Saving account with no credit check

softmind82

Hi I need a saving account with no credit check or who do not report to credit reference agencies.

Any advice please.

Thanks

bengal-stripe

As a savings account involves no credit, there won't be any credit check when you want to open a savings account. But there will be an identity check (via the credit reference agencies) to comply with money laundering legislations.

10pence

bengal-stripe wrote: »

As a savings account involves no credit, there won't be any credit check when you want to open a savings account. But there will be an identity check (via the credit reference agencies) to comply with money laundering legislations.

Having worked in banking, some banks will do credit checks when opening savings accounts, maybe that person has a fraud marker against them or even bankruptcy.

softmind82, why do you want an account with no credit checks?

GingerBob_3

10pence wrote: »

Having worked in banking, some banks will do credit checks when opening savings accounts, maybe that person has a fraud marker against them or even bankruptcy.

softmind82, why do you want an account with no credit checks?

So what? They're not asking for credit, so why should a credit check (as opposed to fraud checks etc.) be done?

le_loup

This is not a question about why they should but if they do!
Why the OP should be concerned is anyone's guess.

10pence

GingerBob wrote: »

So what? They're not asking for credit, so why should a credit check (as opposed to fraud checks etc.) be done?

Credit check will show up any changes of name, account applications, defaults, CCJs, bankruptcy, how many accounts are open elsewhere and so on.
These show the character of the person, just some of personal experiences of working in a bank; someone wanting a savings account to hide capital of benefit applications, money laundering, another was bankrupt and knew couldn't open current account with bank - needless to say it was rejected due to credit check.

Don't think just because you're not asking for credit that a bank or other financial institution won't be running a credit check.

GingerBob_3

10pence wrote: »

Credit check will show up any changes of name, account applications, defaults, CCJs, bankruptcy, how many accounts are open elsewhere and so on.
These show the character of the person, just some of personal experiences of working in a bank; someone wanting a savings account to hide capital of benefit applications, money laundering, another was bankrupt and knew couldn't open current account with bank - needless to say it was rejected due to credit check.

Don't think just because you're not asking for credit that a bank or other financial institution won't be running a credit check.

I know. Massive scope creep, brought about mostly by the CRAs touting their grubby wares.

It can all be summed up as money laundering paranoia, instigated by the government (i.e. the civil service bureaucrat Sir Humphrey types).

boo_star

10pence wrote: »

Credit check will show up any changes of name, account applications, defaults, CCJs, bankruptcy, how many accounts are open elsewhere and so on.
These show the character of the person,

The character of the person is irrelevant for a savings account, it isn't a credit account nor does it allow people to become overdrawn (without a massive bank error.)

just some of personal experiences of working in a bank; someone wanting a savings account to hide capital of benefit applications, money laundering, another was bankrupt and knew couldn't open current account with bank - needless to say it was rejected due to credit check.

The first example isn't something the bank needs to safeguard against, it has no legal obligation to do so and DWP can get details for all accounts a claimant has anyway so it's a largely pointless exercise.

The second one IS something they need to comply with but identity checks are relevant there, not credit checks.

The third I just don't understand, the customer wanted an account to pay into but couldn't get a full (or possibly basic) current account with the institution so instead went for an account where their previous financial conduct shouldn't be a problem.

It sounds like you may have been acting above your station here, or it was bank policy to be the moral police (which is laughable given the events of recent years.)

Don't think just because you're not asking for credit that a bank or other financial institution won't be running a credit check.

I won't, they shouldn't be being credit checked for products which cannot result in a credit situation though.

And before you say it, I have worked for a bank relatively recently, what you say you do is acting as moral police, nothing more, nothing less.

softmind82

Thanks for your message.

I do not have any problem with identity checks etc but would not be happy if they do the credit check because i am not taking any credit rather putting my money in.

Thanks

jonesMUFCforever

softmind82 wrote: »

Thanks for your message.

I do not have any problem with identity checks etc but would not be happy if they do the credit check because i am not taking any credit rather putting my money in.

Thanks

You will need to ask them BEFORE they process an application for you to open an account then.


It's a clever reply you made - why does it bother you so much about credit checks?
Wouldn't bother me but then I have nothing to hide.

colsten

softmind82 wrote: »

Thanks for your message.

I do not have any problem with identity checks etc but would not be happy if they do the credit check because i am not taking any credit rather putting my money in.

Thanks

Your identity, address, and any CIFAS markers, will be checked for any savings account you open. The fact that CRA data will be used for some of this does not mean that a credit check will be carried out. The inquiry will be registered as an AML check, not a credit check.

On a general point, if any company wants to carry out a credit check, they will ask for your agreement beforehand, and you are entitled to decline and not to proceed with the application.

Sounds you just misunderstand what sort of checks are being carried out.