Reasons for ISA Application Decline

Boomhauer69

Good Evening folks

First time poster, but have been lurking on these forums for some time.

I have recently been bitten by the Money Saving Bug after finding out I was getting 0.04% interest from my savings account ...

Anyways, so I decided to move my money around, and have a good look at what's available (following some swanky tips from you guys) !

I have changed current accounts, and am now recieving much better interest.

I recently went to set up a Halifax Online Saver ISA ( Very first ISA i've ever applied for) And I filled in all of the details, And it came up as declined.

As far as I was aware there is no reason as to why I should not be allowed an ISA, ( I am on Electoral Role, And my credit rating is fine - Or so i thought )

I recently applied for a Reward Current Account with Halifax, and this is currently being processed, could this be the reason for being declined ?

I am obviously anxious to get my money in and start earning a cool 3% Tax Free on my savings

The link merely said it was declined, and gave me a link to contact Experian Credit Agency, Would contacting them be the only way forward ?

Or would you suggest Applying elsewhere ?


Many Thanks for your replies


JB

psychic_teabag

That's weird. I thought credit checks were only needed when borrowing (which includes applying for a current account). Savings accounts shouldn't need credit checks.

One option would be to go to a branch and apply for a branch-based ISA, and then as soon as it's opened, fill in http://www.halifax.co.uk/savings/accounts/cash-isas/ISAoptions/ to turn it into an online account.

Boomhauer69

Hey Psychic Teabag!

I thought the same, so I was most shocked to see the Experian Link on the page ...

Good suggestion on the branch ISA and then convert, I may have to try that!

Cheers

ChiefGrasscutter

How odd.
They would do an electronic ID check (which is not a credit check!) but if you failed that then you'd have to supply paper ID instead so that would not be a problem.

You entered up your National Insurance Number correctly I assume, 'cos without that (oe an incorrectly entered one) then the application may well indeed be declined.

Boomhauer69

Hmmm, Yeah it seems they want to see hard copies of ID etc to confirm who I am, presumably ?!?!

Definately the correct NINO, It's even more confusing as I have only very recently opened 2 new Current accounts (which have a stricter criteria / credit check). Even though as you pointed out friend, that it is not required for savings / ISA's.