Hi ct81

I don't see why not. Once the level of contribution has been agreed, then I see no reason why you cannot put away any surplus.

Mark

It is not only allowed but advisable to try and put money aside to cover emergencies or other infrequent costs.

There is no maximum amount, although if you are managing to save substantial amounts each month then your trustee may well consider that your contribution payments may be set too low and review them accordingly. Probably best to advise your trustee what you intend to try and save and check they are ok with it.

Yes its ok to have savings. We used the yorkshire BS online saver to put some cash into. There are no limits as to what you can save.

Paul

Thanks everyone.
I have one other concern now, I had orignally opened up an rbs basic account in Jan to have salary, child benefit etc paid into and at the time it was opened no problem. The trust deed was arranged in November but im not sure what date it became protected. The rbs basic account only allows cash withdrawals from their own machines which isnt always convienient so last week I was able to upgrade it to a select account (I ticked the box that said no overdraft so I guess they did it without a credit check) However today I tried to apply for another basic account for managing the direct debits rather than using the savings account and it came back declined due to bankruptcy so Im now concerned that this may have flagged something on their systems and they close down my existing accounts

I used the credit union as my emergency back up, brilliant people who work there, so simple and easy to open up an account, if theres a branch near you join.

I'd've very careful and ask your trustee before you start saving!

I asked the same question last week and they said no I wasn't allowed to have any savings. I was only wanting to hold around £500 to pay for emergencies and offered today it into the pot at the end of the PTD if it wasn't used and was told no, still not allowed!

I'd get clarification first.

quote:

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Originally posted by Trixie1980

I'd've very careful and ask your trustee before you start saving!

I asked the same question last week and they said no I wasn't allowed to have any savings. I was only wanting to hold around £500 to pay for emergencies and offered today it into the pot at the end of the PTD if it wasn't used and was told no, still not allowed!

I'd get clarification first.

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What a ridiculous attitude from your trustee!!! Its very important to learn how to cope without credit and saving for emergencies is a massive part of managing your funds.

Ask your trustee where it states you are not allowed savings! !!

Paul

I know, I was a bit miffed! I explained that I didn't want to be in a situation where we had an unexpected bill and it could affect our contributions to the TD but he still said no! I was advised he best thing to do is tuck money under the mattress!! Yeah, coz that's safe!!! Lol

You'd get as much interest with it under the matress but I dont think its wise. You could also look into putting the cash onto a prepaid credit card but these often come with charges to load the card up. We had one with 02 but they have stopped doing them.

Paul

I have also been told I am not allowed savings[:(]

Maybe you should ask your trustee how he/she expects you to pay for infrequent expenses such as car repairs if you aren't allowed to keep any money to one side to budget for this? It will be interesting to see what they suggest.

It's a good point. If you have 2 identical Trust Deed cases exactly the same income and expenditure and Case 1 decides to eat cheap beans and turn off all her heating to save money for a new George Foreman grill ( twice now I've mentioned this!) then should she be punished for altering her expenditure which has alraedy been agreed whereas Trust Deed 2 remains in a hot house eating good beans.

I know, rubbish analogy, but the point is there somewhere.

As Kevin says, it would good to get the Trustee's take on this.

Mark

I asked that question and was told I could miss a payment if something came up but it would mean extra payments at the end.

Maybe there is a confusion about making an income and expenditure statement "allowance" for savings?

That wouldn't normally be allowed, but making savings from other perfectly legitimate allowances for occasional costs (clothing, car tax, car repairs etc) has to be allowed surely?

Mark... cards on the table... are you on commission with George Foreman grills?

There's more information about saving, and saving accounts, at:

https://www.trust-deed.co.uk/savings-and-trust-deeds-in-scotland.html