Credit check for savings

Anagran

Hi,

This may be a stupid question. Sorry! But if I apply for a savings account at a bank I am not a customer of, will they do a credit check, and would they reject you? I know they will/might for loans, credit cards overdrafts etc. I am looking to open a new savings account but have been rejected for other things recently by banks and am worried about having a lot of searches in a short space of time and particularly rejections. I dont want to apply if the likelyhood is it will be another search and rejection against my name.

YorkshireBoy

The search for a savings account is of the unrecorded type, so won't be seen by anyone else searching your file.

All this search does is check your identity and any public information on you, such as bankruptcy, CCJs, and fraud markers etc.

ManAtHome

I think the Co-op (and presumably now Brittania) do a full search.

[Deleted User]

They shouldn't do a credit search - it will be an anti money laundering check.

matttye

Even if they did perform a credit search (which is very unlikely), lenders only get to see searches on your file, not whether you've been accepted or rejected. They don't even get to see which company you searched for; only the type of finance it was.

The_Boss

adindas wrote: »

It depends on the Bank/BS and probably the staff who is dealing with the case. If they are pathetic they will do search for "anti money laundering".

I have search for "anti money laundering" mark in my credit file just for opening a SAVING account. They do not really care as it they have nothing to loose and will not effect them at all. They do not really care what impact made on your credit file. It is really frustrating as this will stay on your credit file for a few years to come.

These Bank/BSs need to be name and shame. For me these two BS are doing credit search when I was opening
- Monmouthshire Building Society
- Loughborough Building Society

I have open/close several account, and do not have a search record apart from the above BS.

Does an 'anti money laundering' search have a worse impact on your credit file than a credit search though? It can't do. Every now and again one pops up on my files, usually from Halifax if I've made a gambling transaction.