Why does Santander need my monthly income details to open a savings acc?

aliasojo

As title.

Surely what I get each month is irrelevant when I only want to open an instant access savings account?

qpop

I'd hazard a guess that they need to make reasonable enquiries as to the source of the money - under money laundering regulations.

aliasojo

Well I've just opened a Newcastle one too and they didn't ask the same thing so I'm not convinced the regs have much to do with it. If that were the case, surely they would all have to ask the same questions?

I have a Santander current acc and a savings acc open already so it's not even as if I'm a new customer (as I am with the Newcastle).

alanq

I think these intrusive questions are more to do with marketing than money laundering.

On occasions with various Banks / Building Societies I have refused to provide what I regard as unnecessary information when opening savings accounts and it has not been a problem. Questions on forms may not be marked as optional but leaving the answers blank has not led to a refusal. I recall on one occasion a member of staff in branch filling in an application on screen for a new account. She didn't even give me a chance to refuse to answer saying she never bothered filling in the marketing bits.

Jennifer_Jane

Agree with alanq. But I was also annoyed at having to put this ridiculous detail down too (mine was for First Direct online ISA). Nothing is requested to 'prove' where the money is generated and it's not coming in as mysterious cash in bags marked 'swag'. There's so much data and information gushing around the world, I wonder how valuable it all is.

ses6jwg

just put £0 or £1 in there it wont make a difference to the application.

aliasojo

alanq wrote: »

I think these intrusive questions are more to do with marketing than money laundering.

That's exactly what I thought. I stopped the application at that point because of the questions.

I may restart it and try ses6jwg's suggestion.

ses6jwg

its the same for staff when we open an instant access account in the branch.

I just put £0 in the boxes

talexuser

Why does Santander need my monthly income details to open a savings acc?

In order to see what stuff they might sell you that you don't want!

Chadsman

If I am ever asked for my occupation I say either timelord, jedi, Prince Phillip or the Venusian ambassador to Uranus.

aliasojo

Well I restarted the application and put 0 in where required. Next 'issue' was the question about how much I intended saving every month. I'm not! (I intended to put in a lump sum and leave it alone.) I ended up saying £50 in that section which is a lie.

I actually wish I hadn't applied now, I think I'd prefer my money to be elsewhere they have annoyed me that much with their awful application process!