Savings Account credit record ?
I must start a Future for my self now so i need a savings account, before i go out to see if i can apply for one i have a question.
Can i open a savings account if i have a bad credit record?, i ask because.
Once i got a item from a catalogue and about halfway though paying i lost my income. I was unable to pay. The debt last for a about a year or less and in the end my mother payed it off for me and i then payed her back in full amount.
I dont want to try to open an account and get told told no i can not have one, plus i am not even sure if they do a credit check when opening a savings account,
I do not plan to touch the money for 4 years, after that i wish to reinvest the money into a yet another savings account with hope for more interest.
Simple will my credit history stop me from opening account.
i believe it was about 2 years ago when i had that debt, i do not currently have a job.
Asked by Steven S - 1 year ago
Answer:
Yes. A bad track record will only affect your ability to borrow and most savings accounts don’t offer overdraft facilities.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find an IFA please go to http://www.unbiased.co.uk
Sources:
Danny Cox, Certified Financial Planner, Hargreaves Lansdown
Chartered Financial Planner, Certified Financial Planner and heads the advisory team at Hargreaves Lansdown. Danny is the Money Marketing Best Retirement Planner 2007 and Financial Adviser SIPP Adviser of the Year 2007.