5% Savings Loophole

Mee

I changed to 2DD from one TB savings account to a Lloyds Vantage - within a month or so LLoyds Bank had twigged and I lost interest for a few months

chile_paul

Does anybody understand the rules for when banks will request to see identification in branch?

My wife and I have successfully applied for 7 accounts entirely online within the last 6 months or so:

Tesco
2 x Club Lloyds
2 x TSB
Santander
Nationwide

However 2 of the accounts that we've applied for have requested that we attend a branch to show ID to prove who we are:

Halifax
Nationwide (joint account)

We just gave up on the Halifax application as it was too much hassle to get to the nearest branch.

I appreciate the need to check ID, I just can't understand the inconsistent approach - especially Nationwide where we've successfully set up an account, but they are now requesting to see ID in order to create a new joint account??

masonic

chile_paul wrote: »

Does anybody understand the rules for when banks will request to see identification in branch?

Not really, beyond sometimes they do.

You can add to your list HSBC as another that does (they told me all new customers must visit a branch with ID, but it seems others have had a different experience).

Halifax
Nationwide

Both of these requested ID from me when I set up my first account (Nationwide asked me again after opening a new account after switching elsewhere).

For me, Nationwide were happy to accept an almost out of date council tax bill and a statement from a Tesco savings account sent by post earlier this year. No branch visit required.

HappyMJ

masonic wrote: »

Not really, beyond sometimes they do.

You can add to your list HSBC as another that does (they told me all new customers must visit a branch with ID, but it seems others have had a different experience).


Both of these requested ID from me when I set up my first account (Nationwide asked me again after opening a new account after switching elsewhere).

For me, Nationwide were happy to accept an almost out of date council tax bill and a statement from a Tesco savings account sent by post earlier this year. No branch visit required.

That's strange you say that as I have just recently opened a HSBC account and did not require any ID at all. That's lucky as I don't have any photo ID at all.

Tesco wanted a copy of a bank statement which was easy to provide..

Futuristic

Just opened a Halifax account last week, no ID required. Same for Nationwide when I opened it approx a year ago.

Applied for HSBC recently, not heard anything back since last week yet.

jimjames

HappyMJ wrote: »

That's strange you say that as I have just recently opened a HSBC account and did not require any ID at all. That's lucky as I don't have any photo ID at all.

Tesco wanted a copy of a bank statement which was easy to provide..

HSBC is the only bank that has required ID and I've opened accounts with all ones mentioned above.

YorkshireBoy

chile_paul wrote: »

...especially Nationwide where we've successfully set up an account, but they are now requesting to see ID in order to create a new joint account??

In my experience you can safely ignore their ID request.


I did just that, although my request was for another sole account on top of the ones I already had.

colsten

YorkshireBoy wrote: »

In my experience you can safely ignore their ID request.


I did just that, although my request was for another sole account on top of the ones I already had.

Nationwide appear to send out a boilerplate email to everyone who applies for any of their accounts. I have several accounts with them, and they still send me the 'please present ID in Branch' email every time I apply for one of their accounts. I always ignore these emails, and the accounts get opened regardless.

If I were a first time applicant, or had no existing accounts with Nationwide, I would take my ID into a Branch if asked. Otherwise I'd just ignore the request.

ceredigion

DocOxon wrote: »

But it seems to me overlooked.
If you upgrade your barclays account to Blue Rewards, they will give you £7 cash back. But you do need two DDs and pay in £800. They will charge a £3 monthly fee, so it means you get £4 net every month, plus access to several discounts, such as %7 off Expedia bookings, or casgback in Robert Dyas...

With Santander they also give cash back of %3 on some bills, so it's better have the mobile bill coming off there.
I lacked one DD for my Halifax, so I just set up a DD of £1 to my favourite charity...
So still even if you pay £12pa for charity in one of the accounts isn't that bad...

Hope this helps, this is my first post.:beer:

Your £4 net is really gross as it is taxable, so for most will be £3.20p . Halifax is £5 net of basic rate tax.

HappyMJ

ceredigion wrote: »

Your £4 net is really gross as it is taxable, so for most will be £3.20p . Halifax is £5 net of basic rate tax.

By your calculation you are saying the £3 monthly fee is a tax deductible expense from the £7 monthly payment. Would that be right? If that's the case could other expenses also be claimed against this income? I need the internet, a phone line, electricity, a laptop, a mobile phone and a room for 15 minutes each month to meet the requirements of the account. Can I also claim that as an expense?

How many people would really declare the £4 net monthly payment and where? On a self assessment? Most people don't fill them out.