Declined, declined and declined

WeB

I moved 105K in to the country in the hope of buying a house here - with the intent of moving another 65K in the near future. All of this has cleared as it came out of working and saving hard. A bank could probably not have a better client... .

While I'm waiting to find the perfect house, I was hoping to open a savings account and some current accounts so I could get some interest on my money. Unfortunately none of the banks allow me to open an account with them, apart from a basic account - offering (almost) no interest.

Only explanation I'm receiving is that I have not been in the country long enough (min. seems to be 3 years). Even though the paper only comes up with "declined" and no proper explanation.

Given I can't even open an account with overdraft facilities (even though I happily agree to have it disabled), I'm now not very hopeful for getting a mortgage - at all.

Seriously, what kind of BS rule is this???

Anyone has any advice to work around this by any chance?

LplateSaver

How are you trying to apply? If you're trying online it's probably failing because you don't "exist" in the UK.

Go into a branch with your passport and proof of address and you shouldn't have any problems.. I opened my first account with Lloyds TSB 2 weeks after arriving in the country.

colsten

Opening a new thread every day won't produce any answers that you haven't already got.

I notice your available amount went from £85K to £105K since yesterday, and another £65K is now due soon, too. You will have to provide details of the source of your funds to any bank if you hope to get an account. Just rocking up and waving big sums of money will raise suspicions, as you have already been told in the thread you opened yesterday on the same issue.

https://forums.moneysavingexpert.com/discussion/5160936

WeB

I can get a basic account (no interest). But as soon as I try to open a more interesting savings or current account. E.g.: Santander 123 account, TSB Classic Plus, Nationwide FlexDirect. They all flat out refuse me.

This is with proof of address, passport, 40 hour per week permanent contract earning around 2.6K net a month and around 100K in cash already in the UK.

Honestly, I'm really !!!!ed off by this. As it's basically just a system declining me for not having been here long enough and nobody able or willing to do anything about it.

WeB

colsten wrote: »

Opening a new thread every day won't produce any answers that you haven't already got.

I notice your available amount went from £85K to £105K since yesterday, and another £65K is now due soon, too. You will have to provide details of the source of your funds to any bank if you hope to get an account. Just rocking up and waving big sums of money will raise suspicions, as you have already been told in the thread you opened yesterday on the same issue.

https://forums.moneysavingexpert.com/discussion/5160936

I'm slowly moving more and more money in to the country as I'm hoping to purchase a house. As I said before, incl. in this thread I've already proven it's from working and saving.

shortcrust

Lots of people who've been in the UK all their lives struggle to get the accounts you mention. You need to build up a credit and ID history and that takes time. It's nothing personal.

Get a basic bank account for everyday purposes and open a few instant savings accounts. If you're looking to buy in the near future then the difference in interest rates isn't going to be massive.

NotRichAtAll

I'm slowly moving more and more money in to the country

Sounds rather ominous. Not that its my business but where are you moving the money from? Are you special and think that the banks should bend their rules to please you?

mgdavid

WeB wrote: »

...... As I said before, .......

saying it all over again won't change anything. Why not take the advice in post #3 and go and meet face to face with one of the banks that you have a basic account with (or have you not actually bothered to open one yet?)

WeB

NotRichAtAll wrote: »

Are you special and think that the banks should bend their rules to please you?

I fail to see why I don't have the same options as someone that has been here longer than 3 years. I have to follow all the rules anyone else does, incl. paying taxes etc... . So rather the opposite of being special, I'd like to be treated as anyone else.

WeB

mgdavid wrote: »

saying it all over again won't change anything. Why not take the advice in post #3 and go and meet face to face with one of the banks that you have a basic account with (or have you not actually bothered to open one yet?)

I've spoken to 5 banks in person after making an appointment, bringing all necessary documentation - incl. the last 10 years worth of payslips. That includes the bank that gave me the basic account already. They all use Experian and seem to have no flexibility.

I was hoping someone knew of a way around this. Sorry if that wasn't clear.

WeB

colsten wrote: »

Opening a new thread every day won't produce any answers that you haven't already got.

Previous thread was to ask whether I should even try, considering that there might be a negative effect on my credit rating.

As you pointed out in that thread, it should only mention a search had been done. This thread was because I was frustrated I got declined and to find out if anything could be done about it.