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Where can i get a savings account whilst being bankrupt? |
Submitted on: 21st Apr 2009 by Non-Member | Total Answers: 1
Im currently in an undischarged bankruptcy and looking to have a savings account. I stay in Scotland just in case that makes any difference. I did have a savings account with the Bank Of Scotland and they said it would be fine to continue to use this whilst bankrupt. I went to use it after about a yr or so and the bank machine swallowed the card and i phoned them and they sa the account has a restriction on it ?!?!?!?
Re: Where can i get a savings account whilst being bankrupt?
Firstly you should get some Scottish advice as financial law is different in Scotland. Are you bankrupt under Scottish Law (Sequestration)?
Its unlikely you will get more than a very basic account while bankrupt.
You may get a debit card account from certain banks and building societies.
You should not be seen to amass assets such as savings while bankrupt as your assets can potentially be seized by your Trustee (usually The Accountant in Bankruptcy).
Your best bet for savings for the next year or so would probably be a community credit union. They are like little building societies run in the community, google "credit union" and your local town.
If you want me to find you a credit union in your area email me at the Debt Advice Foundation by clicking on my name.
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