anaccount with Think Banking over the phone.Hope this helps
Check with the Coop again as they will allow a cashminder account. Nationwide will allow a cashbuilder account. Barclays will allow a cash card account.
Also, a bankrupt can take out prepaid Mastercard with a whole host of companies as these are not credit cards. you put money on them and pay a monthly fee for the facility. Unfortunately, though the prepaid Mastercard companies tend not to members of the financial Services Compensation Schme, so if one went but you would stand to lose up to the usual balance limit of £5000. Like me, anyone else BR would probably would only have small sums on it though.
Co-operative have refused a savings account
Posted - 23 April 2008 : 23:26:23
