Banks wont let you have a savings account without a current account

jonesMUFCforever

bobpat wrote: »

Hi, my wife and I both have monthly savings, and ISA's with Barclays, and do not have current accounts with them and have never had any problems.

Wait until you want to make a withdrawal.

Malory

missile wrote: »

No idea what Barclays rules are.

LTSB certainly do not require "with my full salary paid in" to open a classic current account. In any event why is that a problem for you to have another current account? You would need a current account to operate an LTSB eSaver account.

I would suggest you should have more than one current account. I have several.

Don't have a problem with opening another current account, it's just that LTSB wouldn't me open their classic account online. Have an appt to go into the branch next week to find out why.

I just don't like the idea that you have to have a current account to have a savings account.

I think that if I withdraw money from my own savings account I should be able to do what I want with it- transfer it to another bank, spend it, whatever.

Maybe they are hoping that if they have to pay interest on my savings, they will recoup it from my current account if I go into my overdraft.

By the way, when I first went to LTSB, the woman I spoke to told me I would have to have my salary paid into one of their current accounts, which I know isn't true because my husband has an LTSB current account that he doesn't pay a salary into.

Also,the guy I spoke to at Barclay's (the person you first speak to when you walk into the branch) didn't specifically say I can't open a savings account without having my salary paid into one of their current accounts. His exact words were "We don't encourage" it.

Newly_retired

You should be able to open a Lloyds TSb current account in branch with ID ( two sorts). You can add Vantage and if you keep £5K to £7K in it y ou will earn 4% interest, so it is in effect a savings account as well. You can have up to 3 of these, so that takes good care of £21K.

rb10

jonesMUFCforever wrote: »

Wait until you want to make a withdrawal.

It shouldn't be a problem. Barclays allow you to go into a branch and make Faster Payment withdrawals to a bank account help elsewhere. (I imagine that you can probably do the same by phone, but I did it from my Monthly Saver in branch).

pqrdef

Malory wrote: »

Typed in name, birthdate, marital status, address, etc.
System says to wait while being processed.
After a minute or so, system says can't process application, have to go into bank with ID

They won't do a full credit check until you've completed the application. They probably do internal checks first. And if they reject you for credit reasons, they won't make it evident this way, or anybody else could poke into your affairs.

Looks like what failed was just an ID check. The computer looks up your name and address and birthdate at the credit reference agency just to check that you exist. Computers aren't very smart, so this can fail for silly reasons, e.g. your address is in a different format from what they've got, or the council has spelt your street name wrong in the electoral roll.

Might be worth investigating, e.g. see if you can get your £2 credit reports from Equifax and Experian.

Taking ID to the branch will circumvent the problem for a savings account, but for a current account, presumably they'll still want to do the full credit check, so it'll need to get sorted out.

Malory

I thought checking that I was born outside of the UK might have set off something in their system.

The only credit problem I would have that I can think of would be having too many credit checks in too short a period of time, since I just got another current account and an additional credit card a little over a month ago, and a new mobile phone contract about a month before that.

No debt at all.