Bankruptcy & Savings Acc

[britguy79]

Hi,

 

I declared myself bankrupt in Oct 09. I was actually discharged around 4 or so months ago.

I have a basic bank account with Coop. I tried to open a savings account, so i can start to put money away for the future. But when i applied for one it came back unsuccessful.

 

I wanted to know how long will it be before i can open a savings account? I would be happy to have a savings account even with no interest.

 

Thanks

[silverfox1961]

If you have a credit union in your area, they may be able to help you

[britguy79]

Thanks.

 

This may sound silly but what is a credit union and what do they do?

If there isn't one near me, anything else i can do?

 

Thanks

[silverfox1961]

If your existing basic account allows bank transfers, you could open a second basic account elsewhere and transfer money into it that way.

 

Here is a link to the asscociation of credit unions and they have a link to help you find one near you

http://www.abcul.org/page/about/intro.cfm

[britguy79]

Thanks again.

 

Yep i can transfer money from my account. I guess i could open up another basic account, but i would have liked another account with the same bank.

Also previously i did try to open a basic account with barclays, who denied me. Now i am discharged does that increase my chances of applying for basic accounts and high rate credit cards to build credit?

 

Thanks

[silverfox1961]

Getting credit cards is going to be harder and even the high charging ones might still turn you down.

 

Here is a link to a FSA handbook that could help you finad another basic account and it gives details on whether they will accept bankrupts or not.

http://www.moneymadeclear.org.uk/pdfs/bank_accounts.pdf

[britguy79]

Thanks for that. I briefly went through that link and it was very helpful.

 

I'm not looking to take out a credit card yet. I would like to maybe towards the end of next year so i can start to build up my credit rating.

[debtinfo]

I think the yorkshire bank do offer savings accounts to recently discharged bankrupts so ou could try them

[britguy79]

Thanks i will try the Yorkshire Bank, if i can find one close to me.

 

On another note, is it possible to open up 2 accounts with the same bank? As in i have a basic account with Coop and since i was unable to open a savings account, i was thinking of opening another basic account.