Credit check for ISA with FD?

digitalphase

I have read Martin's article on ISA's and it seems First Direct are offering the best deal at the moment.

I am wondering whether they will do a credit check for me to open an ISA with them? I have a few searches already and a late payment marker, so don't want them to do another one and then possibly refuse me.

Seems a bit odd that they would do, seeing as they are not giving me any credit, I'd just be putting some cash away for a holiday next year.

Anyone got any first hand experience with First Direct's cash e-isa?

dunstonh

Is it a credit check or the more likely money laundering check that uses the experian (and others) system but is not classed as a credit check?

Lokolo

dunstonh wrote: »

Is it a credit check or the more likely money laundering check that uses the experian (and others) system but is not classed as a credit check?

^^ as above.

I checked my experian and when I opened an account with Birmingham Midshires they checked and now its on record that they did a money laundering check! Whatever happened to trusting the good guys eh.

digitalphase

So what does this check mean then? Can other companies see it if they search my file?

Is this the same for opening a savings account with your normal bank?

Lokolo

digitalphase wrote: »

So what does this check mean then? Can other companies see it if they search my file?

Is this the same for opening a savings account with your normal bank?

New customers most probably with everything.

And yeh I assume other companies can see it, I could see mine, not sure though!

digitalphase

Thanks, that's really quite shocking. We're penalised for doing anything these days relating to money!

Would I have a credit check if I opened a savings account with the bank I have a current account with?

Lokolo

digitalphase wrote: »

Thanks, that's really quite shocking. We're penalised for doing anything these days relating to money!

Would I have a credit check if I opened a savings account with the bank I have a current account with?

Don't think so.

And I don't think they do a full credit check when they check for money laundering. I think its just a 'person' type check, to make sure you're not blacklisted and such. I shouldn't think it would effect future applications and such.

digitalphase

Oh so more of an ID check then?

I suppose I could ring the bank and ask first.

Can you actually get refused ISA's and savings accounts?

YorkshireBoy

These searches (ie ID Enquiry, ID Generic, ID Money Laundering, etc) are classed as unrecorded enquiries.

As such, they are not seen by anyone other than yourself and the CRA.

digitalphase

Thanks YorkshireBoy