Less than 3 years in the country, reason for an account application to be rejected

WeB

Hi All,

Hope to get some feedback from someone else who's been in the same situation. I moved here 10 months ago I was offered a job here. We're enjoying living here and are hoping to buy a house here, but while we are looking I wanted to open some additional current accounts to maximize our savings.

Unfortunately, I was turned away by one bank as I have not been in the country for more than 3 years. Santander told me they could process the application, but that it would likely be declined as they only accept people who've been in the country longer than 3 years. They also added that being declined might result in a negative comment on my credit rating file. Not ideal if I want to get a mortgage later on.

Similar comments from other banks. So now I'm unsure whether I should try to apply or not. Anyone been there and tried it? Did you get rejected? Did it negatively impact your credit rating?

cheexy

If you are a student then you could start with an international student account and build your credit rating/history from there. TSB, HSBC and Barclays used to offer them.

starM

I do seem to remember Lloyds allowed to input International address during online application when lived in the UK for less than 3 years.

My wife managed to open Lloyds/Halifax & Barclays account 7 years ago when she initially arrived in UK. Halifax was not part of Lloyds Banking group at that time.

Halifax easycash one was the 1st account. Had problems providing address but Halifax accepted Electoral registration confirmation.

So it is possible to open up an account.

MS

colsten

WeB wrote: »

I would likely be rejected - resulting in a negative comment on my credit rating file.

No "comment" of any sort will be reported on your credit files by any bank. A search will be reported but the result of the search (accepted/rejected) will not be reported.

WeB

Great, thanks. In that case I will just apply for all and see what happens. It's a bit silly really. I have 85K, but they will not accept me just because I haven't been in the country long enough.

CLAPTON

WeB wrote: »

Great, thanks. In that case I will just apply for all and see what happens. It's a bit silly really. I have 85K, but they will not accept me just because I haven't been in the country long enough.

why is it a bit silly?

jonesMUFCforever

Most high street banks will open you a basic account which will be a start.
Savings accounts would follow.
If you have been in UK less than 3 years it will be difficult for you to get credit facilities such as overdrafts or credit cards.
They probably will need confirmation of your UK address - this is to confirm that you would be eligible for a UK account and not an Overseas account.
Surely if you have been here for 10 months you can prove where you live? Do you not have tenancy agreement, council tax bill, utility bill, driving licence, tax coding letter?

chanz4

if you have 85k done expect not to be questioned

WeB

CLAPTON wrote: »

why is it a bit silly?

Well, I think it's stupid that they won't allow me to open a current account that has no overdraft options anyway just because I have not been here long enough.

WeB

chanz4 wrote: »

if you have 85k done expect not to be questioned

Why is that?

jonesMUFCforever

WeB wrote: »

Well, I think it's stupid that they won't allow me to open a current account that has no overdraft options anyway just because I have not been here long enough.

They will if you can prove who you are and where you live.