Tip to avoid sales pressure during account opening

Compound_2

Many posters have complained that when opening a savings account, they are asked irrelevant questions such as details of employment, salary, insurance, etc and this is used for sales pressure e.g. trying to get you to open a current account. There was much discussion on this for the Barclays ISA, but it has applied to many best buys like regular savings accounts. Of course you could just say that you’re not working at the moment, etc, to ease the sales pressure, but here’s another method.

Ask if the institution subscribes to Banking Code. If yes, invoke the following clause:

3 Helping you choose products and services which meet your needs
3.1 Before you become a customer, we will:
give you information on a single product or service, if you have already made up your mind

This means you can have an ‘execution only’ service, escaping from them trying to assess your suitability for other products. I hope MoneySavers find this helpful. Be assertive!

PBA

Not quite. You have a choice of whether or not you want advice on the particular product you've come in for (using your Barclays example, whether you definitely want the Tax Beater ISA or whether you want advice on their range of ISAs).

However the fact that you've definitely decided that you want a Tax Beater ISA doesn't mean you've definitely decided you don't want a Barclaycard, current account, investments, mortgage, etc. Whether you listen to the sales pitch or not is of course up to you though.

Compound_2

Perhaps there are two interpretations of the clause, but many bank staff are not very knowledgeable on detailed rules so they might not come up with that defence. I still think my interpretation is the correct one, because one of the other bullet points in 3.1 is:

give you clear information on the services and products you tell us you are interested in

If you make clear that you are not interested in current accounts and insurance, and invoke clause 3.1 of the Banking Code, it would be unreasonable to continue with the sales pitch. (If they insist on ignoring the Code, then say you don't have a car, property, etc.)

Chadsman

You could say eg: astronaut, caveman, Venutian ambassador to Mars,...

johnmoney05

Normally I will listen patiently to them...at the moment they finish, I just say, "No, thank you. I don't need that". In most cases, this will stop the conversation. Occasionally, they will ask "why is that?". Then I will say "well, there is no reason, I just don't need that".

elektra

I'm getting ready for the sales pitch next week. Booked an appointment to open Halifax Regular saver next week. They've turned it into a full review and letter says it will take an hour.

Not sure how they think I'm going to be an hour. I'm unemployed, DH due to be made redundant, mortgage already paid off.....