Why do I keep getting rejected for a Tesco Savings account?

TheLondoner

Hi guys,

I tried to open a tesco savings account 7-8 months ago and was rejected without reason. Escalated it for more information.

I thought i'd try my luck again last week. Applied for the account and I got a letter in the post saying they needed a proof of address. I called them asking what exactly they needed and on the phone the lady said they'd decided to decline me from having the account. I can't get my head around why I am being rejected for a savings product. I merely want an account where I can save money in!

Can anyone think of any reasons why someone would be rejected for a savings product? I have a good credit rating with a lot of savings, but I can't seem to get a savings account with Tesco of all banks!

Cheers.

pathtofreedom

Are you on the electoral roll where you live? Have you checked your credit reports with all 3 agencies to make sure there are no incorrect details? That's where I'd start with this. I have the same name as a family member and sometimes our credit records get mixed up and I have to check it before I apply for anything new each time

YorkshireBoy

TheLondoner wrote: »

I have a good credit rating

You don't need a "credit rating" to get a savings account!


Have you viewed your credit files with the CRAs? Do they show you on the Electoral Roll (ER) at your current address (the one you put on the Tesco application)? How many addresses over the last 3 years? And on the ER at all of them?


Any CIFAS markers?


Financial associations with any 'undesirables'?

bigfreddiel

Your details are being confused with someone else so you cannot be verified. Good luck fj

TheLondoner

None of the above. I think Tesco is just being racist because I have a foreign sounding name. Can't think of any other reason for being rejected for a savings product. Will have to use "gocardless" now for my DD's

alternate

TheLondoner wrote: »

None of the above. I think Tesco is just being racist because I have a foreign sounding name. Can't think of any other reason for being rejected for a savings product. Will have to use "gocardless" now for my DD's

not doing yourself any favours playing that card.

Gram_Parsons

Altogether now!

"Maybe it's because you're a Londoner!"

Ballard

TheLondoner wrote: »

None of the above. I think Tesco is just being racist because I have a foreign sounding name. Can't think of any other reason for being rejected for a savings product. Will have to use "gocardless" now for my DD's

Utter tripe. Tesco aren't interested in your race in the slightest. All they care about is making a profit in a legal way. It would seem that they've seen something on your credit report that they're not entirely happy about but it won't be anything to do with your name.

TheLondoner

@Ballard There's nothing in my credit report. I have good savings, no debt other than student loans. Credit card companies chucking credit at me (£8-9k) but i've purposefully restricted that to £6k over 3 credit cards (soon to be £4k over 2 cards). I pay all my credit card bills in full every month.

I can't see any good reason for rejection. They said I failed to meet their criteria for this card but wouldn't elaborate when I asked. When I made an official complaint to their head office 8 months ago they advised me they still couldn't give me details! Their complaints procedure is about as useful as a chocolate teapot.

Maybe it's because they can't see themselves making a profit from my custom. Other than my weird sounding name, and business reasons, I can't see what else it can be.

colsten

TheLondoner wrote: »

They said I failed to meet their criteria for this card but wouldn't elaborate when I asked.

What card did you apply for? A Tesco savings account doesn't come with any card

frank777

Instant Access Savings Account
In-store (Customer Service Desk): £500
ATM: £300

http://www.tescobank.com/savings/flexible/