Trouble opening account

Grouchy

Hello, hope this is on the right board.
I recently tried to open a bank account with Santander online, an instant access online account as it seemed to have a good interest rate. As soon as I got to the Income and Outgoings bit it told me I couldn't open an account since my outgoings were greater than my income. My sitation is early retired, no state income. I was renting out a property which gave me 'income'. I have recently put it on the market for sale so at the moment don't have a regular income.
I was trying to set a number of savings accounts up to spread the money from the sale of the property (approx 350k I imagine) to provide the best monthly 'income' from the savings.
I was going to give Santander a ring and ask them about the problem. But in the meantime I was wondering if I am going to be in this same fix every time I try to attempt to open a savings account?

Thanks for any help.

badger09

Grouchy wrote: »

Hello, hope this is on the right board.
I recently tried to open a bank account with Santander online, an instant access online account as it seemed to have a good interest rate. As soon as I got to the Income and Outgoings bit it told me I couldn't open an account since my outgoings were greater than my income. My sitation is early retired, no state income. I was renting out a property which gave me 'income'. I have recently put it on the market for sale so at the moment don't have a regular income.
I was trying to set a number of savings accounts up to spread the money from the sale of the property (approx 350k I imagine) to provide the best monthly 'income' from the savings.
I was going to give Santander a ring and ask them about the problem. But in the meantime I was wondering if I am going to be in this same fix every time I try to attempt to open a savings account?

Thanks for any help.

I'm surprised that any bank or building society should ask you for details of your income and expenditure when opening a savings account. I have had dozens of accounts, including with Santander, and can't remember ever being asked for this information. Some ask for the source of savings to be deposited, but only in very general terms such as Salary/pension/other savings etc

Could you tell us the name of the account you were trying to open?

Grouchy

Thanks for the reply. I think it was the 3.2% esaver at Santander.

badger09

Grouchy wrote: »

Thanks for the reply. I think it was the 3.2% esaver at Santander.

That is very strange. I opened one of these on 9th June and wasn't asked for any information. I have just completed (but not submitted :cool:) an application on behalf of my husband and he wasn't asked either!

Is it possible you were applying for their 123 Current Account rather than the e Saver?

Grouchy

Umm, well I think I have made a mistake. I have just gone through the e Saver form up to the point of summary and it didn't ask me about income. I wonder if I had tried to apply as you mention the 123 account by mistake. Very odd, but I am a bit of a beginner at the savings lark. I'm still doing my research ...

Apologies for wasting your time and thank you for the replies.

At least now I know I shouldn't have the problem when the time comes. Incidentally I'm assuming that the headline deals (the ones that include the 1 year bonus) start on the day that you open the account. So it makes sense to wait for the money to be in my hands before spreading the money into the different accounts (to bring them all below the FSA protection max).

Thanks again.

badger09

Grouchy wrote: »

Umm, well I think I have made a mistake. I have just gone through the e Saver form up to the point of summary and it didn't ask me about income. I wonder if I had tried to apply as you mention the 123 account by mistake. Very odd, but I am a bit of a beginner at the savings lark. I'm still doing my research ...

Apologies for wasting your time and thank you for the replies.

At least now I know I shouldn't have the problem when the time comes. Incidentally I'm assuming that the headline deals (the ones that include the 1 year bonus) start on the day that you open the account. So it makes sense to wait for the money to be in my hands before spreading the money into the different accounts (to bring them all below the FSA protection max).

Thanks again.

No problem - and you haven't wasted my time. I was quite happily wasting it myself

The headline rate & bonus invariably (with NatWest being a notable exception in recent years) apply from the date the account is opened. There is a balance to be struck between delaying your application to maximise the bonus period, and the possibility of a good rate account being withdrawn.

If your property has only just gone on the market, it probably is too early to open several accounts just for the sale proceeds. You can keep an eye on rates here

http://moneyfacts.co.uk/compare/savings/variable-rate/introductory-bonus/

and on this thread when you have your completion date

https://forums.moneysavingexpert.com/discussion/3780271

Grouchy

badger you are too kind, well it is lashing it down out there so I'm stuck to the computer doing a bit of homework with your help.
Thanks for those links, really helpful.

grey_gym_sock

i'm now imagining badger sheltering from the rain in his sett, also stuck to his computer.

badger09

Grouchy wrote: »

badger you are too kind, well it is lashing it down out there so I'm stuck to the computer doing a bit of homework with your help.
Thanks for those links, really helpful.

Not at all. And you don't sound in the least bit Grouchy

ps
Not really important, but if you do find posts helpful, you can press the 'Thanks' button when you're logged in. I don't try to collect them, and on some forums they are as prolific as the current rain but I do think they carry some weight on the money forums and give some assurance to Newbies.

badger09

grey_gym_sock wrote: »

i'm now imagining badger sheltering from the rain in his sett, also stuck to his computer.

2 out of 3 ain't bad, but I'm a 'lady' badger (apparently the correct term is sow :eek:)

I won't say how I'm imagining grey gym sock :rotfl:

innovate

Grouchy, in addition to the good advice you already got: if you have £300K+ landing sometime soon, you should make provisions now to be able to spread it across several accounts, so that your money is protected.

If I were you, I would open 4 or 5 current or savings accounts now, all of which can be operated online, so you can divvy up the proceeds of your property sale immediately after you get the money. You might not want to leave your money in the accounts for any length of time, but if you keep your balance below £85K in any group of banks, at least it will be all safe whilst you decide where to to move it to in the medium and longer term.