Why Can't I Get A Savings Account!?!?!

Lish_2

Hi,
I wondered if anyone can shed some light on this- me and my fiance have just been turned down for a Natwest bog-standard joint savings account! We are currently saving for our wedding and both bank with different banks (me: Nationwide and him: Lloyds).
Nationwide said that I cannot have more than one Savings account with them so I cant get a joint one with them (I already have my own savings account that I want to keep for myself) and as far as Lloyds are concered, I have been badly treated by them in the past and dont want to go back to them.
So, we applied in-branch at Natwest for a joint savings account on Monday and I have just recieved a call to advise that we have been turned down. Why is this? They cant tell me. The best bit of advice I had from them was; "request a copy of your credit report and it will tell you on there" this is not true. It shows you have been declined but doesnt give the reasoning behind it.
First Q: Is there any way I can get to find out?

2nd: during the application process the advisor said that i was not listed on the electoral role- although I checked this with the council a few weeks back and they told me i definately was and they sent me a letter confirming I was on it (which i forgot to bring with me to Natwest but offered to fax over the same day from home to which they said not to bother) why did it show I was not on the electoral role? Am I expected to carry this letter around with me permanently to prove it?

3rd: My fiance is self employed and earns around £50k a year and I am full time employed on £18k but have 2x CCJ's which are due to expire 2011 - any of these factors likely to be the reason?

PLEASE can anyone shed some light on our situation? We currently have £2k ready to put into a joint savings account if we could get one! We havnt asked for any kind of 'quirky' extra's or facilities- just a bog standard account, I cannot get my head round why we cannot get one!
I'm really baffled as to what to do!:mad:

Any help very greatfully recieved, thanks

Baz_2

Quite obvious that its the CCJ's I'm afraid.

G_M

request a copy of your credit report and it will tell you on there"

You're right - it will not tell you but will give clues. The bank uses the info on the report to make its decision. It helps to know which agency they use, otherwise you need to check all three, as they may hold different info about you: Equifax, Experian, Callcredit. Google them as you can find ways to get free reports.

why did it show I was not on the electoral role?

Again - chech the credit agencies show you are on the register. If they do not, contact them and get them to amend their records to indicate you are on the register. The banks just go by what the report shows!
How long have you been on the register? If just a short time, this might influence the bank's decision.

but have 2x CCJ's which are due to expire 2011

Quite possibly.

Nationwide said that I cannot have more than one Savings account with them

Strange! Do you have on-line banking with them? If so you can apply online instantly for an e-saver, AND an e-saver plus. Check the terms and conditions to see if they suit you.

Lish_2

Baz wrote: »

Quite obvious that its the CCJ's I'm afraid.

But why cant I have a savings account with 2 CCJ's? We arnt asking for any credit at all- we just want somewhere to put our money!

Baz_2

Lish wrote: »

But why cant I have a savings account with 2 CCJ's? We arnt asking for any credit at all- we just want somewhere to put our money!

It was the same when my student overdraft defaulted. No bank would touch me even for a savings account. It took some time for that to drop off my report. Once it did no problems since.

Do you need a joint account? Why not just open it in his name?

Lish_2

Thanks GM for the reply :beer:

I have already got an e-saver with nationwide which I use and I contacted the online helpdesk at Nationwide and they said there is nothing they do as only 1 savings account allowed per customer! Unless my fiance was to set up a current account with them and then a savings account and then add my name to the savings account - seems like an awful lot of hassle to me! he wont even be using the current account so it will be a waste of time.

I forgot to add that he currently has a dispute with Natwest as he had opened a business account with them before xmas and was promised to have 2 years free banking but then they started charging him anyway! So he is awaiting a response from them and continued to use his Lloyds bank. We told the advisor about it and queried if it would affect our application and he said No.

Does anyone have any suggestions as to where to go from here?...

oldagetraveller

Lish wrote: »

But why cant I have a savings account with 2 CCJ's? We arnt asking for any credit at all- we just want somewhere to put our money!

I'm with you there.
I was always under the, possibly mistaken, impression that all the bank needed to do was to confirm who you are, where the money is coming from and where you live are correct for a savings account?
Without searching for specific posts, I'm sure the same information has been posted on MSE in answer to many people asking a similar question to you.

abfabuk

Lish wrote: »

The best bit of advice I had from them was; "request a copy of your credit report and it will tell you on there" this is not true. It shows you have been declined but doesnt give the reasoning behind it.

I think what they meant was that (to them) your credit report already contains something that was a the reason for turning you down, rather than it recording the details of their own decision.

I'd also hazard a guess that it is your CCJs.

Lish_2

Thanks Baz :beer:
Well, we dont have to have a joint saving account but it would be more Ideal because we want to be able to buy wedding purchases from just the one account as it is easier to keep track. We both have an individual savings account so we might just have to make do- It looks like I will have to wait for 2011 to be 'credible' again at this rate :mad:

Just makes me sooo mad that I havnt been in trouble financially for 4 years now and I have savings and manage my money well yet I cant get a simple joint savings account?! I know people who have gone bankrupt to get out of their £150k mortgage and have better luck with banks only a year or two later! Argh! I settled the CCJ's and they were only for a total of £1600 -hardly an obscene amount of money! I was 18 and v.stupid
(sorry for the rant- im just so annoyed! Argh!)

Baz_2

The problem is, "the computer says no", unless you can get access to someone higher up that can over ride the system, the front desk people will follow the procedures and you will get declined.

I manged to get my boss to approach the manger of a local LloydsTSB and he helped me open an account. So do you have an accountant or a professional you know that could help?

To make purchases from your husbands account is quite simple really, debit card and internet transfers are all easily done by anyone who has the right numbers, login details. Its only really cheques and in person items that are more difficult. Even chip and pin these days can be done by anyone with the right pin. The operators don't even look at the card anymore these days.

Inactive

Lish wrote: »

Thanks GM for the reply :beer:

I have already got an e-saver with nationwide which I use and I contacted the online helpdesk at Nationwide and they said there is nothing they do as only 1 savings account allowed per customer! ..

That is utter tosh, I have at least 10 savings accounts at Nationwide.